Contact

ACCOUNTING SKILLS SHORTAGE

The UK and US accountancy professions are facing a significant challenge – a skills shortage.  More than 300,000 U.S. accountants and auditors have left their jobs in the past two years, a 17% decline, and the dwindling number of college students coming into the field can’t fill the gap. 

Source https://www.wsj.com/articles/why-so-many-accountants-are-quitting-11672236016

The Wall Street Journal
This shortage of accounting staff is mirrored in the UK where the issue has been exacerbated by Brexit.. The Centre for European Reform’s research found that, after accounting for the gain of non-EU workers, the UK’s workforce has reduced by 330,000 since Brexit. While that is a significant but not huge number, it has a disproportionate impact. Those workers tend to be concentrated in certain sectors, including accounting and financial services.

Source: https://www.cer.eu/in-the-press/shortfall-330000-workers-uk-due-brexit-say-think-tanks

Centre for European Reform (CER)
The post-pandemic skills and talent shortage is not unique to the accounting profession however is worse than most. Bloomberg has gone as far as stating that the accountant shortage threatens capitalism’s future.

Source: https://www.bloomberg.com/opinion/articles/2022-11-01/the-accountant-shortage-threatens-capitalism-s-future

Bloomberg
According to Caseware’s State of Accounting Firms Trends Report 2023, the fastest-rising challenge from last year’s survey is the situation around talent management. “Finding the right talent” saw an increase of a whopping 21%, skyrocketing from 14% to 35%. It’s clear that practices are struggling to find new staff that have the accounting skills deemed necessary to perform work at a level acceptable to clients; some, sadly, are even having to turn business away due to a shortage of staff.

Source: https://www.caseware.com/resources/reports/2023-state-accounting-firms-trends-report/

Caseware

Read more

How challenging is it to find and hire the right talent for your firm?

How challenging is it to retain the talent you currently have?

Extremely Challenging    Somewhat Challenging
Not Challenging At All  

Extremely Challenging

Somewhat Challenging

Not Challenging At All

Read more

VIRTUAL TEAM

Unlock business growth with a dedicated virtual team of experienced, internationally qualified audit and accounting staff. Partner with us for seamless integration of our professional resources into your team. From rigorous recruitment to efficient onboarding and ongoing management, our success management team take care of it all.

Read more

UNLOCK GROWTH

Imagine a future where you can unlock unprecedented growth for your clients and your business without the stress of talent-sourcing challenges. Leverage our virtual, internationally certified audit and accounting team to unlock exceptional growth for your clients and your bottom line.

Read more

REQUEST A CALL BACK

    Copyright © 2024 Augmentum Audit Solutions