Global accountancy growth outstrips in-country talent availability.
’Six new roles for every new accountant.”
The demand for accounting professionals in Australia shows no signs of slowing. But, post-pandemic, Australian Accountancy firms are looking beyond salary increases to secure the talent they want. Payments platform Ignition identified three ‘make or break’ trends that are likely to determine the success of Australian Accountancy businesses in 2024-25. Sitting at No. 2? Finding and retaining accountancy talent in non-traditional ways.
Engaging offshore accounting talent to fill local labour market gaps has become ‘business as usual’ for Australian accountants. When rival firms are using this approach to save up to 70% of salaries vs. local hires, then the math becomes compelling. Our experience is that benefits accrue in five separate ways. We’ve laid them out in this blog so that you can calculate them for your own accountancy business: Financial Advantages of Outsourcing Accountancy Functions
The key benefits of offshore accounting in the Philippines for Australian Accountancy firms.
Looking beyond the numbers, the soft benefits of adding Philippines-based offshore accountancy talent to your business include:
Excellent English skills – 2nd Best in Asia.
Yempo has Australian accountancy business clients who are so confident in both the English and accountancy skills of the Philippines-based accountancy talent we’ve found that incoming calls to their Australian switchboard numbers are answered by both local and Philippines-based accountancy team members.
A little context. What does ’20th globally’ for English proficiency mean? It means the Philippines population speaks better English than the Swiss, Malaysians, and Chinese. Most countries that sit above the Philippines in this regard are advanced European nations.
In short, Filipinos speak excellent English.
Advanced education levels and accountancy capabilities.
The Philippines has promoted a growing higher education sector (There were 3,408,815 students enrolled in higher education for the school year 2019–2020, an increase of 457,620 from the school year 2010–2011 student enrolment of 2,951,195 S: Wikipedia) that has now translated into a deep pool of accountancy talent. This capacity gives Philippines-based outsourcers, including Yempo, the ability to provide Australian accountancy organisations with an ‘overspill’ facility to tap into the excess local demand for their services.
Shared time zones.
The working days of Australia and the Philippines heavily overlap. Their holidays often do not. This gives Australian companies that engage Philippines-based accounting talent the advantage of holiday cover and access to longer service hours, both much valued by their clients.
Glitch-free advanced technology.
The Philippines is not technologically disadvantaged. Broadband is excellent. We ensure that every employee has the latest laptop. Typically, in-country and offshore talent work on the same accounting platforms (Xero, etc.). There is no discernable difference between an employee in your office and one in ours; an employee working from home in Australia vs. working from the Philippines. It just works.
Talent that’s dedicated to your accountancy business.
The term ‘outsourcing’ can be a bit of a misnomer. Technically speaking, staff work for Yempo, and we manage recruitment (with your involvement), payroll, HR, facilities, technology, etc. But the Yempo staff work directly for your business. You pay an agreed monthly fee that covers their wages and our administration. As Russell Khan, Head of People and Culture for one of our Australian Accountancy clients, says:
‘’The team we have (via Yempo) feels like part of our company. Yempo is like an invisible partner.’’
The most popular accountancy roles that we provide to Australian clients are (click to see details/costs):
Finding the right partner Philippines outsourcer for your accountancy organisation.
You want to be sure that you’ve selected the right partner for your business. To help you hit the jackpot and thrill shareholders and clients alike, we’ve prepared a step-by-step outsourcing guide for leaders of Australian accountancy businesses like you. Click to access this ungated, free-to-download Step-by-step Guide to Building a Finance Team in the Philippines.
Get started with adding offshore talent to your Australian accountancy business.
Do these needs resonate with the needs of your organisation? If so, please do share your plans with Michelle Fiegehen, our Aussie CEO. She’ll collaborate with you to explore options and evaluate if building an accountancy team in the Philippines is right for your business.
Thank you for visiting our blog! We hope you found our content informative and engaging. Stay connected with us for more insightful blogs, updates, and tips on outsourcing IT & outsourcing Finance in the Philippines, or shoot us an email at [email protected]. We are happy to answer your questions!
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