june2021 - 16

THE STAFFING & HR ADVISOR
9 Ways Accountancy Consultants
Can Benefit Your Business
TO KEEP COSTS low and productivity high, businesses must be agile and innovative - particularly
during times of systemic disruption, such as a global pandemic. As the COVID-19 crisis has
forced accounting firms and departments to refocus their services and realign resources, many
CFOs and companies have turned to consultants - interim workers, often project-based - to
help navigate the new economic landscape and keep business moving forward.
With the wide variety of solutions they can bring
- from bridging skills gaps and reducing long-term
overhead to easing workloads and preventing burnout
- project professionals are seeing higher demand as
consultancy becomes an increasingly popular staffing
solution. Consultants can help drive efficiency and
build business resilience in the face of an uncertain
future.
BENEFITS OF HIRING A
CONSULTANT
■ Shifting from fixed to variable costs - When cash
flow is tight, many firms implement a hiring freeze
to consolidate their fixed costs. Yet maintaining high
levels of output is essential for business growth.
Working with contractors is a way to boost internal
activities and keep core projects moving forward
- all while mitigating the overhead associated
with hiring full-time personnel, such as salaries,
training and benefits. Taking on temporary staff
means you pay only for the talent you need, only
when you need it.
■ Headcount versatility - Being able to build or
reduce headcount in response to changing economic
conditions allows businesses to quickly adjust output,
while keeping tight control of balance sheets. Without
the right staff in place, accounting firms risk falling
behind during busy periods. Supplementing core staff
with project-based consultants means firms can
scale the team as needed to keep initiatives on track.
■ Time saved on recruitment - Advertising,
interviewing, negotiating and onboarding can take
weeks, if not months - especially for senior positions.
In contrast, skilled contract workers are often
available at short notice and can make immediate
contributions. Using a specialized staffing agency
means that project professionals will have been
pre-evaluated, including a preliminary interview, to
make sure they can do the job, making it a low-risk
and cost-effective way to bring in new talent.
■ Access to specialized skills - As audit regulations,
financial reporting and tax laws become ever-more
domain specific, accountants with expert knowledge
of a sector are in increasingly high demand. Where
this talent isn't available in-house, consulting
professionals with advanced degrees can be brought
in to fill the gap. Companies looking to automate their
processes, centralize their accounting departments
and upgrade their ERP systems may require technical
consultants (www.cpapracticeadvisor.com/21106844)
to assist with software implementation and staff
training.
■ Tap into fresh thinking - Businesses making tough
decisions or looking to overcome complex challenges
often turn to highly experienced consultants for
fresh ideas and an impartial perspective. Whether
it's a cost-reduction plan, corporate governance
structure or post-merger integration, professionals
who have a long track record in accountancy can
inspire solutions and facilitate change, leaving
internal resources free to focus on day-to-day
operations.
■ Continuity of key services - When an employee
takes extended time off - such as parental leave
or long-term sickness - the rest of the team can
become overwhelmed trying to absorb the extra
workload. Transaction backlogs, uncollected bills
and other slip-ups can be easily avoided by enlisting
temporary help from an experienced interim ledger
or accounts payable accountant.
■ Try before you buy - Many firms remain cautious
about hiring in the current climate - and don't want
to run afoul of employment law should they need
to lay off staff down the line. Employing accounting
professionals on a contract basis gives managers
time to evaluate their skills and make sure they
work well with the team before offering them a
full-time role, avoiding the costly consequences of
making a bad hire.
■ Generate extra momentum - Peak periods such as
month-end, year-end, tax season and budget season
can leave accountancy teams feeling exhausted.
16 JUNE 2021 ■ www.CPAPracticeAdvisor.com
PAUL McDONALD
Senior Executive Director
Robert Half
paul.mcdonald@cpapracticeadvisor.com
Boosting your team's capacity by bringing in
interim staff helps prevent burnout, which can
lead to reduced productivity and other problems,
even including staff falling ill. Consultants can also
provide valuable support for special projects where
there is a gap in resources.
■ Improve staff retention - Savvy managers know
that investing in your workforce leads to better
morale and more motivated employees. When you
hire a consultant or contract professional to support
your team, it shows that you recognize how hard
they're working and the mountain they have to climb.
When top performers feel valued and appreciated,
they're more likely to stick around, resulting in a
motivated, dedicated and highly skilled workforce.
WORKING WITH A RECRUITMENT
SPECIALIST
Even without a global pandemic, the world of accounting
is always changing. Recruitment specialists like
Robert Half make it their business to keep up with
the latest hiring trends and have valuable insights
into local job markets and put that knowledge to
work for their client businesses. That's on top of the
time-saving steps they take on with hiring - such as
advertising vacancies, identifying talent, carrying out
background checks, communicating with candidates,
scheduling interviews and negotiating salaries on
your behalf. By acquiring talent through an agency,
you can also help protect your firm from hiring
pitfalls and find the people you need to move forward.
High-performing employees will always be the
backbone of your organization. They know your clients
inside and out and can run your finance systems
with relative ease. But as the pandemic has proved,
businesses must be prepared for disruption and focus
on building resilience. Cultivating a lean, flexible
workforce supported by contract-based talent can
help you operate smoothly year-round and overcome
any challenges. ■

http://www.cpapracticeadvisor.com/21106844 http://www.CPAPracticeAdvisor.com

june2021

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