Why is it Hard to Find Good Accountants? Can Remote Accounting Help?

In this article, we'll explore why finding good accounting talent is so difficult and how remote outsourcing can help address this challenge.

Dave Schnitt
April 11, 2023
Offshoring, Offshoring Accounting Solutions

Why Finding Good Accountants is hard

Accounting talent is in high demand, but finding and attracting the right candidates takes time and effort. Often, the skills required are highly specialized and significant training and experiences are needed. In this article, we’ll explore why finding good accounting talent is so difficult and how remote outsourcing can help address this challenge.

The complexity of accounting

The field involves many specialized technical skills, including financial reporting, auditing, tax compliance, and financial analysis. Accountancy is a complete educational coursework that has a bachelor’s degree as a standard minimum requirement. This provides a foundational knowledge of accounting and its theories which may still be scaled up to a CPA – or the certification an accountant may pursue to stand out as a qualified accounting professional.

High demand for skilled professionals

Accounting professionals are in-demand across almost every industry, including finance, healthcare, and government. According to the Bureau of Labor Statistics, employment of accountants and auditors is projected to grow 6% from 2018 to 2028.

Competition from other companies

There is often intense competition for accounting talent, particularly large corporations, and accounting firms. Small to medium-sized businesses (SMBs) may need help to compete with the salaries and benefits offered by larger organizations.

A shortage of candidates with the right skills

There is a need for more candidates with the right skills and experiences to fill accounting roles. According to a report by CPA Journal, Accounting graduates dropped by 4% since the onset of the pandemic.

How Can Remote Accounting Outsourcing Help?

Access to a global pool with specialized expertise

Outsourcing allows companies to access a global talent pool, including talent from countries such as India, the Philippines, and China. This increases their chance to recruit professionals with specialized skills in tax compliance, financial reporting, and auditing.

Cost savings

Outsourcing can help companies save on labor costs, particularly in back-office functions such as bookkeeping and data entry. Generally, Outsourcing can save you 30-75% of current cost while improving quality and timeliness.This can free up resources to invest in other areas of the business.

Flexibility

Outsourcing allows companies to scale their accounting operations up or down as needed without hiring or laying off staff. This is valuable for seasonal or project-based accounting needs.

Reduced administrative burden

Outsourcing can help reduce the burden of managing accounting staff, including payroll, benefits, and taxes.

Other Benefits of Remote Accounting Outsourcing

Increased efficiency

Companies can focus on their core business functions while leaving accounting and finance functions to outsourcing partners. This can improve productivity, faster turnaround times, and higher quality work.

Improved compliance

Outsourcing partners are well-versed in the latest accounting regulations and can ensure that companies remain compliant. This helps mitigate the risk of regulatory penalties and fines.

Better work-life balance

Outsourcing can reduce the workload of in-house accounting staff, allowing them to achieve a better work-life balance. Lower absenteeism and a stronger motivation to work are just some of the benefits of a healthy working environment, based on this report.

The Downsides of remote Outsourcing

While remote outsourcing can offer significant benefits, there are also potential downsides to consider:

Communication challenges

Working with remote teams with different cultures and languages may lead to miscommunication. Establishing clear protocols and investing in tools and technologies to facilitate communication is important.

Quality control

Ensuring quality control can be challenging when working with remote teams, particularly if significant time zone differences exist. It’s essential to establish clear expectations and metrics for quality and performance.

Security risks

Outsourcing can introduce security risks, particularly if sensitive financial information is being shared. Outsourcing partners should have robust security protocols and that sensitive information is protected.

Legal and regulatory issues

Outsourcing can raise legal and regulatory issues when dealing with countries with different labor laws or accounting regulations. Companies must be equipped with knowledge on international laws to avoid these kinds of issues.

Conclusion

Finding good accounting talent can be a challenge, particularly for SMBs. remote outsourcing can provide a cost-effective solution that offers access to a global talent pool, specialized expertise, and increased flexibility. While there are potential downsides to consider, outsourcing can help to improve efficiency, reduce administrative burdens, and improve compliance. By weighing the benefits and downsides, companies can decide whether remote outsourcing is right for their accounting needs.

Are you looking for a dedicated, remote Accounting Team? IQ BackOffice can help.

Here at IQ BackOffice, we build remote, offshore accounting teams that work as an integral part of our clients’ operations. We offer the best global talent at cost-effective rates so you can enhance your financial operations and achieve your goals faster. We help you do everything needed to build a team, from helping you design a strategy to recruiting, setting up interviews, onboarding your team, providing infrastructure and ongoing administration.

IQ BackOffice will meet with you to understand your business goals and the requirements for each position and then find the perfect candidates to join your team. We build dedicated teams exclusive to your account that we provide with the infrastructure and tools to work effectively with you. Lastly, we handle the administrative aspects of your team – payroll, HR, etc., so you never have to. All for 1 simple monthly fee.

Contact IQ BackOffice today to learn more about building an effective Global Accounting Team.