The accountant shortage is still causing misery for CPAs right across the country, and it’s hard to view this as being anything other than yet another hurdle overstretched accounting professionals are being forced to jump over.
From a surge in retirements within the profession, to a lack of the necessary skills being taught in educational institutions, this challenging gap may not necessarily be a welcome one, but could it actually present CPAs with a unique way of handling and managing their operations?
To turn such a challenge into an advantage, CPAs must shift their perspective to one in which they consider reassessing their existing business model. From the adoption of new technologies and automation, to restructuring teams, and the use of strategic CPA firm outsourcing; it is entirely possible for shortages in staff to help CPA firms significantly develop their businesses, and here’s how:
Embracing technology and automation
With automation tools capable of making mundane, time consuming and repetitive data entry, basic reporting and payroll processing tasks, look like a cake walk, CPAs can refocus on other areas of their business that might add more value.
Adding more services to your repertoire becomes a real possibility with the help of AI-driven analytics and cloud-based platforms, which will make your firm more attractive to a wider, global client base.
Expanding through outsourcing
It’s worth seeing outsourcing not just as a stopgap for when times are hard, but as a strategic solution to help you cope with shortages in staff, seasonal demand, and routine tasks, all-year round. With a consistent outsourcing partner, you can eliminate the need to make empty promises to your clients, and satisfy their needs with ease and precision.
Leveraging data and analytics
Data analytics can provide valuable insights into the way in which your business is operating, helping you to spot any inefficiencies, and allocate resources more effectively. Giving you the ability to forecast client demand and staffing needs, predictive analytics can be crucial in helping you make decisions related to hiring and managing projects, that are much more well informed. Overall, such analytical tools can help you and your CPA firm anticipate potential problems, and proactively manage your strategies in accordance with these.
Being innovative with client service offerings
Without a full team of CPAs onboard, companies are forced to think about developing new services that aren’t so manually heavy. For instance, offering real-time financial insights to clients or a virtual CFO service, can put you one step ahead of your competitors, without the need for additional staff. Of course, if you partner with an outsourced provider, you can offer these services with even more ease.
Building partnerships that are strategic
During times of hardship, why not try collaborating with technology providers and educational institutions among others, to build up a network of support. Such partnerships can help firms source fresh talent, gain access to the latest advances in technology, and reduce the burden of work during peak tax times.
Making employee wellbeing a priority
Lastly, but by no means least, by offering your existing employees (or new hires) the chance to work remotely, use flexible hours, or engage in a wellness program, you can create a team that’s happier, more likely to be loyal, and ultimately, more productive in their work.
By outsourcing CPA work, and implementing other strategies such as those listed above, it’s entirely possible to view staff shortages within the accounting profession, as an excellent opportunity to expand and make operations more efficient.
