90% of American CFOs now outsourcing accounting, reveals Personiv survey
TEXAS, UNITED STATES — A recent survey by business process outsourcing (BPO) firm Personiv revealed a significant shift in the U.S. finance sector, with 90% of Chief Financial Officers (CFOs) now outsourcing accounting functions.
This trend is largely driven by a persistent talent shortage in the accounting industry, which has made it challenging for finance leaders to fill positions internally.
The survey — which includes ​​278 U.S. finance and accounting leaders from over 20 industries — highlights the ongoing struggle to recruit skilled accountants due to factors such as the 150-hour requirement, low pay, and poor work-life balance, particularly in public accounting roles.
Key outsourcing trends
The survey identified accounts payable (65%), accounts receivable (48%), and cash application (31%) as the top areas where companies are outsourcing.
These functions, often burdened by manual processes, are now being handled by external specialists to maintain efficiency.
While some CFOs are skeptical about the necessity of new technology for financial transformation, outsourcing has emerged as a viable alternative for those who have yet to adopt automation.
Hiring challenges persist
Despite the reliance on outsourcing, many finance teams are still eager to fill open positions. The survey noted that 67% of CFOs are actively seeking staff accountants, with 43% looking for senior accountants and 24% for tax accountants.
The average time to hire in the United States is 44 days, during which existing staff must shoulder additional responsibilities. This delay, coupled with the onboarding period for new hires, often results in increased workloads and potential burnout for current employees.
Culture over compensation
Interestingly, the survey reveals that factors such as positive company culture (17%), work-life balance (16%), and recognition (15%) are more attractive to potential hires than competitive salaries and benefits.
This underscores a shift in priorities, where emotional support and career development are becoming crucial in attracting and retaining talent. Matt Wood, Personiv’s global head of finance and accounting, emphasizes the importance of not compromising on talent quality while addressing these challenges.
“Hiring under-qualified accounting candidates can increase costs by requiring more training and extra supervision,” Wood noted, highlighting the delicate balance finance leaders must maintain.
“Understanding and exploring all options for filling roles without diverting focus from larger goals is crucial,” he added.
