Hiring Guide for Accounting Professionals in {{mpg_city}}

What are the current major challenges in the accounting industry, and how are {{mpg_city}} accounting market leaders addressing them?

In 2020, about 75% of CPAs were on the brink of retirement, according to the American Institute of Certified Public Accountants (AICPA). But there’s a bigger picture to consider regarding the staffing issues in the industry.  

The trend of retiring accounting experts is just the tip of the iceberg. The Bureau of Labor Statistics (BLS) has pointed out that a lot of the younger crowd, those aged 25-34, along with mid-career professionals aged 45-54, are also moving away from their organizations.  

Additionally, a report from the Institute of Management Accountants and Robert Half in October 2023 found that 24% of finance professionals were thinking about quitting within the next year. Even more immediate, 17% were planning to leave in the next six months.  

Considering these challenges, many US businesses outsource to overcome hiring difficulties. Outsourced accounting services offer benefits to organizations, including a deep bench of finance talent, allowing them to focus on core operations. 

If you’re also considering outsourcing, you’ll want a provider that’s ethical, fosters a great culture, and builds community. Also, don’t compromise on data security. Ensure they also have robust endpoint security, are ISO certified, and have strong Business Continuity Plans (BCP). That way, you’ll know your data and operations are safe and sound.   

A top-notch Accounting Professional for your {{mpg_city}} business must have a solid skill set that includes:

• Proficiency in accounting principles: A thorough understanding and application of essential standards and practices is crucial for executing various accounting functions effectively.
• Expertise in financial reporting: The ability to prepare, analyze, and present financial data through accurate and timely financials is essential for effective communication with clients and for monitoring key performance indicators.
• Mastery of accounts reconciliation: Skills to ensure that all financial records are consistent and accurate and reconcile discrepancies effectively are vital for maintaining integrity in internal accounting processes.
• Knowledge of tax compliance: Familiarity with current tax laws and regulations ensures compliance while optimizing tax liabilities, which is critical for minimizing risks associated with audits and enhancing the overall efficiency of the accounting department.
• Auditing competencies: The capability to conduct thorough audits ensures adherence to financial policies and statutory requirements, safeguarding the financial health of the organization and supporting strategic decision-making.
• Cost accounting skills: Expertise in tracking, analyzing, and reporting costs associated with projects or operations, which aids in financial decision-making, helping businesses manage their resources efficiently and implement innovative solutions. 
• Skills in accounting software: Experience with different accounting software, including QuickBooks, Xero, SAP ERP, Microsoft Excel, FreshBooks, and other cloud based accounting technology is required for efficient management and reporting. Mastery of these tools enhances productivity and accuracy in accounting systems, allowing for a more strategic approach to financial oversight.