According to a new poll conducted by Robert Half International, more than 50% of financial and accounting firms are understaffed, which puts your accounts receivable at risk. They polled approximately 1,400 U.S. and Canadian industry leaders to determine if there was a staffing issue within their industry. They found that these firms have either plateaued or decreased in staff from 2016. The median staff number was 95, which represents a dramatic drop from 236 reported last year by large firms.
Even businesses with revenues between $1 billion and $4.9 billion weren't safe, with a drop of 44 staff members on average. The drop is predicted to be caused by a tight market and the wave of baby boomer retirements. With trends as dramatic as this within the accounting and financial industries, how should you react? Particularly, how can you still manage your accounts receivable account?
Managing your accounts receivable account is tedious and complex and if your firm is understaffed, you should consider automating your internal processes as much as possible. There has been a noticeable trend toward automating accounting practices.
2. CLOUD-BASED ACCOUNTING
We've all heard it, no matter the industry that you operate within it's likely that you know about the cloud. This trend has made its way into the accounting and finance industries and there are a ton of different accounting solutions. These solutions are accessible anywhere and at any time. Although it's a fairly new trend, there are a ton of benefits to switching to cloud-based accounting.
In today's world, it's hard to manage everything that your employees are doing, especially since time has become such a valuable resource. However, there are accounting solutions out there that have integrated management capabilities inherently built in. These features make it easier to visualize everything your employees are doing and follow their progress every step of the way.
Understaffed accounting and financial organizations are faced with a huge challenge. If you are losing your accounting employees due the national trend, it's time to seriously think about how you can still get paid what you deserve.