UK firm Azets reports 20% surge in outsourcing accounting services
LONDON, UNITED KINGDOM — UK-based accountancy and business advisory firm Azets reported a 20% increase in demand for outsourced accounting services and a notable rise in year-on-year revenue.
This growth has been particularly marked in the Yorkshire region, driven by substantial contracts from medium to large owner-managed businesses.
Shift in accounting practices
The Azets report revealed that the traditional role of accountants and bookkeepers is evolving. No longer seen merely as back-office number crunchers, these professionals are increasingly sought after for strategic advice and specialized services.
Matthew Grant, a Partner at Azets and Head of Accounts and Business Advisory (ABAS) for the Yorkshire Region, emphasized the industry’s transformation.
“The landscape has changed massively in outsourcing for accountancy and business advice,” he stated.
Grant also noted that the surge in outsourcing is not just a matter of filling gaps but is also driven by the rapid advancement of accounting technologies and a notable shortage of skilled professionals.
Technological advancements and talent shortages
The rise in outsourcing at Azets is also a response to accelerating technology in the accounting sector and a critical shortage of qualified accountants.
“There has been a considerable rise, 20% year on year in Yorkshire for Azets, in outsourcing, due to the availability of technology and a shortage of qualified and experienced accountants,” Grant explained.
Professional bodies like the Institute of Chartered Accountants in England and Wales (ICAEW) and the Association of Chartered Certified Accountants (ACCA) have also highlighted the growing issue of talent shortages in the field.
A Financial Professionals Index (FPI) report underscored the scarcity of candidates for accounting positions in the UK’s major cities, with Manchester and Nottingham experiencing the most acute shortages.
