In Pursuit of Profit
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After another difficult year, savvy employers have come to realize that supporting their office staff needs to be a top priority to combat labor shortage woes as financial uncertainty continues. With 85% of employees open to new job opportunities (even if they are not actively looking), employers understand how important it is to proactively work to retain employees. As the year comes to an end, organizations are asking themselves, “How can I support my accounting and finance staff next year?” We talk to people every day that are looking for accountants for their companies. And being in the business of staffing organizations through both full-time hires and outsourced accounting services, we have noticed a trend in people’s thinking… Business owners and hiring managers typically categorize their hiring intentions into one of two buckets: a part-time bookkeeper/bookkeeping service or a full-time accountant hire. But many business leaders overlook the value that a part-time accountant (or “fractional accountant” as they are referred to in the industry) can provide to their organization. Whether the organization is for-profit or not-for-profit, a fractional accountant can be brought in for a variety of reasons to provide the same level of expertise of a full-time, dedicated accountant. While a fractional accountant from an accounting service provider may work on a less than full-time basis, their experience-level is as high (if not higher) than your average accountant. The reason a fractional accountant may bring a greater breadth of experience the role is because they work with a variety of companies across a different industries and lifecycles simultaneously, which requires that they be well versed in a wide variety of accounting topics and stay abreast of all the latest news. As a result, fractional accountants may offer more accounting acumen at a much lower cost than their full-time counterpart. An article from our Accounting and Finance Recruiting Team With our professional and personal lives becoming more blended than ever and younger members of the workforce feeling less of a need to compartmentalize the two, social media has become a territory ripe with both risk and opportunity. These days everyone knows that what is posted on social media is fair game, and voicing unpopular opinions, sharing inappropriate content, or being hateful online can cost a job seeker the job. And while people posting or sharing those types of things may not be concerned with how they will be perceived, most job seekers do care what a prospective employer may think of them. This is especially true in more buttoned-up industries like accounting, finance, banking, financial planning, and business consulting. Career-focused professionals looking for their next role will ask questions like:
Our accounting and finance recruiting team answers these questions regarding how your web presence affects hiring decisions: “Finance” is a broad term every business leader has heard, but it can mean many different things.
Businesses have banking relationships, investments they need to track, fundraising and financial analysis needs. Corporate Financial Planning and Analysis (FP&A), the work performed by Financial Analysts, is a complex specialty within Finance that all successful businesses need in some degree. There are multiple FP&A components of which every business requires a different combination. This complexity makes hiring to satisfy your FP&A needs difficult. To make matters harder, many accounting and FP&A functions can overlap. So how do you know if you need to hire a dedicated Financial Analyst or a hybrid accountant? It helps to first understand the components of Corporate FP&A, the value each adds, and how much time each activity should take. 5/25/2021 Why Can’t I Keep an Accountant?High employee turnover can be bad luck, but more often it hints at an underlying problem. That problem may be rushed hiring, a mismatch between the job description and the demands of the role, a poor fit for the role, or inadequate retention incentives. If you are going through accountants more than every few years, it is time to ask yourself what your company can be doing differently in defining the role, finding the right candidate, supporting the new hire, and retaining an individual in the role. We see a variety of circumstances in our practice at ASP, whether it be outsourced consulting needs, or an organization growing and needing to consider a fulltime resource. Our recruiting efforts are responding to those fulltime needs daily. The pandemic has shifted the business landscape significantly, making strong financial leadership universally important. Small companies that previously had their CEO at the helm of financial operations have realized that they need a fulltime controller to oversee their accounting operations and staff. With the increased demands of operating during financially uncertain times, CEOs need to focus on their core role of running the company overall (pivoting and shifting as needed), while entrusting another professional with the financial management of the company. As a result, hiring a fulltime controller is no longer optional these days with the following business trends occurring: When looking to hire management-level financial roles, it is crucial to understand the current recruiting trends that will affect your ability to hire the right candidates. So, what are we seeing so far this year? Today’s employment market is like nothing we have seen before. Accounting and finance professionals continue to be in high demand despite unemployment figures being up in other professions, but recruiting has changed significantly over the last year. Effective recruiting right now hinges on utilizing digital tools, reimagining job requirements, prioritizing career growth, providing the right employment incentives, fostering a positive workplace culture, and utilizing a professional recruiting firm Many business owners worry that their accountant may not be up to par. This is especially true when business owners do not have strong financial acumen themselves. They wonder if their accountant is truly acting with the company’s best interests in mind and whether they have the skillset needed to do the job well. But without significant financial expertise, business owners often do not know what to look for to quell their concerns. Instead, many just focus on the day-to-day needs of the business and hope the financial leadership of their company is being handled effectively. This is a big mistake. A lack of connection to the company’s financial operations can land a business owner in trouble quickly if an accountant has misrepresented their experience or lacks key financial knowledge. In other instances, an accountant may have all the requisite qualifications, but lacks the work ethic or integrity to do excellent work for their employer. So, how does a business owner know if their accountant is doing a good job? 3/22/2021 How to Hire a Financial ControllerHow do you know if you need to hire a financial controller? A controller is essential when:
A controller can implement internal controls to mitigate financial risk, improve cash flow, and facilitate profitable growth. As a result, hiring a financial controller is a key strategic move, but it hinges on correctly defining the role and seeking out the best candidate. 3/3/2021 What is Contingent Recruitment?According to recent data, 76% of companies report that attracting well-qualified candidates is their biggest hiring challenge, making recruitment a serious concern for most businesses. Hiring a recruiting firm is the best way to find top-notch candidates for your open positions. While some recruiting agencies use a retainer model, others use a contingency agreement. How do you decide which approach is best for your needs? With contingent recruitment, the recruiting agency only gets paid when they find and place a qualified candidate into the role they are hiring for on behalf of their client. Contingency recruiting fees are typically structured as a percentage of the candidate’s first-year base salary and can vary widely from one recruiting company to another based on geography, industry, and position level. Why Use Contingency Recruiting? Unlike retained search, where recruiting fees are typically paid in installments at the beginning and throughout the process, contingent recruiting is based on the idea of only paying once results have been achieved. Many companies prefer to work with a recruiting agency that uses a contingency model because it is often much less expensive, and the fees are easier to understand. It is reassuring to hiring companies, especially smaller businesses, to know that they will not be paying a recruiting fee until after a qualified candidate has been hired. |
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10/29/2021