Outsourcing helping to plug the skills gap

Almost a third of employers across the financial, professional and business services sector are struggling to recruit due to widespread skills shortages aggravated by the COVID pandemic, with thousands of critical roles remaining unfilled.

A new report, Skills for Future Success, published by the Professional & Business Services Council and the Financial Services Skills Commission, says an acceleration of automation and digitisation due to the pandemic, alongside globalisation and changing workforce demographics are prompting demand for new skills that bring together technology, interpersonal skills and industry knowledge.

The Institute of Chartered Accountants in England and Wales (ICAEW) also reports that the vacancies for accountancy and finance-related positions had shot up by 41 per cent. This has resulted in a sharp hike in salaries extended by organisations in an effort to retain talent.

Effectively, this means that organisations that have been unable to attract the right talent are grossly understaffed in accounting and finance.

In this scenario there really could not be a better time to consider outsourcing. No matter if you have 4 or 400 employees, you still will have the same compliance requirements as well as payroll and reporting needs.

Contracting work out to GI Outsourcing will help through uncertain times, meeting the objective of expanding business opportunities and capacity, dealing with temporary or even permanent staff shortages and, most importantly, improving the bottom line.

A highly professional partner like GI Outsourcing, with its specialist cloud technology teams, will open up opportunities to make your finance function more efficient.

We have years of experience with outsourcing and with budgets squeezed because of the Covid and the ensuing recession, offer a solution that includes expertise and value for money.

Keeping costs down is key and while transferring some of the more mundane tasks such as bookkeeping, general accounting and payroll is a good way to keep employment costs down.

This frees up time to make key strategic decisions on the future direction of firms, including how they keep up with the latest technology.

That is one aspect of the business, but GI can also offer a one-stop solution that includes how to get the best from cloud technology. We can also offer tailored support solutions.

Outsourcing saves costs with options like paying for the services you need when you need them. You do not need to outsource your accounting work all year round. Moreover, outsourcing can give you the option to leverage the latest technologies without having to invest in them yourself.

As an example, specialised bookkeeping service providers work with multiple accounting clients, they use advanced accounting software and solutions. If individual companies were to purchase this latest software on their own, it will cost more.

Contact our UK-based team of account managers today to find out how we can help your firm.

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Posted in Blogs, For Accountancy Practices.