Is the Accounting Skills Shortage Hindering Your Company’s Growth?

As companies look to grow and expand, the hiring and management process for accountants can become too time-consuming when balancing your existing client workflow. This leads to a delay in hiring, or worse, hiring the wrong candidates, all of which can eat into day-to-day productivity. Add to this the challenge of the current accounting talent shortage in Australia, and it may cause even more problems for growth companies.

In this post, we are going to dive deeper into the current hiring and management burden facing teams, as well as how to overcome the challenges that expanding companies are facing with talent sourcing and management.


Hiring and management of accountants are becoming too much

As the business expands the additional regulatory demands, payroll, expense management, and hiring tend to fall on managers who are already overworked day-to-day. But on top of this, they must find time to find the right candidates who can help cater to the needs of the business.

The problem? Finding the right person for your business is time-consuming and getting it wrong can be costly in both time and money. And while this is happening, the additional workload is disrupting your current productivity and hindering business growth. In fact, according to NetSuite, 8 in 10 finance and accounting managers are concerned about keeping valued employees due to burnout. And when everyone is spread too thin, retention suffers and costs the business, and teams, even more.

So, what’s the answer? Here’s what our extensive experience has taught us:

How to regain control over the accounting hiring and management burden with Talent Formula

1. Hire the right candidate for your business

You can have the best management processes in place in the world but if you’re trying to fit a round peg into a square hole, it’s never going to work. Securing the right high-calibre talent for your business sets you off on the right foot, giving you the confidence that as the team starts to grow you have the right people behind you. And that they are there for the long haul!

At Talent Formula, we only hire the top 2% of candidates from our vast pool of qualified accountants and finance professionals, thanks to our six-stage recruitment process. This means we have one of the highest retention rates and employee satisfaction.

Learn more about how we can help you hire the right, high-quality talent here:

2. Management support with a steady stream of engagement

Want to feel supported with the day-to-day management? We don’t just help you find the perfect candidates for your business, we help you manage them with a steady stream of engagement and support.

From onboarding to the day-to-day support, we make sure that the management burden doesn’t fall squarely on you as we help the business to expand. We regularly check in with the new hires through our comprehensive Rhythm of Engagement. We help to ease difficulties in managing a remote team by providing another avenue for communication and feedback. Plus, you can leverage the economies of scale processes created by our expert managers!

3. Standardise knowledge sharing

Making sure you’re standardising your processes means that everyone is on the same page and can collaborate more effectively. But, the only way to achieve this is to give full training to your team on the same system and put standard operating procedures in place.

Our talent-as-a-service model is also unique in that we help you onboard talent to your systems, processes, and best practices. You have complete workflow control, unlike traditional outsourcing, meaning you’re safe in the knowledge that your talent has everything they need to work seamlessly in your team, without impacting your work productivity.

4. Upskilling your talent

When you invest in your team and have the right talent for your business, you can get the best and the most out of them. That’s why at Talent Formula, training doesn’t just stop when we’ve helped you with the initial onboarding.

In fact, we are always looking for opportunities to develop their skills to take on more tasks in your business. So you and your existing team can complete higher-value tasks like client-facing work. Our ongoing Professional Development program includes quarterly Professional Skills Workshops, to continue the ongoing development of your new hires.

The reality is, in today’s skills shortage it’s becoming harder than ever to hire the right talent in your business, and this makes the hiring and management burden much more noticeable.

To learn more about how you can regain control over the accounting hiring and management burden as your company grows, visit:

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