Talent Skills Gap in Accounting Industry: A Challenge and an Opportunity for CPA Firms in UK

One of the main obstacles facing the accounting industry is the inadequacy of qualified and trained accounting and tax professionals available for hire for small and mid-sized accounting firms. This has been magnified by continuous changes in technology, new regulations, etc. As a result, the growing demand for qualified bookkeepers, accountants, and tax professionals isn’t being met, which leads to a fiercer lookout for skills around the year for accounting and tax firms .

Factors Contributing to the Skills Gap

?The following factors contribute to the talent hole inside the accounting enterprise:?

1. Technological Developments: There are multiple accounting tools, like XERO, Sage, QuickBooks, and many more, available on the market to process and report financial information. The tools are continuously altered by automation, artificial intelligence, and data analytics. A study states that most accountants are untrained in these technologies, resulting in inefficient ways to perform accounting, tax, and related activities.

?2. Regulatory Complexity: As regulatory and accounting frameworks are continuously updated to cater to the ever-changing needs of the industry, it becomes increasingly necessary for accounting and tax professionals to be aware of and compliant with such regulatory frameworks and keep up their skills via sustained learning programmes.?

?3. Data-Driven Decision-Making and Analytics: Establishments now use data-driven acumen to make strategic decisions. Understanding the needs and building the right structure to share valuable insights from data requires skill on the part of accountants.

The Impact on CPA Firms

The skills gap presents CPA companies with the following difficulties:

1. Lack of talent: Companies have trouble hiring and retaining employees because they can't locate those with the necessary training and expertise.?

2. Competitive Disadvantage: Companies that are unable to adjust to the shifting business environment run the danger of losing customers to better-resourced firms.

?3. Greater Risk: Inadequate skills can lead to mistakes, compliance problems, and reputational harm.

?4. Restricted Growth: A company's capacity to increase the scope of its services, build client relationships, and add new customers is hampered by inadequate staffing and skill issues.?

Turning challenges into opportunities

Recognising that hiring and retaining the right talent is a crucial issue, one of the largest offshoring firms in India, Global FPO has created an extensive strategy to overcome it and turn it into an opportunity.

1. Recruitment of talent via strategic partnerships with offshore firms

Now a days, 40% of UK-based accounting firms have chosen to shift from an onsite staffing model to a cost-effective hybrid staffing model wherein they are extending their back office to offshore locations like India. Strategic partnerships with global offshoring firms like Global FPO allow UK-based accounting firms to pick and choose the right resource from a large pool of professionals with such offshoring firms. Global FPO continuously recruits top talent to ensure they have the right pool of talent that can be immediately deployed ("on demand") for UK-based accounting and tax firms for short-term or long-term projects.

?2. Constant learning and improvement

To improve the skills of its teams, Global FPO funds continuing training and development initiatives. The team members are kept up-to-date on the most recent trends and technologies thanks to these activities. Regular training helps to retain top employees while also bridging the skills gap.?

3. Making Use of Technology

To improve the skills of its employees, Global FPO makes use of automation, artificial intelligence, and data analytics. The business gives its employees the freedom to concentrate on strategic tasks that have high value by incorporating technology-driven solutions. To provide its clients with the best services possible, Global FPO combines human expertise and technical prowess.?

4. Specialised Services for CPA Firms

To help CPA businesses deal with the specific issues resulting from the skills shortage, Global FPO offers specialised bookkeeping and financial services. With the aid of these services, CPA firms can expand successfully while upholding the highest levels of compliance and quality. CPA businesses may prosper in the digital era thanks to Global FPO's specialised solutions, which are created to meet their unique demands.?

5. Thought leadership and collaboration

To keep on top of market developments, Global FPO actively participates in thought leadership initiatives and works with subject matter experts. The company presents itself as a thought leader in the accounting sector by cultivating a culture of innovation and knowledge sharing and providing insights and solutions to its clients and peers.?

The Benefits of Outsourcing to a Global FPO

While the accounting industry's skills gap poses difficulties, it also provides a chance for CPA firms to reevaluate their roles and provide more value-added services to their clients. The numerous benefits that Global FPO's cutting-edge solutions provide to its clients in the UK include:

1. Increased Effectiveness

CPA businesses can streamline their processes, reduce manual errors, and provide more effective services to their clients by combining human experience with technology-driven solutions. Customer satisfaction and increased production are the results.

?2. Availability of specialised skills

Global FPO's strategic recruitment practices guarantee that CPA companies have access to experts with specialised knowledge, from compliance knowledge to data analytics. Because of this approach, businesses can accept more engagement and provide more specialised services.

?3. Scalability

CPA firms must be flexible and agile as businesses expand and their needs change. Companies can increase or decrease their teams and products as needed due to their new solutions and services, ensuring that they can keep up with the changing needs of their customers.

?4. Strategic Vision

Routine schedules can now be automated, allowing CPAs to focus on high-quality strategic tasks. Earning the trust of clients and establishing themselves as trusted advisors involves the provision of business advisory services , budgeting, and a supportive mindset.

?5. Assurance of Compliance

Compliance is important for complex regulations. Global FPOs reduce the risk of non-compliance and the associated penalties by helping CPA firms maintain strict compliance with changing regulations.?

It is impossible to ignore the skills gap in mathematics, but it also offers opportunities for growth and innovation. The global FPO is dedicated to supporting CPA businesses across the UK with its creative approach and commitment to closing the skills gap. Businesses can not only survive in a changing environment but thrive in it by combining human skills with technology, ongoing learning, and tailored solutions. The Global FPO invites CPA firms to participate in this transformational journey and use the skills gap as a competitive advantage to secure the future of the industry by providing the best value for clients.?

About Global FPO

Global FPO is a global outsourcing firm dedicated to providing comprehensive accounting and bookkeeping services to a wide range of accounting professionals across the UK With a commitment to excellence, innovative products, and a client-focused approach, Global FPO is indicated for CPA firms looking to excel in the current evolving economic climate. has established itself as a trusted partner for agents, bookkeepers, and other accounting professionals.