As per the survey done by Career Explorer, and we quote, “the bookkeeper job market is expected to shrink by 1.5% between 2016 and 2026.”
Current Status of Bookkeeping in the USA – dwindling!
The employability of bookkeepers in the USA is likely to crash in this decade ending in 2028 (as per Strategic Finance) due to the retirement of more than four thousand bookkeepers that are currently working and the scarcity of new entrants into the bookkeeping industry.
Along with the retirement factor, technological change is also blamed by most experts as the second major reason for the plummeting bookkeeping jobs. In other words, the job market for bookkeepers is expected to be compressed, which is not a pleasant sight to witness.
Demand for Bookkeepers in the USA – is on the way up!
Bookkeepers are vital and inevitable for any kind of business. Hence, the current status of the bookkeeping industry doesn’t curb the need to have a skilled accountant who is not only knowledgeable and answerable but also adept at leveraging software programs.
In fact, due to the shortage of bookkeeping jobs and the automation of routine tasks, the expectation of an accountant will be increased manifold. There will be a strong need to remain up to the mark for analytical, advisory, and business development roles.
Retiring bookkeepers and a lower number of new bookkeepers entering the industry will not be adequate to meet the needs of companies, but it also means that there will be a substantial amount of demand for accomplished accountants and bookkeepers.
How to Escape the Impact of the Shortage?
Not Just Escape but Flourish
As we have already entered the new financial year 2022-23, the CPA firms are about to wrap up the super chaotic taxation work. Up until mid-April, the CPA firms will be dealing with preparing tax returns, tax accounting, and tax payments.
However, post taxation work, the CPA firms will be clouded with thoughts of managing bookkeeping.
Owing to the bookkeepers’ shortage in the USA and the consequent increase in the demand for skilled bookkeepers, the most appropriate way out is to outsource the bookkeeping work.
Getting help from outside in accounting-related matters can help CPAs escape the impact due to the shortage of skilful accountants and bookkeepers. Many accounting outsourcing firms provide services to CPAs in a purely virtual setting thanks to popular cloud-based accounting software like QuickBooks.
Outsourcing the essential task of bookkeeping to the accounting outsourcing firms, frees up time for CPAs that can be utilized in offering impeccable client services. CPAs will be able to discuss with their clients where they are stuck and how they can add more value to their clients for further assistance that will help CPAs flourish and grow.
Why Do CPA Firms Outsource to India?
Utilize Our Proficient and Cost-Effective Manpower
To deal with problems and meet deadlines, a CPA firm needs an extensive team. Offshoring your accounting and bookkeeping work to Indian accounting outsourcing firms can smartly alleviate the staff crunch.
The developed economies, like the USA, mostly prefer Indian accounting offshoring firms because of the availability of manpower that is rich in knowledge, accomplished in working on software programs, hard-working and also because of the convenience of getting an affordable labour pool at one’s fingertips.
Furthermore, because of the favourable time zone, CPA firms will be able to obtain comprehensive financial reports by the time they begin working the next day.
As a result, the working environment here is favourable as a result of easing business guidelines for foreign companies.
Why Outsource to AcoBloom International?
AcoBloom International is your trustworthy co-sourcing partner with years of expertise, a team of trained specialists, and a reasonable price.
We are a leading company offering accounting and bookkeeping outsourcing services to CPA firms for over 14 years.
We guarantee the availability of skilled resources at a fraction of the US 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 bookkeepers can help you scale your business and offer gratifying experiences to your clients.
You can connect with us at usa@acobloom.com or book an appointment with our US accounting professionals at AcoBloom International.