Outsourcing of many kinds is a great way for firms to have efficient functions carried out at reduced cost, enabling them to increase profits and grow faster. Now, new research indicates that bookkeeping and accountancy is one of the fastest-growing areas of outsourced services.
Referring to new research showing a 40 per cent growth in this area across the globe in 2024, the Rochester Business Journal in the US was quick to ask why such rapid growth was happening.
Speaking to professionals from six firms in the local area, it found some clear pointers. One accounting partner, Hope DellaStua, said “This trend is driven by the desire for cost efficiency, access to specialized expertise and the need for advanced technological solutions.”
What this means, she explained, is that the outsourced services provide access both to accounting expertise and the necessary technology, while the firm outsourcing its work can concentrate on its core activities.
Another accountancy expert predicted that this growth is certain to continue, while a third noted that the pandemic may have had an impact, as it became so clear that people could collaborate effectively without having to work in the same location.
These and more benefits might have been cited by experts over in the US, but as the trend is a global one, they are evidently being recognised by firms in many different countries, including here in the UK.
Indeed, the point about the pandemic and outsourcing to remote workers is borne out by British business trends. Research by SpareMyTime published last year revealed that 48 per cent of UK firms were using outsourcing of one kind or another, up by 41 per cent from pre-pandemic times.
Funds allocated for outsourcing stood at £571 million, compared with £500 million in 2022, while the growth was spread across various areas of activity.
With the benefits of outsourcing being increasingly recognised, maybe now is the time for your business to do so as well.