Break The Mold, Diversify Your Accounting Talent Pool
The accounting landscape is experiencing a myriad of changes in the way it functions. With the influx of technological advancements, ever-growing client demands, and the emergence of AI as a viable tool for accountants and CPAs, traditional CPA firms find themselves under severe pressure to evolve to remain competitive. Amid the ongoing evolution of the accounting profession, the need of the hour is a future-ready workforce, both in terms of their technical ability and the traditional skill set required to succeed as a CPA.
It will be too soon to say that the days of the traditional suite of accounting services are over. However, with client expectations going above and beyond traditional accounting, bookkeeping, and tax services, CPA firms are compelled to offer advisory services, business strategy consulting, data analytics, and much more. To cope with the changing demands of clients, you, as a CPA, must diversify your accounting talent pool by hiring non-accounting talent or individuals with specialized skills and expertise.
In this blog post, we will take a closer look at how hiring non-accounting talent enables CPAs to foster a culture of innovation while satisfying the needs of their clients. While there is no dearth of diversification in the current accounting realm in terms of gender, ethnicity, and age, we will be focusing primarily on diversification in the skill and expertise department. So, let us begin by understanding what constitutes “non-accounting talent.”
Understanding Non-Accounting Talent
Before you hunt for non-accounting talent, you must assess the talent gaps within your organization. Through this assessment, you will be able to identify the exact areas where your firm lacks and the skillset you need to fill that void. Furthermore, you need to assess the client demands you have been getting but need to fulfill them due to talent shortage. A simple way to do so is to ask yourself –
- What are the most frequent requests my clients are making?
- What is the latest technological trend that you can capitalize on to diversify your service offering?
- And finally, what skills does your firm lack and hence hinder your growth?
By answering these simple questions, you should be able to pinpoint your pain areas and consequently channel your hiring efforts to fulfill those demands.
Regarding non-accounting talent, depending on your firm’s requirements, you might need a wide range of experts. In the current accounting landscape, some of the hottest non-accounting skills include –
• Data Analytics and Business Intelligence:
In a world driven by data, an individual with exceptional data analytics skills will always be a key addition to any organization, and CPA firms are no exception. With so many advanced business intelligence and data analysis tools in the market, you must look for someone who can make the most of those tools and give your firm a competitive edge.
• Client Accounting Services (CAS)/Client Accounting and Advisory Services (CAAS):
Client Accounting Services (CAS)/Client Accounting and Advisory Services (CAAS) have emerged as the #1 new revenue growth segment for the Top 100 firms in the USA. With individuals specializing in CAS/CAAS, you can address all your clients’ accounting and advisory needs under one roof, elevating overall client satisfaction.
• Cybersecurity and Risk Management:
Accounting is most susceptible to cyber threats. With several cyber-attacks growing multifold in recent times, having individuals who can protect you from such attacks and help you with risk management, quick response, and building a robust data security infrastructure can do wonders for your firm.
• Web 3.0 and Digital Transformation Experts:
As the world prepares for the third generation of the World Wide Web (WWW), you need individuals who can help you harness emerging technologies such as artificial intelligence, blockchain, and automation. This will enable digital transformation for your firm.
• Marketing and Business Development:
3 Reasons Why You Must Hire Non-Accounting Talent for Your CPA Firm
Hiring non-accounting is the most brilliant move to broaden the skillset of your CPA firm while getting fresh perspectives. More and more CPA firms have accepted this fact and have started bringing in talent from diverse backgrounds. Here are three compelling reasons why you must hire non-accounting talent for your CPA firm –
• Broadened Skillset & Fresh Perspective:
Professionals from diverse backgrounds possess skills and expertise that the core accounting talent lacks. It is essential for your CPA firm to have dedicated talent for functions that are not your core competencies, such as marketing, data science, or even talent management. With fresh talent comes fresh perspectives, which help you shape your client serving strategically and result in improved outcomes.
• Better Client Experience
Modern client demands can vary beyond accounting requirements. If you can fulfill them through your resources, it will significantly elevate the overall client experience. This is why it is always advised to have professionals from varying backgrounds on your team.
• Improved Efficiency & Growth
Having non-accounting talent handling tasks such as marketing, social media, or even human resources enables CPAs to focus their talent and skills on carving improved solutions for their clients. It also automatically boosts the overall productivity of the firm and opens new growth avenues.
Hiring Non-Accounting Talent is Just the Beginning
Now that you have identified the talent gap in your organization and have acquired the talent required to address those gaps, you need to leverage all those skill sets to drive your firm forward. You need to seamlessly integrate the non-accounting talent into your accounting operations to diversify your service offerings and solutions to satisfy your clients.
New talent will bring new ideas and perspectives to help you create new service offerings, solutions, and insights to help you chart your success path. Here are some ways to get the most out of your non-accounting talent. With data analysts in your team, you can now analyze your client data and create services to meet existing clients’ requirements and attract new ones. Similarly, the cybersecurity expert will bolster your cyber defense, protecting valuable client data and mitigating risks, while the CAS/CAAS experts will help your clients achieve operational excellence by offering strategic consultation.
Even in non-client-facing roles, non-accounting talent can be a game-changer. They can help you streamline your everyday operations by automating mundane tasks, adopting new accounting tools for enhanced efficiency, and leveraging digital channels for improved client communication. By optimizing your internal functions, you can free up your team’s time, reduce operational costs, and expand your profit margins, putting you in the driver’s seat of your business’s success.
By embracing non-accounting talent, you can open new avenues of growth for your firm. This strategic move can position you as an industry leader and a client favorite. If you’re ready to broaden your growth opportunities by diversifying your talent pool, we have a rich pool of accounting and non-accounting talent that you can tap into. To explore this further, reach out to us at [email protected]. Our experts are ready to understand your needs and tailor a solution that can propel your business forward.
