Thrifty companies thrive on outsourcing their work for less.

TLDR:

• Rise in firms outsourcing accounting services
• Significant increases in global spend and interest over the last five years

Key Points:

The article discusses the significant rise in firms choosing to outsource their accounting services, with a near 40% increase in global spend and a 20% surge in interest over the last five years. Vipul Sheth, Managing Director of AdvanceTrack, one of the UK’s fastest-growing outsourcing accountancy firms, attributes this surge in popularity to the desire for high levels of service at a cost-effective price point. Sheth emphasizes the lack of a strong pipeline of talent coming through as a factor driving the momentum towards outsourcing.

Operational efficiency and cost savings are highlighted in the article as key reasons for firms choosing to outsource their accounting services. Vipul Sheth predicts that more than half of companies will be outsourcing some or all of their accounting work within the next ten years. The article also raises concerns about the brain drain happening at lower levels due to the offshoring of work.

Overall, the article underscores the growing trend of firms outsourcing their accounting services and the implications it may have on the industry as a whole.