The world is changing in the fastest way possible, and so are the traditional staffing methods. The paper applications, in-office interviews, full-time staff etc are long gone things. One of the topmost challenges an accounting industry faces is staffing.
Finding the right candidate who is in line with the firm’s requirements can be a task in itself. In this millennium era, there are so many staffing alternatives for CPA firms and staffing alternatives for EA firms available.
As per research by Upwork, 68% of organisations are hiring in the coming months, but they are experiencing trouble finding the right talent. Many accounting firms are adopting staffing alternatives, and moving from the traditional staffing practices.
In this article a unique guide to staffing alternatives for CPA & EA Firms, we are proving some insights on how in this continuously growing technological era, CPA & EA firms can be benefited from staffing alternatives.
1. Remote working – Adding independent talent to your team
According to a report on remote work by Findstack, 16 per cent of organisations in the world are working 100 per cent remote. 77 per cent of candidates working from home find themselves more productive when working from home.
This is not a new concept, large firms have been practicing this for a long time, but in the COVID era, remote working has become quite a trend. People and in fact companies are offering remote working as it is cost-effective, and increases the productivity of candidates.
Accounting firms are hiring remote tax experts as they are more up skilled and are able to manage tasks effectively. Remote working has become a new norm, and it is high time CPA & EA firms adapt to this.
The State of remote work published by Buffer, says 97 per cent of candidates prefer remote work for some time or the rest of the time in their career.
49 per cent of candidates are currently working remotely and 55 per cent want to have a fully remote work structure.
As per the Buffer report, 67 per cent of candidates find flexibility in how they spend their time as the biggest benefit. Other benefits include flexibility in choosing a work location, flexibility in career options, and where to live.
2. Outsourcing partner
In order to meet the business requirements, CPA & EA firms can adopt outsourcing partners for outsource accounting services.
Outsourcing partners as a staffing alternative for CPA firms is a great practice, as it saves a lot of money. It requires minimal management and is hassle-free in many ways.
Outsourcing partner’s means hiring an external party for a project or task, which was earlier performed in house.
Outsourcing partners can save a lot of time and energy. It is risk-free and offers a structured operational method.
There are a few points to take care of while outsourcing partners.
- Pricing – While outsource accounting services, one needs to take care of the pricing. Do not go for the cheapest available partner, instead focus on the quality and how they are adding value to your firm.
- Ability to meet deadlines – It is one of the very important aspects. Check and discuss this beforehand to not get into any trouble later.
- Team – Check the team, do a little research and then go ahead. Who all are working on the project is important because after all quality matters.
3. Freelance portals
Freelance is on the rise like never before.
Freelance portals are one of the best Staffing alternatives for CPA & EA firms.
There are a good number of freelance portals where accounting firms can find freelancers. A large number of qualified professionals are ready to work as a freelancer.
From small to large firms, anyone can check freelance portals and find workforces as per their need.
The Upwork report mentions that 38% of businesses are planning to increase the freelance or remote workforce in the coming two years.
While checking the freelance portal, use advanced search to filter out the right candidate. Below are some of the best freelance portals for CPA and EA:
4. Using a staffing agency
Staffing agencies can fulfil the requirement of the workforce as per the accounting firm’s requirements. They help in hiring offshore staff as well at affordable rates.
The staffing agencies will help in arranging the perfect candidates required for whatever time duration.
One of the many benefits of a staffing agency is it cost-effective. Through this, the first can save the energy required in the whole hiring process.
5. Captive unit
A captive unit is a company’s business unit that operates overseas as a separate organization while maintaining close operational ties to the parent company.
Through captive unit, a firm can function in a lower-cost location. A captive unit as a staffing alternatives for EA firms and CPA firms will be beneficial if one wants to focus on the core business, as a large chunk of work can be handled by captive units. It does require investment, setting up costs, and staff liabilities.
As per a report by Economics Times, 1,600 global firms have captive units in India, among which many units have more than one centre in the nation. Captive units of about 100 multinational firms will be set up in India in the coming years.