It’s not your imagination: it is tough to find great accounting professionals today.
Accounting Today reported in April 2020 that about 68,000 accounting and bookkeeping positions were eliminated just in the two months or so since the pandemic began.
A November 2020 jobs report found that accounting/bookkeeping services lost 2.4K jobs, a decrease of 2.3 percent from the previous year.
However, just as it’s done for many business sectors, unemployment for accounting professionals has increased and there’s now something of a shortage.
In fact, Accounting Today reported in December on another survey and found that 31 percent of accounting firms “recruiting/retaining employees” was one of the top things “keeping them up at night.” (Note: this worry was greater “keeping up with regulatory change” as well as “acquiring and retaining new clients” and “keeping up with technology.”
Types of accounting/bookkeeping professionals in the most demand
So what accounting/bookkeeping positions are in most demand? Salary.com reported last year that the most in-demand jobs will be:
- Accounting clerk
- Financial analyst
- Internal auditor
- Tax accountant
- Chief Financial Officer (CFO)
Industries that have the greatest need for accounting and bookkeeping specialists.
- Small and mid-sized businesses need public accountants to help them work with unpredictable cash flows and changing compliance requirements
- Corporations need help from accountants to help them keep their business sustainable in the coming years.
- The government needs finance/accounting/bookkeeping specialists due to the need to scale up quickly to address the many – and unprecedented – financial aid programs created during the pandemic.
- Financial services institutions (banks, credit unions, etc.) need employees to help the public secure lines of credit and reorganize debt during tough times.
- Healthcare enterprises (hospitals, clinics, and private practices) need finance, accounting, and bookkeeping professionals to deal with new (technological) payment processes, billing and reconciliations.
Recruiting strategies and tactics to find these hard-to-find specialists
Your first step is to decide if you need to actually hire someone on to your own payroll or whether it might be better to engage the services of a staffing agency that focuses on accounting/finance/bookkeeping professionals and bringing someone on for a temporary or contract-to-hire basis.
This can benefit you as well as the specialist: both of you can “try each other out” before making a long-term employment commitment. Both of you can see if you’re a good fit for each other.
If you need to hire someone NOW, you’re behind
We aren’t trying to be harsh, but if you’re starting to look for someone only when you have a true need, you’re late to the party.
And it probably will take you far longer to find a great person than if you had “been recruiting” even when you had no need. (You also run the risk of hiring in haste and letting the person go relatively quickly.)
Always think ahead and forecast. Connect and network with folks who may not be right for current roles, but keep in touch (via newsletters, emails, even phone calls) so that you can keep them “warm” in your talent pipeline for when you do need someone.
Tips for keeping your accounting/finance/bookkeeping talent pipeline full
In addition to keeping in touch with candidates you don’t hire during a particular search, consider:
- Hitting up college career centers.
- Linking up with the college’s alumni program.
- Presenting “how to find a job” seminars at colleges, libraries, accounting/finance associations, etc.
- Asking current finance/accounting/bookkeeping employees for referrals.
Make sure the job description is as clear as can be
You do this so that only those with the skills and experience you need will apply for the position.
Yet you also need to be careful that the description isn’t so exacting that candidates who fit most of the criteria still apply and aren’t scared off. After all, it’s rare that anyone has all the requirements of a position; many people can be easily trained and/or upskilled quickly.
For example, if someone has five years of increasingly sophisticated accounting experience, do they truly need a bachelor’s degree? Probably not.
However, where you really do need certain skills or qualifications, be specific. When you need someone with three years’ experience in financial statements, for instance, say so.
Hire for hard and soft skills
No bookkeeper, no accountant, no CPA is worth it if he or she has all the skills you seek but is disagreeable to be around.
Working with someone like that – whether as a boss, an equal colleague or even as a member of your finance team – is a recipe for sheer misery.
Make sure the person is reasonably easy to get along with, isn’t averse to working with others, is happy to go the extra mile every now and then (particularly important around tax time), and so on.
So how does one really find and hire great accounting professionals?
By working with an accounting/finance staffing and recruiting such as Helpmates, you can cut down on the time it takes you to find someone. You’ll also have considerable peace of mind knowing that candidates have been thoroughly vetted in skills and knowledge and that references have been checked.
In addition, we understand the Southern California finance/accounting/bookkeeping employment market as if it’s our job…because it is! For direct-hire positions, we have an extensive network of already-vetted, talented professionals who aren’t necessarily looking for work but are open to the right opportunity.
In other words, just as we recommend that you keep your talent pipeline filled, we do so as a matter of course.
And that means we can place a contract professional at your worksite quickly and/or have you interviewing great direct-hire candidates in just a day or two.
Contact the Helpmates branch nearest you for more information.