Recruitment and retainment issues have been a sore spot for the accounting industry within Australia for a number of years and the projections for the future are looking to uphold this standard. Chartered Accountants Australia and New Zealand (CA ANZ) predict that there will be a shortfall of 6,000 accountants by 2030. In conjunction with this, the demand for accountants is set to rise to 28,000 by 2029. This calls for accountants to pivot their approach in order to meet rising expectations.
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CA ANZ has noted that urging changes within affordability of student debt, an increase to accounting careers, and better support and skills are required to battle the talent shortage within the industry. While these amendments will work in the long-term, many accounting firms are looking to bridge the gap now. Outsourcing, offshoring and podsourcing are tangible solutions that are tailored to your individual workflow to can help you progress your firm. If the concept of outsourcing your work is new, you may be thinking:
We’re here to help you break down the costs of hiring within Australia vs. outsourcing your work to give you a clear picture of what this could mean for your firm.
When looking to recruit talented staff within Australia, an employer will need to factor in 25-35% extra on to the base salary to meet all mandatory contributions like superannuation, overtime, and payroll tax. Government policies like PayDay Super which will be enacted on July 1, 2026 will mean employers need to pay an updated rate of super (12%) and it will need to be paid at least every 3 months to avoid penalty fees. The range of annual earnings for an Australian accountant is within $65,000-$80,000 for the base salary of a junior accountant, to $150,000+ in senior roles. Recruitment agencies add on to this figure, usually comprising 18-25% of the total cost.
Australian firms are loyal to locals, that’s a fact that cannot be disputed. However, considering recruitment issues and the high cost of hiring, there presents an argument for seeking alternatives that can assist in the longevity of a firm. Factor in the time taken to onboard and train a new team member as well. As they spend time getting to know the firm, their role and the various processes, they may not be working to their full potential for the first 3-6 months. Using outsourcing as a tool can provide benefits that alleviate stress, propel your firm’s scope with business advisory services, and ensure better client management.
Using a multi-tiered model, outsourcing your accounting work is arguably more cost-effective on a broader scale. Options range from an outsourcing partner or team, offshore team, and podsourcing which are all scalable to your needs. Podsourcing, in particular, consists of a team of people who work as an offshore extension of your firm, rather than an individual.
While some outsourcing companies also charge for recruitment, there are others that have zero recruitment or training costs, no overheads like office space, no pricy equipment or tech costs apart from software to improve processes, and proven efficiency gains. The onboarding timeframe is faster than training a new recruit and flexibility remains key in scalability. Concurrently, if you choose to partner with a company that prioritises security, you can rest assured yours and your client’s data is safe.
Some firms are embracing a hybrid model which can look like:
A common concern is not having the time needed to train your outsourced team to your own processes. At Advancetrack, we don’t recruit our staff on demand but rather pair our clients with existing team members who would match best with your requirements. This allows you to provide feedback if the pairing is not meeting your expectations and have the opportunity to work with someone who is a better fit.
The decision to hire locally or use outsourcing companies is one based upon strategic-capacity. You can still hire within Australia for tasks like business advisory services while sourcing overseas companies to help out with compliance. If your staff are bottlenecked with tasks and you find yourself turning away clients due to capacity, outsourcing could be a real solution. The overarching goal for your firm is to maximise profitability, reduce costs, and retain a talented, happy team.
