What Does the Accounting Talent Shortage Mean for Your Business?

When it comes to accounting and finance, there’s no denying that there’s a talent shortage in America. The demand for professionals with accounting expertise has been increasing rapidly, yet there are not enough skilled professionals to fill these job openings. CPA firms are often forced to compete for talent with the Big 4 accounting firms, which has caused wages to skyrocket. Business owners often have to dip into the same talent pool to hire accounting professionals, even though their needs may be more limited. However, there is a solution to this continual challenge for all businesses—remote talent.

What is causing the Accounting Talent Shortage?

One of the primary reasons for the talent shortage is the lack of students in the nation majoring in accounting; AICPA found a 10% decline in accounting graduates from 2012 to 2020. Furthermore, research shows only 3% of college students expect to pursue a career in accounting despite the high demand for accountants in the job market.

Compounding this problem is people leaving the accounting profession and an aging workforce. According to the Wall Street Journal, over 17% of accountants and auditors nationwide have left their jobs since 2019. Since the current workforce mostly consists of baby boomers and millennials, the current workforce demographic of accountants is aging, and many CPA firms are having difficulty with succession planning as there are not enough professionals to take over their businesses.

How Remote Talent Can Help Overcome the Challenges

Since the domestic talent pool is simply incapable of fulfilling the nation’s accounting needs, businesses need to look at other options. Remote Talent can be an effective solution in addressing the challenges associated with the accounting talent shortage, as it offers several benefits, including access to skilled professionals, reduced cost, and improved productivity for existing professionals.

Businesses can leverage the expertise of a team of skilled accounting professionals without increasing headcount by partnering with a remote talent center. This would allow businesses to offload menial tasks and refocus existing staff on core competencies and growth strategies.

Choosing the Right Remote Talent Provider

When it comes to choosing a remote talent solution, there are several factors that you may not have considered. Finding a provider that delivers work to your standards is critical. Communicating with your remote team consistently is also necessary to ensure issues are resolved before they reach your desk. Finally, your provider needs to ensure continuity of work if something happens to a remote worker.

As an organization with a mission to support the growth and innovation of small to medium-sized businesses, we’ve created alliantTALENT to address the biggest concerns of businesses regarding remote talent. We support accounting, audit & assurance, tax, and advisory work. We source only the top talent from the Big 4, so you can rest assured your business will receive unparalleled service. You have a dedicated line to a U.S.-based liaison at all times. We also take a team approach so that no matter what happens, someone is always available to ensure your business never skips a beat. Our commitment to excellence sets us apart from all the rest. Let us help your business thrive and succeed.

About the Expert

What Does the Accounting Talent Shortage Mean for Your Business?
Dean Zerbe

Dean Zerbe is alliantgroup’s National Managing Director based in the firm’s Washington D.C. office. Prior to joining alliantgroup, Mr. Zerbe was Senior Counsel and Tax Counsel to the U.S. Senate Committee on Finance. He worked closely with then-Chairman and current Ranking Member of the Finance Committee, Senator Charles Grassley (R-IA), on tax legislation. During his tenure on the Finance Committee, Mr. Zerbe was intimately involved with nearly every major piece of tax legislation that was signed into law – including the 2001 and 2003 tax reconciliation bills, the JOBS bill in 2004 (corporate tax reform), and the Pension Protection Act. Mr. Zerbe is a frequent speaker and author on the outlook for short-term and long-term changes in tax policy, as well as ways accounting firms can help their clients lower their tax bill.

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