Tackling the skills shortage in accounting: How outsourcing can be your secret weapon

Recruitment, retention, training and development have been on the minds of many in the accounting profession lately – especially as many firms struggle to recruit the next generation of professionals.

You’ve probably felt it too – the pinch of finding the right skills in our industry. It’s a bit like searching for that elusive puzzle piece that perfectly fits.

It should come as no surprise then that a study from recruiters Robert Walters from last year showed 38 per cent of our peers in accounting are noticing a shortage in general professional skills.

But here’s the kicker: it’s the specialist skills like business partnering (36 per cent), financial reporting (29 per cent), and compliance (27 per cent) that firms are struggling to fill.

Why the skills gap matters

The role of accountants is changing and so are the skillsets that come with it. It’s no longer just about crunching numbers.

It’s about understanding and contributing to business strategy, navigating complex financial reporting, and keeping up with the ever-changing compliance laws. It’s like we’re expected to be jacks of all trades!

Throw in automation and AI to the mix over the next few years and the expectations of what an accountant is and how they will help businesses are likely to change further.

If firms are struggling to train and recruit the right people now, what does the future hold?

The alternative approach – Outsourcing

Facing these challenges, outsourcing feels like a breath of fresh air. It’s like having a team of superheroes who have already mastered these skills, ready to swoop in and save the day.

Ok, maybe that is a slight embellishment, but the transformative impact of outsourcing has surprised a number of accountancy leaders in recent years as they tackle skills gap head on with outside assistance.

Here are just some of the ways that outsourcing can support accountancy practices that are already struggling with staffing:

  • A treasure trove of specialist skills: Imagine having instant access to pros who are wizards in business partnering, financial reporting, and compliance. Outsourcing gives you that superpower.
  • Bridging the gap: With so many of us feeling the strain of a skills shortage, outsourcing is like a bridge over troubled waters, connecting you to a world of diverse skills and talents.
  • Your budget will thank you: Developing these skills in-house can be pricey and time-consuming – and it can feel like wasted resources if someone you train later leavers. Outsourcing is like a shortcut to the skills you need, without burning a hole in your pocket.
  • Always on trend: Outsourced professionals are like the fashionistas of the accounting world; they always know the latest trends and changes in the industry, keeping you in the loop and ahead of the game.

In the accounting industry, being able to offer a wide range of skills, from the basics to specialist guidance, sets you apart from the crowd.

It’s like having a secret weapon in your arsenal. Outsourcing not only helps you navigate the current skills shortage but also gears your firm up to meet clients’ needs, adapt swiftly to market changes, and grow your business.

By embracing outsourced accountancy and audit services, we’re not just solving a problem; we’re opening doors to new possibilities and opportunities.

If you are struggling to staff and resource your services, then it is time to open the door to outsourcing. If you want to learn more about the services we provide, please contact us.


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Posted in Thought Leadership.