The pandemic, lockdowns and closed international borders affected the Australian economy hard. One of the affected industries which bear the brunt of the pandemic was the accounting industry. With the opening of the international borders, there’s a strong yearning to rebound. Having said that, there’s a great concern posed in front of the Australian CPAs/ accounting firms.
Australian CPAs battling Staffing Challenges
Accounting and bookkeeping services are still in high demand, thus competition for talent has only grown. Firms continue to encounter difficulties in attracting and maintaining top personnel, with organisations of all sizes looking to ramp up recruitment efforts at all levels.
More than three-quarters of Australia’s major accounting firms say they’re having problems hiring and maintaining accountants, and skilled auditors remain scarce across the country. The country’s tight borders had added to the shortage. The major four consulting firms, mid-tier accounting firms, and smaller accounting firms are all experiencing labour shortages.
Firms are likewise attempting to enhance working conditions in order to attract more accounting experts. This involves automating monotonous tasks and allowing for more flexibility in working hours and location. There seemed no positive sign despite increasing compensation and referral bonuses in response to the tight labour market.
In an already stressful situation, Australian employees have had to significantly increase their jobs and work under pressure.
The accounting staff is in high demand, but availability is limited.
Employees quickly leave for larger companies like the big four, making it difficult to locate more senior professionals to bring into your accounting practice. As a result, Australian accounting firms prefer to hire graduates and undergraduates and develop people over time, which requires time, effort and cost.
Staffing expenses have risen as well, with a high demand for experienced, highly competent accountants in the current market. While larger companies raise salaries to attract talent, smaller businesses face more competition. They not just hire new employees but also keep the ones they already have!
Go with the Flow
Change is the only true constant in business, as it is in life. Professionals in all industries are grappling with enormous changes, many of which are driven by pandemic, from minimising unexpected business disruptors to adjusting to new ways of working.
Accounting is no different. The field has evolved far beyond bookkeeping & payroll and is increasingly playing a strategic role for forward-thinking companies.
However, to execute other important activities of a business like business development, client satisfaction, etc., there has to be someone who can lend you a hand. Someone who could share your workload in order to free up your time and provide quality services.
How to overcome the challenge – by outsourcing
The accounting profession is undergoing significant change, which brings both challenges and opportunities. The accounting sector in Australia is facing issues such as a shortage of accountants and rising costs, while cloud-based technology is offering up new opportunities. As a result, many accounting firms are turning to outsource accounting and bookkeeping, to safeguard their long-term growth.
Accounting and bookkeeping outsourcing might enhance your CPA firm’s capacity by providing excellent services and knowledge. You gain a competitive advantage when you can obtain high-quality services and data protection at a lower cost, allowing your firm to focus more on expanding its operations.
Outsourcing appears to be a significantly better option than handling the hectic workflow on your own, such as tax support during peak season, year-end accounting, and bookkeeping. You will be able to complete many duties and become one of the most productive CPA firms through outsourcing.
Why outsource to AcoBloom?
There are various more elements that accounting, tax, and bookkeeping outsourcing can help with, but as stated above, these are the key benefits that Australian CPA firms can enjoy in order to avoid personnel and productivity concerns.
- AcoBloom Internationalis your trustworthy co-sourcing partner with years of expertise and a team of specialized & experienced accountants at a reasonable price.
- We are a leading outsourcing firm offering accounting, tax and bookkeeping outsourcing services to CPA firms in Australia for over 14 years.
- We guarantee the availability of skilled resources at a fraction of the Australian accountant’s prices when you outsource to us.
- We believe that communication and staying connected are the strongest pillars of building transparency and long-term relationships with our clients.
- We religiously deliver services in a manner that makes CPA firms feel as if we are working in person with them.
Find out how our team of qualified and reliable accountants can help you scale your business and offer gratifying experiences to your clients.
You can connect with us at au@acobloom.com or book an appointment with our Australian accounting professionals at AcoBloom International.