Overcoming the talent shortage in UK Accounting Industry

11/07/2024

4 Minute read

Recruiting qualified accounting professionals has become increasingly challenging for owners of accounting and bookkeeping firms. Technological advancements now require candidates to possess more than just numerical skills. Furthermore, job candidates have become more discerning, adding to the struggle faced by these firms.

Three key challenges of the Accounting industry

  • Talent shortage: Accounting firms globally, particularly in the UK, are struggling to find skilled professionals. The number of graduates entering the field is decreasing, and experienced accountants are in high demand. A recent survey found that 45% of firms are significantly or severely affected by skills shortages, with the situation worsening over the past three years.
  • Technological changes: Technology is revolutionising the accounting industry. Online accounting, software automation, and AI are transforming compliance work by automating routine tasks. This improves efficiency, standardised processes, and allows accountants to focus on high-value client work. However, firms must overcome their resistance to technology and embrace digital systems that offer automation capabilities.
  • Shifting role of Accountants: Online accounting platforms have made it easier for business owners to handle basic financial management tasks themselves. As a result, clients now expect accountants to provide more than just bookkeeping and accounting services. The modern accountant is expected to be a business adviser, strategic coach, and accounting tech specialist. However, some firms have yet to make the necessary shift from compliance-focused services to advisory services.

To manage these challenges, the answer lies in embracing the benefits of offshoring and adopting a harmonised approach to offshoring, automation, and upskilling. By doing so, you can greatly enhance operational efficiencies, improve client satisfaction, and boost employee retention.

Embrace the benefits of offshoring

If you are unable to find the talent you need in the local market, it is time to expand your search internationally. Offshoring providers like Deployed offer opportunities to engage qualified full-time accounting talent from locations such as the Philippines. Offshoring your compliance to Deployed will help  alleviate your resourcing issues while maintaining the same quality of work. It also provides the flexibility to scale your resources as your firm grows.

Use automation to lessen the impact of the talent shortage

Automation plays a vital role in building efficiency, scalability, and standardisation into your firm’s strategy, while also reducing costs and the need for a large headcount. It is about streamlining processes, minimising manual errors, and freeing up valuable time for strategic endeavours. The goal is not to replace the human workforce but to augment it. Integration of automation tools should be done gradually, ensuring that your workforce is proficient in leveraging these tools to enhance service delivery.

Work smart and achieve more with fewer people through smart talent upskilling

While increasing headcount is crucial to address talent shortages, it is equally important to evaluate and optimise key areas of work within your organisation. Take the time to identify inefficiencies and consider reallocating resources to critical client-facing business areas in order to effectively alleviate resource strain.

This is where the significance of upskilling comes into play. With rapid advancements in automation and machine learning, accounting firms must prioritise the cultivation of a workforce proficient in leveraging these cutting-edge technologies. This strategic approach allows you to fully capitalise on the benefits of offshoring and technology integration. By delegating certain tasks to an offshore workforce and harnessing technology to complement their efforts, you enable your onshore staff to dedicate more time to upskilling. This empowers them to focus on business-side roles, ultimately driving the growth and success of your organisation.

Offshoring solutions by Deployed

At Deployed, our primary objective is to find the perfect synergy between offshoring, automation, and upskilling. When you choose to partner with us, we go beyond being a mere talent hub; we become your strategic partners in fostering sustainable growth for your business, even amidst economic downturns and talent shortages.

We offer an extensive talent pool of accounting professionals, spanning from junior to senior roles, well-prepared to work with international clients and possess the essential digital skills required by global businesses. Additionally, their cultural adaptability makes Filipino accountants highly competitive in the global business and professional services market. This makes the Philippines a more reliable offshoring destination compared to our counterparts in other countries.

Looking to scale your business by getting the right people to do specific roles? Schedule a discovery call with our offshoring experts today. 

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