Accounting outsourcing surges as firms seek efficiency
SYDNEY, AUSTRALIA — In a significant shift within the accountancy sector, firms are increasingly turning to outsourcing, marking a pivotal moment for the industry.
Recent figures revealed an ‘enormous’ rise in the number of companies opting for accountancy outsourcing, with global spending on these services soaring by 40% over the past five years.
This trend is underscored by a report from AdvanceTrack, a UK-based outsourcing accountancy firm that has seen inquiries more than double in the past year alone.
Vipul Sheth, Managing Director of AdvanceTrack, compares the industry’s rapid growth to the transformative impact of generative AI in 2023.
“The surge in popularity is because people are looking for high levels of service at a cost-effective price point,” Sheth explains.
The lack of a strong talent pipeline also contributed to the momentum towards outsourcing.
AdvanceTrack’s performance mirrors the sector’s overall growth, with a 60% year-on-year increase. Sheth predicts a future where over 50% of companies will outsource some or all of their accounting tasks by 2034.
This projection is supported by a 19% rise in Google searches for accounting outsourcing in 2023. Statista also saw a 41% increase in global outsourcing spend since 2019.
A Clutch report further highlights the trend, noting that 37% of small businesses are already outsourcing accounting or IT services, primarily to boost efficiency and access expertise.
“It’s no surprise to see interest in accountancy outsourcing increasing,” Sheth added.
“We know first-hand it’s a booming sector. The enormous rise in global [spending], coupled with our year-on-year growth and increase in inquiries, indicates a potential shift in the future of our industry.”
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