What is the biggest challenge facing the accounting industry today?

Finance leaders have moved into 2022 with cautious and measured optimism, well aware of the challenges that lie ahead.

The accounting industry is one of the most important industries in the world. It helps to ensure that businesses are run efficiently and effectively and that financial resources are properly managed. The industry is also highly competitive, with a large number of small and medium-sized players vying for market share. Highlighting the first problem. The lack of qualified staff.?

The Problem

According to Matthew Lawford, operations director at specialist accounting recruitment firm AJ Chambers, skills shortages and shifts in employee demands brought on by the 2019 pandemic, created an all-time high of talent strategy changes in the accounting and professional services industries.?

Financial Services Skills Commission also found that an average of 32 per cent of UK firms are afflicted by shortages in financial, professional and business services skills. Meaning accounting firms are finding it increasingly difficult to recruit qualified full-time staff.?

Another factor in the difficulty in finding qualified staff has been driven?

by the advent of remote and flexible working, advances in technology, such as cloud accounting and machine learning, as well as changes in the type of services provided to clients.?

A lack of qualified staff is a serious issue that can have far-reaching consequences for any firm. When partners and directors are forced to take on "file work" instead of focusing on strategic tasks, it leads to reduced profitability and productivity.?

Similarly, if a firm is unable to take on new clients or specialised high-value work, it will miss out on important growth opportunities. Existing staff members may also feel overwhelmed and undervalued, leading to low morale. The lack of qualified staff can hinder a firm in many ways.

To be successful, firms must ensure that they have the necessary staffing levels and skillsets in place. One solution to staff shortages is to use freelancers.?

However, the use of freelancers can bring big problems. Choosing the right freelancer can be time-consuming and painful, and often, firms will find that one freelancer is simply not enough. They need access to a team in order to get the job done right. Additionally, it can be hard to assess a freelancer's level of professionalism. They may lack local knowledge or be unpredictable in their work. Firms also need a secure channel to communicate with their freelancers and track project progress.

The Solution

Clockwork unlocks the value of the freelance workforce for accounting firms. The platform vets all freelancers to ensure that they are qualified and experienced, and then matches them with firms based on the type of work the firm needs to get done.?

Using clockwork, firms can see the progress of each project, message their freelancers directly, transfer documents securely, set individual tasks to be completed and pay their freelancers when projects are completed. clockwork makes it easy for firms to build and manage a team of freelancers so they can focus on what they do best, providing high-quality services to their clients.?

With resourcing becoming the number one challenge facing firms worldwide since the pandemic, clockwork aims to provide a platform where accounting firms and freelancers match to get work done and earn income.

By signing up to clockwork you can get back to doing the work you love to do, and to focusing on growing your practice with highly qualified staff members.