 |
How to Combat Staffing Shortages and
Curb Underutilitization |
|
|
With busy season right around the corner, firms are finding creative
ways to address their staffing needs. Unfortunately, recruiting
talent has become increasingly competitive, due largely in part
to a significant decline in the number of CPA designations awarded
to accountants. Since 1994, there has been a 24% decrease in
bachelors degrees in accounting. The last decade has created
a severe shortage of the most needed staff, those with 3-5 years
of experience. The number one issue facing the industry is the
ability to hire and retain talent. The lucky firms that manage
to recruit talent to address their needs during busy season are
dismayed to see their staff underutilized during the slower summer
months. Underutilization results in diminished profitability.
Outsourcing as an Alternative
Outsourcing tax preparation to third party preparers can help alleviate
these challenges. By partnering with a reputable outsourcing provider,
firms can meet the workload demands of busy season without adding
staff that will sit idle during the slower months. The following
chart illustrates the demand curve for staffing:
As you can see, the majority of corporate and individual tax returns
are processed between January and April. The enormous volume of
work during this crunch time requires employees to work very long
hours to meet their deadlines. Firms are seldom staffed appropriately
to meet the workload demands, and because of the labor shortage
in the profession, they can rarely find qualified employees even
when they plan ahead.
The Benefits of Outsourcing
Outsourcing the incremental workload will result in the following
benefits to your firm:
- Increased profitability
- Increased productivity, allowing employees to focus on more
strategic areas
- Reduced costs
- Restored work/life balance for your employees
- Improved customer service due to faster turnaround of completed
returns
- Alleviates staff shortages during peak volume periods
- Significantly reduces stored paper files since process is
paperless
Outsourcing as a Long-Term Strategy
Outsourcing is not a short-term solution to a staffing problem,
but rather a long-term business strategy. In order for outsourcing
to work, firms must be committed to it for the long run. Outsourcing
requires some internal change to be successful. Champions within
the organization can help communicate the outsourcing vision and
speed its implementation. Firms that use outsourcing as a means
to achieve performance improvement and as a better alternative
to in-house completion of returns realize the benefits.
Firms that outsource often shift to a more advisory and consultative
role with their clients. When done properly, this shift to a more
advisory role results in greater employee and client satisfaction.
Employees are more challenged because their daily responsibilities
involve less routine preparation work and more advisory services,
while clients benefit from more in-depth financial planning advice
and faster completion of their returns.
For more information on how Outsourcing can help you alleviate
the staffing shortage, please contact: Glen Keenan, President,
Xpitax, LLC at 781-303-0136 or email Glen at gkeenan@xpitax.com.
To watch a flash demonstration on Xpitax, please visit our
website at www.xpitax.com.
|
|
|
|
|
|
|
To learn more about outsourcing or sign up for a live demo or webinar,
please call 781-303-0136 or send an e-mail to info@xpitax.com.
Webinar Schedule: Wednesday's at 1pm EST
Click here to register |
|
|
|
Quick Links
|
|
|
|
