Supply Side Crunch of the Accountants in the UK Accounting Industry

Accounting profession in the UK has been going through not so good time as far as matching the demand of the accountants with supply side. There has been huge gap between the demand and the supply of the accountants.

Accounting practices for some time has been struggling hard to get the right talent pool at the required time. While speaking to our clients, few of our clients from Dental Accounting lamented about the problem of skilled talent pool of the accountants. One of our clients in fact went on to say that getting the talent pool is a problem and retaining is another major challenge.

Accountancy profession has not only been about number crunching but also providing the value added advisory and consulting to their clients. As a trend, lot of accountancy firms off lately, finding value in providing value in strategic consulting & advisory and practices are finding good value in tying up with the accounting outsourcing firms which process their back office and transactional processing work like accounts preparation, bookkeeping, management accounting, filing tax/vat return and payroll processing. Read more on the benefits of accounts outsourcing.

Accountancy practices have been paying hefty fees to the recruitment agencies which is again itself a cost. In practicality, the practices have competition in their geographical areas to provide the quality services. Thus, firms are pondering to outsource their transactional processing back office work to companies in India where accounting talent pool is very easy to find, train and retain.

Read more on the benefits of creating offshoring team.

 

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