The Australian accounting industry is facing a significant accounting labour shortage, with businesses across the country struggling to hire qualified professionals. The increasing demand for skilled accountants, driven by factors such as increased regulatory compliance, pandemic recovery efforts, and growth in the Small and Medium Enterprises (SME) sector, has made it increasingly difficult to fill critical roles.
This shortage creates bottlenecks in financial reporting, increases the workload on existing teams, and, in many cases, impacts the ability to scale operations. For Australian businesses and accounting firms, addressing this issue is critical to maintaining both client satisfaction and long-term growth.
One proven solution is offshore outsourcing. By tapping into skilled professionals located in global talent hubs such as the Philippines and South Africa, businesses can retrieve high-quality support for accounting at a fraction of the cost associated with hiring locally.
This article covers five key strategies in addressing accounting labour shortages using offshore solutions.
Offshore outsourcing has become an important strategy for businesses that need to overcome labour shortages while ensuring operational efficiency. Talent hubs such as the Philippines and South Africa offer a vast pool of highly skilled accounting professionals who are familiar with global standards and Australian-specific requirements.
Offshore accountants are often well-versed in Australian financial regulations, including Goods & Services Tax (GST), Business Activity Statement (BAS), and compliance with Australian Taxation Office (ATO) compliance. Many professionals hold global certifications such as Certified Public Accountant (CPA) or Chartered Accountant (CA), ensuring expertise in handling local and international financial matters.
Hiring an accountant offshore is significantly cheaper than hiring locally.
For example:
This cost differential can save firms up to 60% in labour expenses.
Offshore teams allow businesses to scale their workforce up or down depending on seasonal needs, such as tax season or end-of-year reporting.
Facing increased demand for general accounting services, a consulting firm company in Australia began searching for a senior accountant with 5–7 years of experience, expertise in Australian tax and compliance for small businesses, and proficiency in Xero.
After months of struggling to find a suitable local candidate, they turned to offshore outsourcing through Staff Domain; maintaining their strict criteria, including prior experience with Australian accounting firms, they successfully found the right candidate with the help of offshore outsourcing solutions.
One of the most compelling reasons to adopt offshore accounting solutions is the opportunity to significantly reduce costs while maintaining high-quality output. Offshore accountants often deliver exceptional results, thanks to robust education systems in countries like the Philippines and South Africa.
Where Offshore Teams Excel
Some of the common accounting tasks that can be outsourced include:
By delegating these tasks offshore, firms can reduce the burden on local teams, improve turnaround times, and focus on high-value services.
A hybrid accounting model—where local teams collaborate with offshore professionals—allows businesses to optimise workflows and maximise efficiency.
Local Accountants: Focus on advisory services, compliance reviews, and client relationship management.
Offshore Accountants: Handle routine, time-intensive tasks like bookkeeping, payroll, and data reconciliation.
Hybrid teams offer the flexibility of remote work while maintaining the collaboration and culture of in-office interactions, leading to increased productivity, employee satisfaction, and access to a broader talent pool. Below are the advantages:
A Brisbane accounting firm implemented a hybrid model, outsourcing routine financial reporting to a team in South Africa. This allowed the local team to take on more clients, boosting revenue by 20% within a year.
One of the biggest concerns for businesses outsourcing accounting tasks is protecting sensitive financial data and ensuring compliance with Australian regulations. With the right provider, these concerns can be effectively mitigated.
Protecting sensitive data is essential in today’s digital world. Following best practices ensures security, compliance, and threat prevention
Reputable outsourcing partners train their teams in Australian-specific requirements, including:
An accounting firm based in Adelaide partnered with an ISO-certified offshore provider in the Philippines. The offshore team used secure VPNs, encryption protocols, and compliance training when handling sensitive data, allowing the firm to outsource payroll and tax preparation with confidence.
Offshore accountants solve labour shortages, but it does much more by providing opportunities for sustainable growth.
Outsourcing enables businesses to scale efficiently, access specialised expertise, and reduce operational costs, allowing them to focus on core growth initiatives. Below are the growth opportunities.
A mid-sized Sydney accounting firm outsourced payroll and compliance reporting to a team in Philippines. This saved the firm 50% in operational costs, which was reinvested in digital marketing campaigns. Within 12 months, the firm increased its client base by 25% and enhanced its reputation as a reliable partner for SMEs.
The accounting labour shortage in Australia has created significant challenges for businesses, but offshore solutions provide a powerful and sustainable way forward. By leveraging global talent, firms can reduce costs, improve efficiency, and position themselves for long-term growth.
Key benefits of offshore solutions include:
For accounting firms looking to thrive in a competitive market, adopting offshore solutions is not just a temporary fix but a strategic investment in resilience and success.
Staff Domain‘s offshore outsourcing solutions connect your business to a highly experienced global talent pool for game-changing results. Effortlessly manage your offshore workforce with our comprehensive compliance, payroll, and HR support, and benefit from fixed, transparent pricing in your local currency. Contact us today or schedule a meeting with our sales team to quickly source the right offshore team for your business
The accounting labour shortage in Australia is driven by several factors, including:
Offshore solutions provide access to highly skilled accountants from global talent hubs like the Philippines and South Africa. These professionals can handle tasks such as bookkeeping, payroll, tax preparation, and compliance, allowing businesses to:
Yes, outsourcing can be both secure and compliant if you work with reputable offshore providers. Look for partners who:
Routine and time-intensive tasks are ideal for outsourcing, including:
By outsourcing these tasks, local teams can focus on client-facing services and business advisory work.
Businesses can save up to 50-70% on labour costs by outsourcing. Offshore accountants typically cost AUD $25,000–$40,000 annually, compared to AUD $70,000–$120,000 for local accountants. These savings allow firms to reinvest in growth initiatives such as technology upgrades, marketing, and client acquisition.
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