The Accounting Industry Staffing Shortage

We’ve all seen the “Help Wanted” signs posted in the windows of local businesses. You may have even felt the impact of short staffing at your own place of employment. Due to the Pandemic and many other complicated factors, our country is facing a nationwide shortage in the work force. This is a problem that accounting firms are facing too. 

PHB is working diligently to keep our array of services and our level of staffing at the highest level. We want to continue to provide the same quality for our clients, regardless of the challenges facing our industry. We are thankful for all of our clients who put their trust and confidence in us for their accounting needs. 

How Accounting Firms Are Dealing with the Staffing Shortage

The number of employees at accounting firms is shrinking through retirement and resignations due to fatigue and burnout. Hiring hasn’t kept pace with attrition, and hiring new employees is usually more expensive. So, clients may see an increase in price rates from their bookkeeper, tax preparer, auditor firms, and CPA’s. In an attempt to service clients with fewer employees, firms may also discontinue some of their services.

Additionally, as firms offer more work-from-home options, clients may not have as much access to a firm’s professional as they once did. In fact, firms may hire employees who live and work in a different geographic area or time zone from their home location. This could create added convenience for some clients.

Some firms may also begin to cull their client lists so they are able to service their clients without over-burdening their employees. Clientele that fall outside a firm’s ideal profile may be dropped. Firms will cull lower-value clients to create time for higher-value clients, which also will have the effect of improving firm morale.

Again, PHB is making every effort to meet this challenge head-on with as little impact to our clients as possible. Please feel free to contact us if you have any questions.