The results are in: Australia’s top 100 accounting firms have been announced, and one compelling trend stands out.
Before we dive in, it’s worth noting that 25% of these firms are TOA Global clients. Among the highlights is Retinue Accounting’s debut at rank 88, a significant milestone after not making the list last year.
There’s also been movement among returning firms, with Kelly+Partners Accountants advancing to 19th from 21st and Highview Accounting & Financial rising to 55th from 57th.
AFR Top 100 Accounting Firms Highlights
Debuted at
Rank 88
Retinue Accounting
Rank 19
Up by 9.25%
Kelly+Partners Accountants
Rank 55
Up by 3.51%
Highview Accounting & Financial
The Australian Financial Review (AFR)’s ranking of the top 100 firms is based on Total Annual Revenue, and considers factors like growth, service range, client base, and geographic presence.
This year, an intriguing trend emerged: while the Big 4 experienced another year of decline, mid-tier accounting firms excelled, achieving remarkable growth rates and scaling to new heights.
What’s the common thread among these top performers?
Notably, 67% of them leverage offshore accountants—a strategic approach that’s becoming central to their success.
Australian firms that embraced offshoring
According to the AFR, around two-thirds of the top 100 firms rely on offshore accountants, while only 10 reported not using or discontinuing offshore teams. Interestingly, 1 in 10 firms now has more than 20% of their workforce based overseas.
Take our partners as an example: Boyce employs 40 offshore accountants, Kelly+Partners Accountants has over 30, and InCorp Advisory relies on 25.
While Filipino accountants remain the leading choice, countries like India are also key players in the field.
The talent crisis is driving firms to turn to global teams, helping them stay competitive in an increasingly challenging market.
Nexia Sydney, ranked 13th, is a great example of how solving the talent shortage can have a wider impact, benefiting the businesses they collaborate with.
Their offshore team at TOA Global in the Philippines now includes a variety of skilled professionals, from intermediate accountants and assistants to auditors and SMSF accountants.
88 Time-Consuming Accounting Firm Tasks That Are Most Easily Offshored
While the AFR pointed out that some firms offshored complex tasks, such as preparing tax returns and financial reports for corporate Australia, others opt to delegate more routine, lower-level responsibilities.
A number of firms still believe that having local, in-house teams is crucial for building strong client relationships.
However, as Kristen Lovett, founder and director of Klas Business + Accounting, points out, offshore accountants can strengthen these connections:
“Outsourcing has allowed our team to focus on the work they love and build deeper relationships with clients,” Kristen explains. “It’s boosted our productivity and improved the quality of our client interactions.“
Reported level of offshoring
Percentage refers to the proportion of offshore staff to total staff or proportion of offshore work to total work. Classified by Financial Review based on Top 100 Accounting Firm list responses.
Source: Financial Review
The advantages of offshore accounting services
Here’s a look at the benefits of offshoring, as highlighted by firms with global teams on the AFR’s top 100 list.
1. Cost savings
Offshore accountants helped these firms cut costs by a third, enabling them to offer improved compensation to their onshore staff due to lower overhead expenses.
2. Larger talent pool
Firms with offshore teams were able to fill staffing gaps with the support of their global team members, many of whom are based in the Philippines.
Although accounting talent is scarce in many parts of the world, especially in Western countries, the Philippines presents a different picture.
Accounting is regarded as a prestigious field, with 200,000 CPAs in 2024, and nearly 8,000 new graduates joining the profession each year.
3. Scalability
By offshoring, firms can adjust their workforce to meet seasonal surges or long-term objectives with ease.
This model provides a reliable solution for firms looking to expand or manage workloads efficiently, offering access to a global talent pool while minimising the expenses and challenges of local recruitment and training.
4. Work-life balance
The struggle with work-life balance is a common challenge in accounting, especially during tax season when tight deadlines and long hours dominate.
To address this, firms are increasingly turning to offshore accountants to support their local teams, enabling smoother operations and reducing the stress that often accompanies these peak periods.
How to start working with offshore accountants
Developing a people strategy is the ideal first step for accountants exploring offshoring.
This approach includes creating short, mid, and long-term plans to optimise your workforce, build capacity, and ensure your firm is prepared for the future.
For example, a short-term goal could be setting your revenue target for the year, then identifying the roles needed to achieve it. Assess your current team to see who’s ready for advancement and decide which roles should stay onshore and which can be offshored.
With a well-crafted people strategy that harnesses both onshore and offshore teams, you can optimise your workforce to support your growth plans in the short, medium, and long term.
Start your journey with offshore accountants with the staffing partner preferred by 25% of Australia’s top firms.
Let us build a FREE people strategy for you today!
