The Difficulties in Finding New Talent
Few kids say, “I want to be an accountant when I grow up!” It’s usually something that sounds exciting instead. Doctor. Lawyer. Superman. And so-called “old dogs” eventually have to hang up their hats too. But all of this forms a picture of why it’s hard to find accounting talent.
Demand for Accountants Is High and Supply Is Low
"Accountants and auditors are to business as those people in the black-and-white-striped shirts are to sports. We're the referees of business.”
—Steven Kachelmeier, Accounting Department Chair, University of Texas
Essential? Yes. As exciting as actually being in the game? Not so much. According to the American Institute of Certified Public Accountants, the supply of associate-, bachelor-, and masters-level accounting graduates has receded since 2012. The field just seems boring and tedious to younger people. Given the misconceptions about manually crunching numbers and performing data entry, this isn’t surprising for a generation that’s always known technology.
Of course, as we know, technology is playing an increasingly vital role in the field. (More on that below.) Besides, businesses like yours will always need good financial minds, and talent shortages make it harder to manage everything from the books to financial strategies.
Compounding Factors of Resignation and Retirement
The other problem? Seasoned veterans are leaving the field in high numbers these days—and that’s not because of the job, either. Instead, they’re going to another industry, going to other firms, or retiring early.
Since 2020, the tide has turned in a few ways. As much as we hate to wag our fingers at the pandemic, it did create a fundamental job shift: People got used to the flexibility of working from home, and they continue to move to jobs and employers that allow for it. Additionally, 75 percent of CPAs reached retirement age in 2020. It was a bang-up year for the world—and for accounting—right?
How Online Accounting Services Can Fill the Gap
In-house accounting positions may be in flux, but the rise in remote work means you have other options. Online accounting services step in to provide financial guidance whenever, wherever, and however you need it. They operate as part-time contractors, saving you a little dough and providing essential services such as:
Need someone to help you understand the numbers? Online accounting services work with data, reconcile it, and create reports that explain events. They use several key reporting tools to give your business what it needs, helping with:
- Managing balance sheets
- Reconciling trial balances
- Reviewing income statements
- Creating custom financial reports
These daily, weekly, or monthly activities provide pinpoint accuracy on your business’s income, cash flow, and more, helping you make sound decisions.
Do the books line up against your bank statements? Reconciliation helps you find out with a second look at your bookkeeping, including:
- Entering data from bank accounts into accounting software
- Reconciling cleared transactions, open deposits, and open checks
- Matching bank reconciliation balances to trial balance
The process helps online accounting services catch inconsistencies, errors, and fraud and track profitability. Your accountant(s) will even do cash reporting as needed.
Remember how we said today’s job seekers are allergic to manual processes? Manual-only is a myth for a reason. In reality, online accounting services have access to the biggest—and most up-to-date—tech toolbox to manage your accounting needs. Pairing financial expertise with automation, your accountant(s) streamline manual accounting processes with software, such as:
- QuickBooks Time
You need your finances to be squared away. By leaning into automation, online accounting services provide both speed and accuracy.
Solve Your Accounting Dilemma
Accounting talent is waning, from entry-level candidates all the way up through the ranks. But online accounting services pick up the slack by tackling your business’s most important financial needs.
Ignite Spot sets you up for success with a certified team of experts who have provided online accounting services to hundreds of companies. As an outsourced company, we never pass the buck—our team is located in the U.S. and handles up to 80 percent of your accounting tasks to save you time. We provide the support you need to manage your:
- Bank reconciliations
- Credit cards
- Accounts payable and receivable
- And more!
Looking for your solution to the accounting talent shortage? Explore our plans and pricing to find the right services for your business.