Staff shortage is a real problem in the world of accounting. Whether you run a small accounting practice or a large finance corporation, finding and retaining the right people is an uphill battle for business owners. According to the latest US Bureau of Labor Statistics, the year 2014 saw an 8 per cent decline in the number of bookkeeping, accounting and auditing clerks.
This is not ideal especially when there is too much overflow tax work, and more hands are required to finish the job. Today, teams work across verticals and if even one member of the team leaves, it puts stress on others due to increased workload. Moreover, a business can’t grow if there is a high employee turnover ratio since it is the people that ensure continuity of plans.
As an accounting business owner, you may be applying creative strategies to hire accountants and bookkeepers for your practice. But if you are unable to achieve any results, then you can go for a cost-effective solution and that is called “outsourcing”. Check out its benefits:
1) Continuous supply of resources
Outsourcing can rescue you from a huge amount of tax work or low-skilled jobs such as bookkeeping in the nick of time. If you are in a fix during the tax season and want someone to help you prepare the books, outsource it! This solution makes sure you never have to worry about finding the right person for the job in a short period of time. Your outsourcing company will take care of it.
2) Efficient talent pool
It is the responsibility of your outsourcing company to ensure you get access to qualified staff at all times. This means you don’t need to hire inexperienced accountants and then train them. It is a waste of both time and money. Instead, you can invest in an outsourced accountant who can help you with day-to-day tasks or ad-hoc jobs.
3) Increased control
While CPAs and accounting firms are more open to outsourcing than ever before, it is still a huge step for a majority of them. The hesitation usually revolves around whether or not they would still have control over all the activities. And the answer is “yes”.
Since the work is not being done in-house, you are bound to manage everything more strictly. This means increased number of meetings, detailed reporting and what not!
4) Standardized processes
Since outsourced accountants will adapt to your business processes, this puts them in a better position to help you to optimize those processes. There is nothing better than having someone who can give advice and can provide feedback using knowledge from across the board of all the finance reports.
Hiring is an expensive activity. Employees cost money to the company. If you feel you are wasting both time and money in searching the right fit for your company, you should probably outsource. You can take on as many accountants and bookkeepers you want from the outsourcing company – depending upon the scope of work.
Over to you
Outsourcing proactively addresses talent and retention issues. You don’t need to go around searching for full-time staff when you can get all the help you need without wasting much. Please remember to research to be able to pick the right kind of service provider.