Every day we see businesses who delay the hiring of an accountant for too long. At the point they reach out to us, they\’ve reached the point of no return and need urgent help to ensure their books are organized and to implement a strategic financial planning. They inquire about the speed with which accountants can be brought on board and begin their hiring procedure with a sense of panic pressure.
In the present, we are witnessing an increase in the number of businesses which were working perfectly with their employees prior to when COVID came into play, and now they have to adapt to stay afloat. In this situation, businesses are usually looking to hire an accountant. aid them in getting through the recession . However, a pandemic is not the sole reason for this type of shift. If a significant shift occurs as a result of an economic downturn, a competitive change in the landscape or the shift in regulations, businesses need financial assistance to aid them grow.
A quick hire of an accountant prompts questions like:
- Are we able to find a seasoned accountant quickly? Or do be forced to choose someone who isn\’t as skilled?
- Are there any costs associated with employ someone immediately?
- Should we outsource this job in the interim while we seek an alternative for a long-term hire?
- Do we prefer to outsource the job altogether or do we have to invest effort and money to hire an employee in-house?
A business owner who wants to employ an accountant must consider the challenges that time limitations can cause in the hiring process and the obstacles that hinder finding the perfect candidate. The most common response to “How can I hire an accountant fast?” is to employ an interim accountant, or to explore other business options if issues have led to the need to fill the vacancy quickly.
The issue with time restrictions
The truth is that Internal hiring costs an enormous amount of cash in addition to time . A study conducted by Glassdoor shows that an average cost for a worker is $4,000 and the hiring process takes about 24 days, and specialized jobs costing more and taking longer. In addition, the number assumes that the person chosen is a suitable match for the job. Poor hires could cost their employers more than ten times as amount.
There isn’t a way to speed up the hiring process while still being able to perform it properly This is the reason time constraints are among the primary reasons companies outsource these tasks. In many cases, internal hiring is concentrated on finding the top candidate from the pool of candidates that meet the qualifications for salary and availability instead of identifying the most suitable candidate. Right candidates for the position as well as the company.
Finding the Right Candidate
The pressure to hurry can cause businesses to reduce required credentials, qualifications and levels of experience. While this might be acceptable in lower-level positions or roles where there is an opportunity to receive low-risk on-the job education, an accountant\’s academic background, qualifications and relevant prior experience are vital to selecting the best candidate to steer the ship.
If they are in a hurry, businesses could be tempted to skip routine screenings for employees, like:
- Background checks
- Verifying references
- Additional rounds of interviewing with hiring managers and other hiring managers, or leaders at the top
In the absence of these guidelines, it could cause a bad hiring decision, which could cost the company a great deal in the end. In our article The Cost of Hiring an Accountant , “There is a significant cost to hiring bad employees are not suited to the position or the company. According to a recent study, 25percent of companies stated that hiring a poor employee costs the company over $50,000 because of reduced productivity, the amount of time needed for finding a suitable replacement low morale in the workplace and brand damage among customers. If the employee is accountants, this expense may be more because of the nature of their task. Incorrect financial decisions can lead to grave consequences, such as cash flow problems taxes, penalties for tax evasion as well as federal or state fees and damaged vendor relationships.”
Utilizing a trusted third-party service will increase the chances that you’ll locate a trustworthy and knowledgeable accountant to manage your financial affairs. Accounting firms also employ a variety of accountants who’s expertise can be pooled together to provide a more thorough analysis of your finances and more advanced financial management than an accountant working by himself.
An interim accountant may be hired during the search for an internal accountant. But, if you\’re not sure if you require an accounting professional for a continuous period it might be a good idea outsourcing the job to an accounting company that can provide retainer services or part-time tasks until you have a clear answer. Some business owners believe that they require an accountant due to the fact that they\’re stretched to their capabilities when they need assistance during their busy time or during tax time. If this is the case then you should look for an accounting firm in your area that provides the services you need for these kinds of requirements.
In other situations the business may be seeking to hire an accountant, assuming that this person will fulfill every financial requirement that the company will require, and that is why Definition of the purpose is crucial. It is possible that what your business needs is a greater financial position that has obligations that fall outside the role that an accountant can handle. Once the position is identified Use our handy guide to determine if you require an accountant or not. Controller, accountant or CFO By comparing your requirements and expectations with the standard descriptions of the jobs for each type that includes financial experts.
The process of hiring a CFO is a much more difficult job as compared to hiring an accountant making outsourcing the position much more appealing to save time and money. If you have more complicated or intricate financial needs then you should consider hiring a CFO fractional We can offer c-suite financial tasks on a contract basis.
If you\’ve relied on a bookkeeper to run your business, check out our article on how to transfer the bookkeeping function to that of an accountant prior to hiring for the new job.