A 2024 survey conducted by the Chartered Accountants Australia and New Zealand (CA ANZ) revealed that over 80% of respondents reported vacancy fill rates below the expected level for accountant, auditor, and finance manager roles.
The same survey also found that Australia's six largest professional services firms are facing hundreds of unfilled positions for external auditors, general accountants, and management accountants.
How Can CFO Support Services Address This Shortage?
Outsourcing CFO support services involves partnering with an external firm that offers accounting support solutions.
It aims to provide CFOs with assistance in completing day-to-day finance and accounting tasks, making it an ideal extension of an organization’s accounting department. CFO support services cover everything from financial planning and reporting to compliance and budgeting.
Outsourcing gives CFOs access to qualified accounting professionals. Specialized outsourcing providers are typically experts in their field, so they can provide CFOs like you with an immediate pool of experienced and skilled professionals.
Another benefit of outsourced CFO support services is the flexibility and scalability it provides. As a CFO, you may need to hire additional staff during peak periods or when there are major projects that need to be completed.
When you outsource your finance and accounting functions, you can also gain access to the service provider’s wide range of resources, allowing you to handle the workload that may have been piling up due to the shortage.
Data security is a top concern for many firms, especially those that handle sensitive financial information. With an outsourced partner, you are tapping into resources that optimize your own data security – leading to increased client trust.
Lastly, many reliable outsourcing providers have business continuity plans in place to keep financial operations stable, even during unexpected disruptions, giving you assurance that your own operations will not suffer due to the shortage.
Need Immediate Accounting Support?
D&V Philippines provides scalable finance and accounting solutions that can adapt to any landscape. With our readiness to adapt to any changes in the field, we are equipped with the necessary tools to help companies achieve success.
You can visit our website and learn more about our CFO support services or download our Premium CFO Solutions whitepaper to explore our high-end solutions for CFO that can help you navigate the changing demands of the industry.