How you can solve the talent shortage
The accountancy profession is facing a recruitment challenge that can be addressed with outsourcing and extended offices.
Labour shortage has become a problem in the UK in the last few years and it is also influencing the accounting profession, with accountants having difficulties to recruit for their teams.
Why is it happening and how is it affecting the profession?
Making Tax Digital is causing a big change in the practices’ internal processes. Accountancy practices need staff that can adapt to these changes, as well as to train clients so that they can deal with the new technological requirements now and throughout the first few months of the implementation of the government’s plans.
Additionally, many practices now need extra staff to deal with the increased number of returns per year and so they can continue offering the same level of service when it comes to their other regular activities.
The situation has also been aggravated as ‘baby boomers’, who currently make a big proportion of the workforce are now retiring. This, alongside a shortfall in the number of qualified and junior accountants entering the market is also affecting recruitment, especially in smaller towns.
What you can do about it
Outsourcing can help accounting firms overcome the challenges of non availability of skilled resources, high staff costs as well as to reduce the time spent on paperwork.
All activities from bookkeeping, bank reconciliation, computation of VAT returns to payroll or management accounting can be outsourced, freeing up time for you to focus on adding value to your clients and other growth-related activities.
Besides, it can improve the efficiency of your team. At Sundaram, we have experts on all areas of accountancy. Just like accountancy practices offer specialised services, we have various departments ready to process tasks of all kinds from bookkeeping, tax returns to management accounting, year end accounting or fixed assets reconciliation. This way we can make sure to complete tasks in the shortest amount of time possible, which means savings for your practice.
And this all translates to reduced costs for your firm. More specialisation means we get tasks completed in less time, giving you better value.
Would you like to know more? Call us on +44 2076081349 or email [email protected] to find out how we can help your firm and adapt to your business requirements.