Embracing Accounting Tech During Talent Shortages
Keep up with remote work trends by incorporating smarter, more efficient tech
Challenges in the Accounting Industry
We often hear from our customers and industry leaders of the challenges faced by accounting firms. Many voice concerns over the significant shortage of mid-level accounting professionals. Additionally, open positions within firms are becoming increasingly hard to fill. Accounting firms are being challenged to figure out a way to service their clients while having extremely limited human resources. In order to keep up with these demands, they must embrace smarter technology that improves efficiency and increases productivity. Not only do these technologies streamline processes in accounting firms, but it also attracts the top talent, who typically are intrigued by evolving technology that can make their life-at-work easier and more fulfilling. Remaining stagnant and stuck in the old ways is simply unacceptable - accounting firms must evolve if they want to thrive in the talent wars.
Accounting firms are exploring new ways to address staffing shortfalls and keep up with the fast-paced growth the accounting profession has undergone. Many partners have wisely turned to technology solutions to help them enhance their client experience while increasing their staff’s productivity and overall job satisfaction. Additionally, the push to offer remote work has skyrocketed. According to a recent article in Accounting Today, even the Big Four Firm, PwC, now offers remote work as a permanent benefit to the majority of their employees.
Let’s take a look at how the world has drastically affected the old-fashioned ways of accounting firms.
A Changing Landscape
Prior to the pandemic, 17 percent of US employees worked remotely five or more days a week according to a Clutch 2020 Company Culture Survey in April 2020. This figure swelled to over 40 percent during the height of the pandemic and remains steady across a wide range of industries. In a recent survey of job seekers, 25 percent of respondents cited remote work as a benefit of employment.
As the article from Accounting Today mentioned, the pandemic impacted many accounting firm functions, but the most severely impacted function is the hiring and onboarding process. By pivoting their recruiting and onboarding processes to a seamless virtual experience, accounting firms were able to expand their reach to talented candidates.
“When the employer stops caring where the staff works, and begins to hire remote workers, our clients see large upticks in resumes for those remote positions — about eight times more than for location-specific jobs,” said Jeff Phillips, co-founder of recruiting platform Accountingfly.
While most of North America has embraced this “new normal,” it is clear that remote work is now a routine in this post-pandemic world. As Accounting firms are struggling with talent acquisition, they need to also consider retention into the mix while considering their current employees. When looking to appeal to potential new hires, they will likewise need to consider offering the ability for their employees to work from anywhere.
This is where the virtual world of new technology comes into play.
Technology is Key
While accounting firms are learning to embrace the “work from anywhere” concept, they are simultaneously finding ways to implement and leverage technologies that will not only support their employees, but serve their clients.
With Aiwyn’s Intelligence-Based Billing™, accounting firms streamline their work-to-cash cycle and practice management operations with artificial intelligence (AI), improving performance efficiency and insights felt throughout all levels of the firm. With digitally centralized billing and no manual payment reconciliation, accounting firms are able to free up billable hours and avoid the end of the month scramble - an ideal solution to support a decentralized, work from anywhere, environment.
Embracing the Future
Firms struggling to fill critical positions with talented accounting professionals will overcome these challenges by using smarter technology to increase efficiency in every step of the work-to-cash cycle. With Aiwyn's Intelligence-Based Billing™ platform, high-value firm executives, partners, and staff are liberated to deliver more value to clients from anywhere and at any time.
Aiwyn’s intuitive platform lets firms deliver a seamless billing experience that frees up partners to focus on delivering quality services. In doing so, accounting firms are demonstrating their commitment to embracing proven innovations that will help a firm continue to grow during the talent shortage, but also retain their current employees by alleviating tedious processes, which provides more opportunities for career growth. Not only does this type of accounting technology benefit the firm, but it allows for flexible working conditions for their employees.
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