5 accounting outsourcing trends that will define 2024

This article is a submission by QX Accounting. QX Accounting is a leading outsourcing provider of audit, tax, accounting, and consulting services to growth-focused accounting firms.

Grand View Research revealed that the global finance and accounting outsourcing market was valued at USD 56.42 billion in 2022. 

It is expected to grow further at a CAGR of 9.1% from 2023 to 2030, making outsourcing a global trend to look out for.

With 2024 on the horizon, accounting firms have already begun charting ambitious growth plans for the upcoming year. 

Outsourcing is a significant contributor to accounting firms’ success. Understanding how it will transform and grow in the coming year is important.

Let’s explore five key trends in accounting outsourcing that will define and rule 2024.

5 accounting outsourcing trends 

Here are the leading accounting outsourcing trends to look out for in 2024:

1. Technological integration for efficiency gains

In 2024, accounting firms around the world will witness a significant shift towards greater technological integration in their outsourcing processes. 

Automation, artificial intelligence, and machine learning are no longer just buzzwords; they are becoming integral to streamlining routine tasks and improving overall efficiency.

Expect to see advanced accounting software that automates data entry and provides real-time analytics, allowing firms to make more informed strategic decisions. 

2024 will also be the year of software integration, a key trend to help streamline your workflows and simplify practice management.

Embracing the latest technologies is crucial for your business. It not only reduces the risk of errors but also frees up valuable time for accountants to focus on higher-value advisory services.

2. Rise of specialized niche outsourcing services

Accounting outsourcing is no longer a one-size-fits-all solution. In 2024, accounting firms will increasingly turn to specialized outsourcing services tailored to their unique needs. 

Whether it’s taxation, compliance management, or advisory proficiency, outsourcing partners will offer highly specialized expertise.

Firms that choose to partner with niche outsourcing providers can expect a:

• More personalized service
• Deeper industry knowledge
• Better understanding of the specific challenges faced by clients

This trend reflects the growing demand for customized solutions in the dynamic world of accounting.

3. Focus on data security and compliance

With increasing digitization, the importance of data security and compliance cannot be overstated. 

In the future, accounting firms will prioritize outsourcing partners who demonstrate a robust commitment to data security and comply with the latest regulatory requirements.

Expect to see a surge in demand for accounting outsourcing providers with:

• Advanced cybersecurity measures
• Secure data storage
• Proactive approach to compliance updates

As the regulatory landscape continues to evolve, accounting firms will seek partners who can adapt swiftly, ensuring that client data remains confidential and protected.

4. Onshoring a global talent pool

The staffing crisis in the accounting industry is no secret. While outsourcing helps accounting firms hire skilled professionals beyond borders, 2024 will witness firms onshoring global talent to work in the UK. 

This trend addresses the shortage of skilled professionals locally and opens doors to a diverse range of perspectives and expertise, minus the time zone and payroll hassles.

With the remote and virtual working models in the rearview mirror, onshoring will facilitate efficient collaboration and reduce communication gaps. 

It will provide firms the advantage of two-level review processes, minimizing errors and promoting greater efficiency.

5. Emphasis on environmental sustainability

Sustainability is no longer limited to the realms of manufacturing and technology. In 2024, accounting firms will embrace environmental sustainability in their outsourcing practices. 

This includes everything from reducing paper usage through digital processes to selecting an accounting outsourcing provider with a strong commitment to eco-friendly practices.

Accounting firms will recognize their role in contributing to a sustainable future and seek outsourcing partners who share their values. 

This trend aligns with the global push for environmental responsibility and positions accounting firms as socially responsible entities.

Accounting outsourcing in 2024 

In conclusion, 2024 promises to be a transformative year for accounting outsourcing. 

Firms that embrace these trends will not only stay ahead of the competition but also provide their clients with cutting-edge solutions and services. 

As the industry continues to evolve, adaptation and innovation will be the keys to success. Stay tuned for an exciting year ahead!