The CommBank Accounting Market Pulse attempted to gauge the general consensus of the profession regarding their economic outlook, and the trends that they believe will affect the industry moving forward.
According to the statistics provided in the report, a resounding 100 per cent of large firms were of the belief that outsourcing is due to increase over the coming year, with mid-tier (57 per cent), restructuring (67 per cent), and other firms (47 per cent) issuing a similar expectation.
In regards to the frequency of outsourcing, the Market Pulse identified that 100 per cent of large firms and 71 per cent of mid-tier firms seek to outsource services overseas, whereas their smaller and restructuring counterparts are more inclined to contain their services within Australia.
Marc Totaro, national manager of professional services for CBA, noted that regional firms in particular should consider the prospect of outsourcing services, particularly as large firms continue to expand their regional presence.
“As larger city firms go into the regional locations, regional firms need to think about how they can adapt their business models to compete, so I think outsourcing is becoming more and more top of mind, and it doesn’t have to be overseas, it could be in Australia,” Mr Totaro added.
According to Mr Totaro, while there may be some elements of the unknown in overseas dealings and the fear of losing control, firms “have probably realised that it’s not as bad as they originally envisaged and that it can actually work for certain work”.
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