COVID-19 has transformed the accounting landscape. The unpreceded crisis scarred the economy and amplified the strategic accounting needs and requirements of every business. Today, every business – small, medium or large is looking for accounting services that are augmented with strategic advisory and consulting – a good news for CPA firms.
The pandemic accelerated the adoption of accounting technology, spurred the scope for strategic accounting services and made way for new and more fulfilling growth opportunities. However, the pandemic has also brought a set of challenges which now stand as barriers for CPA firms to latch on to these opportunities and fully leverage their potential. However, CPA firms can overcome these barriers and accelerate their growth by joining forces with remote accounting firms.
By outsourcing their accounting and bookkeeping requirements CPA firms can gain an edge over the competition without actively spending on in-house staff or spreading themselves thin over a broad range of services. And how? Let us find it in this blog today.
Today, we first delve into the most common challenges faced by CPA firms in this post-COVID world. And then help you understand how remote accounting firms like Outsourced Bookkeeping can help overcome these challenges to improve their growth potential.
Post COVID-19 World – A Challenge Galore for CPA Firms:
Historically, the accounting and finance roles have always been the toughest to fill. According to research, accounting was ranked 5 in the list of 10 jobs that are hardest to fill in the United States in 2020. According to our CPAs at Outsourced Bookkeeping, the reasons for this talent acquisition problem in the accounting space are as follows:_
- Rise of technology & Increased need for expert talent:There was a time when accounting is synonymous with number crunching (to an extent it still is). However, the rise of technology and automation has automated the crunching and now the accounting profession is more in need of candidates who can find meanings and trends that provide a strategic advantage for businesses. And naturally, they are hard to find.
- Expectations of the candidate:The catastrophic rise in tech salaries, inflation and more growth opportunities have bumped upon the expectations of the candidates. Attractive compensation, benefits, company culture, flexibility and training have become more important than ever in talent acquisition.
The best possible way to beat the talent acquisition problems was to train and retain the right accounting talent. But remote working has made it tough for CPA firms here as well. For example pre-covid, the junior members received direct mentorship and training by working with senior auditors in physical audit rooms. The remote working or let us auditing has reduces the efficiency of these training practices. Not to mention it is also very tough to build a strong work culture, relationships and camaraderie in remote work.
Outsourced Accounting Services – Fastest Path of Growth for CPA Firms:
Talent acquisition in accounting has always been the problem – the pandemic made it worse. This shortage meant that the auditors have to make do the same work with fewer resources. This reduces the ability of CPA firms to latch on to new opportunities in the post-covid world. And this is where Remote Accounting Firms like Outsourced Bookkeeping can help with our outsourced accounting services.
Benefits of Outsourcing Accounting Services to Outsourced Bookkeeping:
Fastest access to expert accounting talent: With an extensive team of trained accounting experts led by expert CPAs, Outsourced Bookkeeping has the best expert stack across a broad range of accounting services. We house a dedicated team of experts for Accounts Payable, Accounts Receivable, Tax consulting & preparation services that can quickly on-board to help you with your requirements.
Enables expansion of services for faster growth: As a remote accounting firm that specializes in full-scale accounting services, Outsourced Bookkeeping makes it easy for CPA firms to expand their services and their clientele. This helps CPA forms chart new growth paths without the risk of investment in infrastructure and resources.
Time-difference that enables 24/7 service: Given how our offshore team is separated by a convenient time difference, CPA firms in the US can enjoy a 24/7 service cycle that fast-tracks their accounting work. The natural time difference helps ensures accounting strength and smooth workflow during high-volume work periods. A CPA firm powered by outsourced accounting services will never have to fret over deadlines ever.
Saves time and money: Not only hiring in-house accounting resources is expensive, but it also is not as resourceful as it was before the remote work culture. Now add-in the hidden costs, risk of attrition and talent acquisition expenses, outsourced accounting services easily turns out to be a winner.
By outsourcing, CPA firms can not only improve their services but also reduce the burden placed on their in-house staff. And this helps them focus more on the strategic side of accounting to capture rewarding growth opportunities.
As a remote accounting firm specializing in full-stack accounting services outsourced Bookkeeping is one of the most trusted accounting firms that is offering outsourced accounting services for more than two decades now. If you are a CPA firm that is looking to outsource your accounting and bookkeeping needs, then you can contact us here: https://outsourcedbookeeping.com/