The accounting profession is facing an unprecedented talent shortage that’s affecting businesses of all sizes. A 2024 Controllers Council study reveals the immediate impact: 69% of organizations are struggling to hire and retain financial and accounting staff, with over half facing particular challenges in filling controller positions.
This crisis runs even deeper. According to The Certified Public Accountant (CPA) Journal’s September/October 2023 report, the pipeline of new accounting professionals has been shrinking dramatically. First-time CPA exam candidates have plummeted by 33% between 2016 and 2021, dropping from 48,004 to 32,188. More concerning still, approximately 75% of American Institute of Certified Public Accountants (AICPA) members are approaching retirement age.
For businesses, this creates a perfect storm of challenges:
With traditional talent pools drying up and domestic recruitment becoming increasingly challenging, organizations are thinking strategically about their accounting operations. Offshoring—the strategic relocation of accounting operations to overseas locations through specialized providers—has emerged as a powerful solution to this talent crisis.
The trend is clear: Deloitte’s 2023 Global Shared Services and Outsourcing Survey reveals that 51% of organizations are actively exploring new locations to address their operational needs, with access to qualified talent being a key driver alongside cost considerations. This isn’t just about cost savings anymore; it’s about business continuity and accessing qualified talent pools in a world where domestic options are becoming scarcer. Organizations that adapt to this new reality by exploring offshore solutions through established providers are finding themselves better positioned to maintain their accounting operations while managing costs effectively.
The Fear:
When moving accounting operations overseas, teams worry about more than just language barriers. Time zones, cultural nuances, and different approaches to financial processes can impact collaboration effectiveness.
The Solution:
The Fear:
Moving financial operations overseas can feel like losing control. Quality standards, project monitoring, and intellectual property protection become more complex with geographical distance.
The Solution:
The Fear:
Beyond the visible cost savings, concerns about infrastructure reliability in offshore locations and unexpected expenses can make organizations hesitate.
The Solution:
The Fear:
Political instability in offshore locations can threaten business continuity, while poor labor practices and environmental standards can damage brand reputation. With 70% of consumers wanting to know what brands are doing to address social and environmental issues according to Markstein and Certus Insights, these risks directly impact business success.
The Solution:
Begin with non-critical tasks to test your offshore strategy:
Success in offshoring relies heavily on relationship quality:
Modern technology makes offshore collaboration seamless:
Establish clear quality standards from day one:
At Offsite Office, we understand these challenges intimately. We don’t just provide offshore accounting and staff augmentation solutions—we build dedicated teams that work as an integral part of your operations. Our comprehensive solution includes:
Every team member we place is exclusively dedicated to your organization, equipped with the infrastructure and tools needed for seamless collaboration. We handle all administrative aspects—from payroll to HR—allowing you to focus on what matters most: growing your business.
Let’s discuss how Offsite Office can help you build an effective offshore accounting team. Contact us today to schedule a consultation and discover how we can help you overcome the fear factor and achieve your offshore accounting goals.
Offshoring allows companies to tap into specialized skills and expertise that may not be available domestically, as shown by the 2022 Xero Small Business Insights study where 42% of small businesses struggle to find qualified accountants.
In a recent digital CPA Conference webinar, Dave Schnitt, President and CEO of IQ BackOffice and Offsite Office, shared valuable insights, drawing from his company’s extensive experience in providing outsourced accounting services and offshore staffing solutions.
While AI won’t replace human accountants entirely, it has the potential to revolutionize the way accounting firms operate, particularly those that leverage offshoring.
A talent shortage is driving more companies to explore offshore accounting and staff augmentation solutions, particularly in their accounting operations.
This article is a quick digest of key takeaways from David Schnitt’s insightful podcast interview regarding Offsite Office.
With traditional talent pools drying up and domestic recruitment becoming increasingly challenging, organizations are thinking strategically about their accounting operations.
Businesses are increasingly recognizing the value of delegating accounting tasks to qualified service providers in other countries. This approach offers a multitude of benefits beyond just cost savings.
Let’s schedule a call to discuss your needs. Choose a convenient time and one of our consultants will get back to you ASAP.
Offsite Office will provide a Consultant to perform a detailed review and benchmarking of your current process. We will:
