Australia is facing a serious shortage of accountants and auditors, a crisis that threatens to destabilize the financial health of businesses across the nation. As the demand for these professionals continues to outstrip supply, companies and accounting firms are feeling the pinch, struggling to keep up with financial reporting requirements, audits, and strategic financial planning. But there’s a beacon of hope on the horizon: leveraging global talent.
The shortage of accountants and auditors in Australia isn’t just a temporary hiccup; it’s a growing trend with long-term implications. The financial landscape is becoming increasingly complex, and businesses need skilled professionals to navigate these challenges. According to recent reports, the demand for accounting and auditing services is surging, driven by regulatory changes, economic growth, and the need for robust financial management. However, the supply of qualified professionals isn’t keeping pace.
So, what can be done? One innovative solution is to tap into the global talent pool. By embracing a more international approach to sourcing talent, Australian businesses can fill the gaps in their accounting and auditing departments with highly skilled professionals from around the world.
Why Global Talent?
Diverse Expertise
Accountants and auditors from different parts of the world bring unique perspectives and skills honed in diverse regulatory environments. This diversity can enhance the quality of financial analysis and strategic decision-making within Australian firms.
Ready Talent
Many countries produce a surplus of accounting graduates, here’s a comparison between Australia & the Philippines in the same period in the last 5 years.
Philippines
The Philippines produces a substantial number of accounting graduates annually. According to the Professional Regulation Commission (PRC) of the Philippines, approximately 10,000 to 12,000 individuals pass the Certified Public Accountant (CPA) board exam each year. This figure does not account for those who graduate with accounting degrees but do not take or pass the CPA exam, which would increase the total number of accounting graduates.
Australia
In contrast, Australia sees a smaller number of accounting graduates. According to the Department of Education, Skills and Employment (DESE), Australia had around 5,000 to 6,000 accounting graduates per year over recent years. This figure includes those who complete undergraduate and postgraduate degrees in accounting.
This surplus creates a pool of ready-to-work professionals who can be quickly integrated into Australian businesses. This can provide an immediate boost to firms struggling with talent shortages.
Cost-Effective Solutions
Leveraging global talent can be more cost-effective than overburdening existing staff or paying a premium for scarce local talent. Outsourcing certain accounting functions to international professionals can also help manage costs.
Technological Adaptation
Today’s technology makes it easier than ever to collaborate across borders. Cloud-based accounting software, virtual communication tools, and secure data-sharing platforms enable seamless integration of global talent into local teams.
Steps to Leverage Global Talent
Expand your Talent Sourcing Efforts
Look beyond local job markets and partner with organisations that can offer workforce solutions that specialise in accounting and finance.
Choose the Right Partner
Choosing the right outsourcing partner is essential for unlocking top-quality service, cost savings, and seamless collaboration, ensuring your business thrives without the headaches.
Utilise Technology
Invest in the necessary technology to facilitate remote work and ensure smooth communication and data sharing with international hires.
Streamline your workflow
Spend time in identifying routine work or tasks that can be done remotely. Map out your existing process, think out of the box and remove any roadblocks that would hinder your firm in getting those tasks remotely.
Addressing the Skill Shortage
The ongoing shortage of accountants and auditors in Australia is a pressing issue, but it’s not insurmountable. By strategically leveraging global talent, businesses can bridge the gap and ensure they have the skilled professionals needed to thrive in today’s complex financial landscape. Embracing this global approach not only addresses immediate needs but also sets the stage for a more resilient and dynamic future in the world of accounting and finance.
Done reading and you want to know more?
If you want to be ahead of the curve and unlock the potential of the Australian accounting industry, join us on 24th of July at 1PM AEST for a free 30-minute live webinar where we will dive into the emerging trends and opportunities that will shape the future of accounting in Australia over the next decade.
We’ve invited one of the leading industry data expert Julia Thomson of The Benchmarking Group to provide us insights about the accounting industry and the future of work for accountants and accounting firms.
This is a must-attend event for accounting professionals, business leaders, and anyone interested in the evolving landscape of financial services.
Don’t miss this opportunity to stay ahead of the curve and position yourself for success in the future of accounting.
Register here to secure your spot in this exclusive webinar! See you there!
If you have any questions about our upcoming webinar or about the work that we do at ADEC Innovations, feel free to contact Michelle Bubke-Lowe or Bridget Burghardt.
