The accounting world faces an impending obstacle: a shrinking talent pool for Certified Professional Accountants (CPAs). Firms have found themselves short staffed and unable to replace an aging workforce, and the statistics surrounding the industry are concerning. To begin, less than 1% of CPA firms can find enough qualified U.S. candidates for employment. In 2022, over 300,000 individuals quit their jobs in accounting, which is a staggering number for a 12-month period. Couple that loss with a roughly 8% decline in accounting graduates from 4-year universities, and it becomes clear that this shortage is only likely to grow in the coming years. Numerically, this is a 65,000-person shortfall in necessary employees in the accounting world yearly. The US Bureau of Labor Statistics expects the demand for accountants and auditors to rise by 22% over the next five years, and this may be a conservative estimate.
Firms have begun employing creative strategies to retain current employees and entice new ones, all of which would have been unthinkable even a decade ago. Over half of firms are expecting to bump starting salaries by up to 14%, and one in five firms plans to raise starting salaries by up to 40%. Beyond the financial component, firms are also trying new tactics like hiring accounting.
Students before they graduate, leveraging automation to do more mundane or simplistic tasks and even considering remote talent solutions overseas. In fact, almost ¾’s of CPA firms said they were considering, planning, or already employing qualified accountants working remotely in countries like India and Vietnam.
CEO of alliantTALENT Jim Brady, a renowned individual in the accounting world, has helped firms like BDO and Deloitte solve their talent shortages through remote talent solutions. Now, he is tailoring his expertise to the unique needs of firms across America, ensuring that small to mid-size firms have the same tools to succeed as the Big 4. Leading with Jim’s expertise, alliantgroup and alliantTALENT have developed a comprehensive suite of services to help CPAs best serve their clients as well as expand their bandwidth. “The picture will continue to grow even more challenging,” said Brady in a recent CFO dive article. He added that “U.S. CPA firms that have investigated remote staffing solutions are quickly learning that the talent in India equals that of U.S. talent, and preconceived notions are unfounded.”
alliantgroup has been serving CPA firms for over two decades, providing a variety of offerings to help firms achieve the best results possible for their clients. They have extensive experience and a deep understanding of credits and incentives available to U.S. businesses. This includes the R&D Tax Credit, the Employee Retention Credit, Section 179D and much more. Their team of industry experts includes former policy makers, IRS commissioners and seasoned thought leaders. This diversity gives alliantgroup a unique advantage when working with CPAs, as they not only have the resources and expertise to help firms best serve their clients, they also have direct input from the individuals who created the tax code.
In addition to credits and incentives, alliantTALENT provides remote talent solutions. These solutions involve teams composed of experienced tax, audit, and accounting professionals who assist CPAs in taking on more work as well as supporting their current clients. alliantTALENT believes every firm deserves access to customized, world-class solutions so that they can reach their fullest potential. Firms are given control over who they work with remotely, what projects their remote team will be working on and what training they will receive. Coupled with a US liaison, the alliantgroup team works as an extension of yours, so you can focus on growing your business by delivering exceptional results to current and prospective clients.
The current reality is that the CPA talent pool is inadequate and shrinking, leaving many CPAs feeling overwhelmed. Firms across the country, but especially small to midsize firms, will have to dedicate substantial time and resources to implementing solutions to combat this shortage. With alliantgroup, CPAs can enjoy comprehensive solutions that will help them improve their operations and bolster their growth. They have worked with over 4,000 CPA firms over their 22-year history. As a result, they’ve acquired a strong understanding of the needs of CPA firms and demands of the industry as a whole. Their team of experts ensures that every client receives top-notch service and support, regardless of their size or goals. alliantgroup is committed to helping CPAs succeed and thrive.
Comments