Facing a drastic shortage of certified accountants, America’s accounting industry is suffering, and with demand for their services projected to increase in the coming years, the scarcity is already having a detrimental effect on many businesses.
So what has caused the shortage?
There are a number of factors responsible for the scarcity of certified accountants in the U.S., such as:
- Demand and supply
Over the past decade, as businesses have grown and tax regulations have become increasingly complex, demand for accountants has continued to grow. However, with fewer students choosing to pursue the profession of accounting, it has led to a significant shortage of certified professionals.
- Lack of replacements for retired accountants
With the baby boomer generation retiring en masse, the accounting industry has been left with an ever widening gap that it’s struggling to fill.
- After-effects of the pandemic
While the pandemic is behind us now, with so many companies having to reduce their hiring and training during this period due to economic uncertainty, they are now finding it hard to both attract and retain the best accounting talent, adding to the overall shortage of qualified accountants.
What can be done to address the shortage?
Requiring immediate attention, the lack of certified accountants countrywide has forced many companies to consider outsourcing their requirements. Helping them reinforce their workforce and gain access to the top talent globally, outsourcing is helping firms meet all of their accounting needs, while still being able to take on new clients and boost profitability.
Many outsourced accounting agencies have a pool of professionals who are highly skilled and highly motivated, and who can be hired to work on projects as and when needed; helping businesses maintain their workload and high standards, while spending less than they would on in-house hires. In-house hires need to be trained and paid a salary and benefits, and so by outsourcing and paying only for the tasks that need completing, companies can save money and free up their existing staff to focus on core work.
How outsourcing can help your firm gain a competitive edge
By being able to access experienced and talented accounting professionals on demand through outsourcing, your accounting firm is able to take on projects of a more complex nature, and gain a unique market advantage. And, by being able to spend less on in-house hires (if you can source them!) and having more time to focus on your core services, your accounting professionals can maintain their high standards and as a firm, even afford to invest in the latest industry technology.
A cause of serious concern for many within the profession in the U.S., the lack of certified accountants needs to be addressed swiftly and in a way that is easy to maintain; at least until the situation changes, anyway. Fortunately, outsourcing enables accounting firms struggling to keep up with their workload and maintain their high standards, to continue providing a high quality service to their existing clients, and even attract new ones. With plenty of affordable options available, outsourcing could be the solution to your accounting woes.