Illustration with blue background. Woman on the right-hand side with accounting and finance tools - calculator and graphs. Text reads: Debunking myths about outsourcing financial services

Debunking Myths About Outsourcing Financial Services

The financial services industry is highly competitive and incredibly important to the global economy. As such, businesses in this sector are always looking for exceptional talent to fill their positions.

The COVID-19 pandemic still has its lingering effects on businesses, especially when it comes to staffing. Across the globe, organizations  are still struggling to find the best staff for their vacant positions.

We commissioned independent research in the US and Australian to speak with businesses who have more than 50 employees to understand their thoughts and concerns about recruitment, hiring, and outsourcing.

63% of UK, 76% of Australian, and 70% of US businesses agree that finding skilled staff is the biggest issue facing their business. This is unsurprising because there is a global skills shortage.

Accounting firms are struggling to recruit

The said research shows that accounting is amongst the hardest roles to hire across all mentioned regions.

Accounting firms are facing a significant staffing shortage – over 300,000 accountants and auditors quit their jobs in the last 2 years. In fact, 60% of financial services roles in the US remain unfilled.

PWC has struggled to find enough tax accountants to keep up with this tax season, but it’s not just the big players – smaller firms have had to turn business away because they didn’t have the resources to handle client demand. 

The labor shortage has indeed caused numerous employment problems. These days, accounting firms need to spend so much time thinking about innovative ways on how to find, hire, and retain the right people in their business.

Little do they know, there’s a solution that has changed the game: outsourcing.

To attract and retain talent, many businesses have embraced remote or hybrid work models and flexible scheduling. Many businesses across the globe see its promising potential to ease the effects of global labor shortage.

However, others are still skeptical about its capabilities to fill their vacant seats.

One of the reasons is the stigmas that surround remote staffing. Here are some of the myths you might have heard about outsourcing:

Myth: Offshore teams are not as good my onshore team

This is one of the most popular myths in the workplace, but it is not entirely true.

The location of your employees is not the be-all and end-all determining factor of the quality of work they can provide for you. Whether they’re onshore or offshore, it is your team members’ skills, knowledge, and experience that will contribute greatly to the success of your business.

Offshore teams are trained to the latest industry standards and up-to-date with any regulatory or standards requirements. In fact, our Cloudstaff Academy offers Fast Track programs that ensure that your outsourced staff are equipped with the skills, qualifications, and local knowledge they need to deliver high-quality work.

Outsourcing financial services does not only give you access to outstanding global workforce, it can also offer benefits such as cost savings and round-the-clock work capabilities.

Myth: Accounting services are expensive

Outsourcing accounting roles is one of the fastest and most effective ways for businesses to drive profits and accelerate growth. 

Building offshore accounting staff with Cloudstaff saves you up to 70% less than hiring traditionally. 

If you’re an accounting firm looking to extend your billable hours or an independent business needing accounting support, building offshore accounting staff with Cloudstaff saves you up to 70% less than hiring traditionally. 

In addition, we can help you make your organization more agile and profitable.

Myth: My data and sensitive information are at risk

Understandably, security is the biggest concern for any business when thinking about outsourcing. This is what businesses in the financial services industry must do especially when handling sensitive information such as accounting data, personal information, banking data, credit card information, or insurance data.

At Cloudstaff, we take security seriously. We have enterprise-grade security in place to protect your data and sensitive information. Cloudstaff Vault is a highly secure, isolated facility designed to meet the stringent requirements of industry standard accreditations.

Additionally, we offer a higher level of physical security where your data is concerned. Our offices are equipped with CCTV, Door Space, and biometric security to ensure that nothing goes in and out that could potentially threaten your data.

Myth: It’s too difficult to manage overseas staff

It’s true that managing a remote team poses challenges that you don’t normally encounter when managing your onshore team. However, it’s not impossible to do so with the right approach and technology.

With the right management and tools, working with outsourced staff will feel like they’re just working with you next door. Plus, they can offer many benefits to your organization if you’re looking to expand your global reach and capabilities.

Cloudstaff offers cutting-edge technology that can make your in-house team integrate with your offshore staff. Our project management tools, such as task management software and collaboration platforms, streamline communication and make it easier for you to manage your outsourced staff.

Myth: Hiring overseas staff is too difficult and time-consuming

Hiring offshore staff does take time and resources. But with the right outsourcing partner, it can be a breeze.

Cloudstaff has access to 400,000 pre-screened candidates and can help you choose the best ones that align perfectly with your business. This way, you can save time and effort compared to trying to manage everything in-house.

Partnering with a reputable outsourcing company can be a valuable investment if you’re looking to scale and grow.

Myth: Only big companies can outsource

These days, offshoring is available to companies of all sizes, small, medium and large. It goes across all company sizes and an incredible range of skilled roles.

Through outsourcing, small to medium-sized businesses can access resources that they may not afford or have in-house, such as advanced technology, marketing expertise, or accounting services.

It can also provide them access to new markets and customers, as well as outstanding talent and expertise without needing to hire traditionally and re-train them.

Cloudstaff has the best solution and people for your accounting needs

At Cloudstaff, we believe that talent is borderless and that the smartest, most productive companies should be able to access the skills they need when they need them.

By giving you access to our tools and talent, we can help you reduce the headaches of labor shortage.

Get in touch with one of our specialists today and we’ll help you tailor the best solution for you.