Top 9 Best Countries for Outsourcing Financial Controller Services in 2024

Outsourcing financial operations has become an increasingly popular strategy for businesses aiming to achieve their financial objectives while minimizing costs.

One key role outsourced to specialized professionals is the financial controller role. These professionals are capable of overseeing entire finance departments or performing the duties of a chief financial officer (CFO).

With the demand for outsourced financial controllers and CFO services, certain locations across the globe are becoming prime destinations for finding this talent.

Let’s look into the best countries for outsourcing financial controller services, factors to consider when choosing a country, and why Latin America (LatAm) stands out as a source of financial controller talent.

9 Best Countries To Outsource Financial Controller Services

Here are the best locations for finding an outsourced financial controller.

1. India

India’s robust educational system and trusted outsourcing community make them a top choice for remote talent in general.

India’s pool of certified chartered accountants is also continuously growing in response to the global demand for outsourced finance and accounting talent, allowing businesses to hire remote financial controllers at a competitive cost.

2. Philippines

The Philippines is preferred for its well-educated workforce, which is equipped with high English proficiency skills. Accounting talent in the Philippines is also in abundance, made evident by the presence of The Big Four accounting firms within the country.

The workforce’s deep understanding of Western business practices also makes it likely to find cultural alignment with your company culture. 

Additionally, the government’s support for the outsourcing industry and the availability of competitive talent make the Philippines a top choice for outsourcing financial controller services.

3. Mexico

Mexico’s cost-effective and skilled labor market for financial services makes it a top destination for outsourcing CFO services. The country’s boosted foreign direct investments point to a continuously growing outsourcing industry, with clients primarily from the US.

Taking advantage of the geographical proximity, similar time zones, and the highly beneficial USMCA, more companies in the US and Canada plan on nearshore outsourcing to Mexico.

4. Vietnam

Vietnam’s cost-effective services are a major draw for businesses looking to optimize their financial operations while minimizing expenses.

The government’s focus on developing the outsourcing sector, along with the availability of advanced technological infrastructure, positions Vietnam as a strong contender for outsourcing financial controller services.

5. Malaysia

Ranked 3rd in English proficiency across Asia, Malaysia’s strategic location in Southeast Asia, combined with its fast-growing outsourcing industry, makes it a top Asian destination for outsourcing.

Under the Malaysia Productivity Blueprint, foreign investment in accounting services will also benefit from tax holidays and special deductions, making it a prime destination for outsourcing finance controller services.

6. Brazil

The BPO (business process outsourcing) industry in Brazil benefits from tax incentives and other advantageous policies that make the country attractive to international companies. 

Brazil’s cultural affinity with the US also facilitates effective communication and collaboration. Additionally, the country offers competitive labor costs, making it a cost-effective option for outsourcing financial controller services.

7. Romania

Being a member of the International Federation of Accountants, Romania is known for its highly educated workforce in finance and accounting.

Romania’s membership in the European Union ensures compliance with international financial regulations, providing an added layer of security for businesses outsourcing their financial operations.

Being located in Eastern Europe, Romania obviously has a time zone advantage for businesses in Europe, making it an attractive choice for Western European businesses who need an outsourced controller with real-time insights and financial advice. But it’s still a good choice for US businesses (like Poland below), as New York is only seven hours behind Bucharest. 

8. Poland

The growing demand for finance professionals in Poland is a testament to its workforce’s strength in financial services. Supported by its continuously growing talent network of qualified talent in finance, Poland continues to be one of the best countries to outsource the financial controller role.

9. Argentina

While cost savings is one of the major factors that make Argentina one of the best countries in South America for outsourcing the financial controller role, its reputation for talent in financial analysis and risk management is outstanding.

Argentina has a highly developed accounting sector where only licensed professionals are allowed to work. This sets up a healthy outsourcing environment for companies seeking financial controllers from Argentina.

‍Factors to Consider When Choosing an Outsourcing Destination

When selecting an outsourcing destination, evaluating a few factors that make one country more beneficial than the others is essential.

Government incentives and support

Countries that offer tax breaks, grants, and other financial incentives for the outsourcing industry can significantly reduce operational costs, making them more attractive for outsourcing financial services.

Education and professional development

Countries with strong educational systems and a focus on continuous professional development of finance and accounting talent ensure a steady supply of highly skilled professionals.

Cultural alignment

Cultural alignment between the outsourcing destination and the US is vital for smooth communication and collaboration. 

Working with talent in countries with similar work ethics, communication styles, and business practices can significantly enhance the success of outsourced operations, reducing the risk of misunderstandings arising from cultural differences and ensuring better outcomes.

Proficiency in English

English proficiency is a critical factor when outsourcing financial services, as clear and precise communication is essential for effective financial management. There is simply no room for language barriers in finance.

Countries known for having excellent English language educational provision will be more likely to have an abundance of professionals with high levels of English proficiency who are better equipped to handle and document complex financial tasks and ensure seamless communication with clients. 

Local laws and regulations

Understanding a country’s local legal environment is essential to ensure compliance with financial regulations. 

Countries with well-established legal frameworks and a commitment to international standards provide a secure environment for hiring outsourced controllers, protecting the company’s interests. (But, of course, when evaluating individual providers, you want to ensure they are well-versed in US regulations.)

Technological infrastructure

A strong technological infrastructure is vital for the efficient handling of financial data and secure communication. 

Countries with advanced technological capabilities and government investment in BPO infrastructure are better equipped to provide reliable services at practical costs. These ensure the smooth execution of financial processes, reducing the risk of errors and delays.

Time zone compatibility

Time zone differences can impact the efficiency of outsourced operations. Countries with time zones that overlap with US business hours allow for real-time communication and collaboration, ensuring timely decision-making and project management.

Why Choose Latin American Countries?

Especially for US companies, LatAm countries present the most benefits when it comes to outsourcing the role of a financial controller.

Proximity to the US

Latin American countries offer the advantage of geographical proximity to the US. The time zone alignment allows for overlapping working hours and real-time communication—probably the biggest benefit of working with a controller in Latin America. 

The proximity also reduces travel costs and time, making it easier for businesses to manage their outsourced operations for those times when only a face-to-face meeting will do.

These advantages are especially noticeable when compared with Asian countries. Arranging a meeting within US business hours is easy with a financial controller in Mexico, Costa Rica, Brazil, or Argentina. But it’s not so easy with someone in Vietnam or Malaysia. 

Cultural compatibility

Like European countries, Latin American countries share cultural similarities with the US, including work ethic and communication styles. This fosters better collaboration and understanding, reducing the risk of misunderstandings and ensuring smoother operations.

Competitive costs

Latin American countries offer competitive labor costs compared to the US and Europe, allowing you to achieve significant cost savings while accessing high-quality financial services.

The average salaries in Latin America are 30–70% below those of their US-based peers due to the lower cost of living. A controller’s average annual salary range is $18,000 to $42,000 in LatAm. 

Highly skilled workforce

The region boasts a growing pool of well-educated and experienced financial professionals, particularly in countries like Mexico, Argentina, and Brazil. 

These countries offer a strong talent pool of finance professionals who are well-versed in US accounting standards and practices. In addition, most Latin American countries place a strong emphasis on English language learning. 

Favorable trade agreements

Many Latin American countries have trade agreements with the US, simplifying the legal and logistical aspects of outsourcing. These agreements provide a secure framework for businesses to operate within, ensuring compliance with international regulations and reducing the risk of legal complications.

Final Thoughts

Outsourcing financial controller services can be a game-changer for businesses that want to enhance their financial management and reduce operational costs. 

By selecting the right outsourcing destination, you can access top-tier financial expertise and ensure regulatory compliance. 

Whether you’re considering a country in Asia, Europe, or Latin America, each region offers unique advantages that can contribute to your company’s growth.

If you want to learn more about the benefits of hiring from Latin America for financial controller services or any other finance or accounting roles, check out our LatAm Hiring Guide for a step-by-step manual and in-depth insights on why we think LatAm talent is the best choice for outsourced services.