According to the U.S. Bureau of Labor Statistics, 4.4 million people willingly left jobs across the U.S. in April 2022. Accounting hasn’t been immune to the "great resignation," and it’s only becoming harder to maintain a skilled staff. What steps can your business take to help your accounting department thrive in a tight labor market?
Outsource your staffing losses
Companies invest in hiring and training employees and rely on their abilities. When someone from the accounting team leaves, the finance department has to find, hire, and train a qualified replacement.
This reset can affect productivity and put strain on the entire organization. In order to grow, businesses need their accounting and finance team to efficiently handle spending approvals, incoming orders, or setting budgets. Additionally, this team needs to be staffed appropriately to be able to address new reporting, tax and other regulatory requirements, make process improvements, and adopt new technology.
An outsourced accounting solution can offer a scalable, mature department that addresses staffing resource losses.
Strengthen what you have
Outsourcing accounting services to an experienced team with best-practice processes and leading-edge technologies means more than limiting the impact of the loss of personnel. It can also empower employees to focus more on operations growth with the help of powerful tools.
Software platforms, cloud-based enhancements, robotic process automation, and artificial intelligence can optimize existing accounting functions using the processes employed by the most successful companies, such as:
- Accounting and bookkeeping
- Transaction processing
- Analysis and reporting
Relying on an outsourced team can help businesses deliver insight into finances and streamline essential processes. But outsourced accounting shouldn’t mean trading resiliency and efficiency for a less personal touch.
Outsourced accounting should still feel like the department is down the hall. In this virtual work environment, knocking on the door becomes a mouse click. Companies can still have the same conversations about where finances are, how to meet operational goals, and what exciting opportunities are on the horizon while gaining the broad expertise available from a specialized accounting and consulting firm experienced in remote working.
Turn accounting into a driving force
Beyond doing business better, outsourced accounting offers other benefits:
- Stronger controls. Team members can apply informed, effective controls in line with the high standards used by multinational companies to keep accounting accurate.
- Greater expertise. Outsourcing to a global firm means access to a wealth of knowledge. Businesses can rely on a new resource for important topics such as cybersecurity threats, compliance challenges, tax planning, acquisitions, or going public.
- Informed insights. An outsourced accounting provider that works with thousands of clients across various industries around the world can provide visibility on trends that are hard to come by in daily work.
We’ve got broad experience, deep expertise, and industry-leading technology. And we’re ready to work with you like we’re right down the hall.
