BACKAustralia’s finance and accounting sector is grappling with a critical challenge: a skills shortage of accountants, auditors and finance professionals. According to Chartered Accountants Australia and New Zealand (CA ANZ), enrolments in accounting degrees have nearly halved since 2018, leading to a substantial gap in the talent pipeline. A survey by CA ANZ also found that over 80% of respondents reported vacancy fill rates of below 67% for roles such as accountants, auditors, and finance managers. With demand expected to exceed 338,000 accountants by 2026, and an annual shortfall of nearly 10,000, businesses of all sizes are feeling the impact.
To help navigate these challenges, many businesses are now looking at outsourcing their finance and accounting functions. Outsourcing is a smarter resourcing that allows businesses of all sizes to access a skilled talent pool of global professionals, helping to streamline operations while ensuring compliance. In this guide, we explore how outsourcing can help you fill critical roles with the right-fit professionals to help elevate performance and deliver results in an increasingly competitive landscape.
Table of contents
Understanding finance and accounting outsourcing
Finance and accounting outsourcing allows businesses to delegate essential functions, such as bookkeeping, payroll, financial reporting, accounts payable and receivable, to offshore professionals who work as an extension of their local in-house teams. Rather than investing heavily in local recruitment and training amid an ongoing talent shortage, Australian organisations can tap into a global talent pool well-versed in their systems and industry standards. This approach ensures consistent support, scalable resources, and enhanced compliance, without compromising quality or control.
Outsourcing also helps companies to reduce the operational burden associated with high employee turnover to turnover and rising labour costs. In 2024, Australia’s FAO market generated USD 796.8 million and is projected to reach USD 1.3 billion by 2030, with a CAGR of 8.8%. As financial demands grow more complex, outsourcing provides the agility, accuracy, and vision businesses need to manage growth and sustain a competitive edge.
When you should outsource finance and accounting functions
With clear operational and financial advantages, finance and accounting outsourcing has become a strategic priority for many organisations. But when is the right time to consider outsourcing? Here are five key signs that it is time for your business to look offshore:
1. Strained internal teams
When in-house finance teams are bogged down by routine tasks, like bookkeeping, payroll, tax reporting, and compliance, it can lead to burnout, higher error rates, and talent retention issues. Delegating these functions to skilled offshore professionals eases the burden, allowing your internal team to focus on higher-value and more strategic work.
2. Rising operational costs
Recruiting, onboarding, and retaining qualified accounting and finance staff is increasingly expensive. Outsourcing offers a cost-effective alternative, reducing overheads associated with training, and infrastructure. It also allows organisations to scale services based on workload, creating greater cost flexibility and predictability.
3. Increasing regulatory demands
Australia’s financial and tax landscape is becoming more complex, making compliance increasingly challenging for in-house teams. Outsourcing to qualified professionals, often Certified Public Accountant (CPA)-certified with experience in international reporting standards, ensures your financials are accurate, audit-ready, and fully compliant, minimising the risk of errors, penalties or reputational setbacks.
4. High staff turnover
Persistent talent shortages and a heavy reliance on skilled migration continue to disrupt workforce stability in Australia’s accounting sector. Frequent turnover not only hampers productivity but also drives up recruitment and training costs. A dedicated offshore team provides consistent support, institutional knowledge retention, and greater continuity in financial operations.
5. Business expansion or seasonality
Periods of rapid growth or seasonal peaks, such as financial year-end or audit cycles, can strain internal capacity. Outsourcing provides on-demand scalability, giving you the ability to expand support when needed while ensuring continuity and performance.
Finance and accounting functions you can outsource
Outsourcing finance and accounting functions allows organisations to access specialised talent who can work seamlessly with their existing systems. Below are five critical roles commonly outsourced to enhance accuracy, compliance, and efficiency:
1. Accountant
Responsible for preparing financial statements, managing budgets, and ensuring tax compliance, outsourced accountants bring deep regulatory knowledge and deliver accurate, audit-ready reporting.
2. Accounts payable officer
These professionals handle invoice processing, vendor payments, and reconciliations. Outsourcing this function ensures timely disbursements, improves vendor relationships.
3. Accounts receivable officer
Tasked with invoicing, payment tracking, and account reconciliation, outsourced receivables specialists help accelerate cash flow and reduce days sales outstanding (DSO) through automated systems and consistent follow-up.
4. Bookkeeper
Bookkeepers manage day-to-day transaction recording, ledger updates, and account reconciliations. Outsourcing guarantees data accuracy, timely reporting, and reduces the administrative burden on internal teams.
5. Payroll specialist
Payroll professionals ensure accurate wage calculations, tax deductions, and benefits administration. Outsourcing payroll streamlines compliance with Australian regulations and scales easily with business growth.
Why Vietnam is a strong option for accounting and finance outsourcing
As finance and accounting outsourcing becomes a strategic necessity for Australian companies, Vietnam has emerged as a preferred destination. Here’s why Vietnam stands out as a top choice for businesses looking to outsource their functions:
1. Cost savings
Outsourcing to Vietnam offers substantial cost advantages, especially compared to hiring locally in Australia. Beyond salary savings, it helps reduce the often-overlooked expenses tied to recruitment, onboarding, training, and internal admin. These costs can quickly escalate, particularly when scaling, placing pressure on internal resources. Outsourcing streamlines these processes, easing operational strain while maintaining quality and efficiency.
2. Access to skilled finance professionals at competitive rates
Vietnam is emerging as a prime destination for skilled finance and accounting talent. With a growing number of professionals holding globally recognised certifications like CPA, Vietnamese accountants bring strong expertise in international standards and a solid understanding of Australian tax regulations. Many undergo dedicated training programs tailored to Australian financial and compliance requirements, enabling them to navigate complex local tax systems with ease.
By outsourcing to Vietnam, Australian businesses gain access to this specialised talent at highly competitive rates, ensuring accuracy, compliance, and operational efficiency without the high overhead. This allows companies to confidently manage their core accounting functions while staying focused on growth and strategic objectives.
3. Strong English skills and cultural fit
Effective communication is key to smooth collaboration between in-house and outsourced teams. Vietnam’s young workforce offers strong English skills and is well-versed in working with Western clients. Their understanding of Australian business practices, supported by a favourable time zone, ensures seamless coordination. This cultural alignment builds trust, reduces miscommunication, and enhances the overall efficiency of financial operations.
Curious about how Vietnamese professionals communicate in English? Check out this video, ‘A Day in the Life of an Accounts Payable Associate.’ Watch as one of our team members confidently engages with international clients, showcasing not just fluency, but clarity and a personal touch in every conversation.
4. Reliable infrastructure and secure processes
In 2024, the Asia-Pacific region accounted for 25.8% of global finance and accounting BPO revenue, an indicator of the region’s growing influence in this space. As an emerging hub within Asia, Vietnam is accelerating its investment in digital infrastructure to enable secure and efficient outsourcing. Supporting this momentum, Vietnam plans to install 10 new undersea fibre-optic cables by 2030 to boost international connectivity.
Vietnamese outsourcing companies prioritise data security by adhering to international standards. At Away Digital Teams, we strictly comply with GDPR and Australian privacy laws to protect our clients’ information. With multi-factor authentication, restricted access, advanced firewalls, and 24/7 system monitoring, all data and IP are secured at every level. This commitment gives Australian businesses the confidence to build secure, compliant, and reliable outsourcing partnerships
Conclusion
With skilled finance and accounting talent in short supply across Australia, outsourcing offers a smart, scalable solution. By outsourcing specific roles in finance and accounting to seasoned professionals, businesses can reduce costs, stay compliant, and refocus on growth. It’s not just about efficiency, it’s about building the agility to thrive in a fast-paced, ever changing market.
In Asia, Vietnam stands out as a leading outsourcing destination, thanks to its blend of qualified talent, English proficiency, cultural compatibility, and secure infrastructure, making it a trusted partner for Australian businesses. If you’ve ever wondered: Do Vietnamese accountants and bookkeepers understand the Australian tax environment, read this blog to explore how their specialised training and evolving expertise can support compliance and drive long-term success for your business.
