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How to Overcome the Severe Resource Crunch Facing UK Accounting Firms

Accountants and finance professionals in the UK are facing a growth challenge – a severe resource crunch. The costs of hiring and recruiting professionals are increasingly becoming not worth the effort. This leads to firms being hard-pressed for time to focus on business expansion and growth. Thus, the accountant resource crunch in the UK is causing firms to stall their growth and reach their full potential. In this article, we give you a simple solution to this problem – professional accounting outsourcing. Read on to find out more.

Understanding the Resource Crunch Facing UK Accounting Firms

There is a huge demand for skilled professionals in the UK accounting industry and the competition for talent is immense. This leads to

Rising salaries and skyrocketing recruitment costs
Limited talent pool making it hard to hire adequate talent
Huge pressure and workload on the existing staff
Inability to scale

Why In-House Hiring Doesn’t Always Work

Traditional recruitment practices such as hiring in-house finance and accounting professionals for the increasing workload are not working out the way they used to because of:

High costs of recruitment – from job postings to conducting tests and interviews, and recruiter fees, the costs of recruitment drives are shooting up like never before.
High attrition rates – even after recruitment and training, professionals are quick to leave and join a competitor when offered higher pay or perks leaving the employer with a loss.
Lengthy onboarding process – even after recruitment and training, there is a time gap for the recruits to integrate into the organisation’s processes and start bringing in revenue or contributing to the bottom line.
Hidden costs of recruiting in-house – even after factoring in the costs of recruitment and hiring, and the salaries and benefits, there are other costs associated with full-time employees such as training costs, pensions, office space and equipment, paid leaves and other statutory benefits.

Simple Solution to the Resource Shortage

befree Global offers professional outsourcing services to accountants, enterprise finance teams, financial planners and mortgage brokers worldwide. With over 18 years of experience and serving 3000 global clients and counting, befree offers the perfect solution to firms wanting to take on more clients and expand their practice.

Eliminate staffing headaches and recruitment horrors with befree’s extensive suite of services including accounting and bookkeeping, payroll management, mortgage services, audit services, paraplanning, virtual practice admin and other business services.

Don’t let the resource shortage hold you back from growing your firm. Get in touch with us to find out how we can help you achieve your professional goals.