{"id":2720,"date":"2024-12-10T19:29:51","date_gmt":"2024-12-10T08:29:51","guid":{"rendered":"https:\/\/www.yempo-solutions.com\/?p=2720"},"modified":"2024-12-11T19:16:02","modified_gmt":"2024-12-11T08:16:02","slug":"tackling-uk-accounting-skills-shortage-with-philippines-offshore-talent","status":"publish","type":"post","link":"https:\/\/www.yempo-solutions.com\/en\/blog\/tackling-uk-accounting-skills-shortage-with-philippines-offshore-talent\/","title":{"rendered":"Tackling the UK Accounting Skills Shortage with Offshore Talent"},"content":{"rendered":"

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How to tackle<\/span><\/span><\/span> the UK Accounting Skills Shortage with Offshore Talent in the Philippines<\/span><\/span>\u00a0<\/span><\/span><\/h4>\n

In recent years, small and medium-sized businesses (SMEs) in the UK have faced a serious shortage of skilled accounting talent. Difficulties finding and retaining accounting talent sucks up management time and lowers profits for these businesses. Many are looking for alternative solutions that won’t compromise quality or blow-up operational costs. One such solution is outsourcing accounting in the Philippines through companies like <\/span>Yempo<\/a>. But don\u2019t be misled by the term \u2018outsourcing\u2019. This isn\u2019t about handing off work to nameless individuals. Yempo enables UK SMEs to add dedicated individuals to their teams.<\/span> <\/span><\/p>\n

The Current Accounting Skills Gap in the UK<\/span><\/strong><\/p>\n

A report by the Financial Reporting Council states that the UK faces an annual shortage of over 10,000 qualified accountants. Due to the high demand, salaries for these roles have surged by nearly 20% over the last five years, putting them out of reach for many SMEs.<\/span> <\/span><\/p>\n

Auditors, Accounts payable\/receivable, bookkeeping staff are all in short supply.<\/span> <\/span><\/p>\n

Offshore Accounting in the Philippines: A Smart Solution for UK SMEs<\/span> <\/span><\/strong><\/p>\n

One of the most effective ways to address this talent gap is through outsourcing accounting to the Philippines. Yempo connects SMEs with dedicated professionals who become long-term, embedded members of each client\u2019s team. Yempo\u2019s accounting professionals are not shared resources; they work solely for one client, building familiarity with the client\u2019s business and providing valuable continuity and expertise.<\/span> <\/span><\/p>\n

The Philippines has developed a strong pool of highly trained, English-speaking accounting professionals who meet international standards like IFRS and GAAP, making them well-suited to UK business requirements.<\/span> <\/span><\/p>\n

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Why Outsource to the Philippines?<\/span> <\/span><\/h4>\n

1.<\/span> <\/span>High-quality, affordable talent<\/span> <\/span><\/strong><\/p>\n

With cost savings of 60 to 70% compared to UK salaries, hiring an accountant in the Philippines allows SMEs to secure top-notch skills without the financial strain. For example, our clients can save up to \u00a330,000 annually on a single accounting role.<\/span> <\/span><\/p>\n

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2. Valued team members, great client service<\/span> <\/span><\/strong><\/p>\n

Because team members are dedicated solely to one client, they develop a thorough understanding of your business and its clients. They can directly answer client calls and emails. They use the same software that your UK-based staff use. They build business relationships that short-term contractors cannot develop.<\/span><\/p>\n

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3. Streamlined Management and Operations<\/span> <\/span><\/strong><\/p>\n

Yempo handles all recruitment admin (with clients having the opportunity to interview and select from shortlisted candidates), HR, payroll, technology provision, and legal compliance. This allows clients to focus on their core business. SMEs simply pay a guaranteed monthly fee, covering all offshore staffing salaries and administration.<\/span> <\/span><\/p>\n

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Case Studies: Real Results<\/span> <\/span><\/h4>\n

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