With tax season officially underway and a concerning national shortage of accountants, accounting and finance teams are under immense pressure to effectively meet customer needs for big undertakings like annual business audits and tax returns. To meet those demands, accounting firms require the right resources and planning strategies to ramp up quickly and provide skilled services, while growing their business.
From its extensive work with regional and national CPA firms, Paro, a Chicago-based startup disrupting the way companies access on-demand financial expertise, offers preparation tips to help firms adequately prepare and effectively confront the challenges of the 2023 tax season for immediate accounting needs. Specifically, firms should focus on:
Leveraging fractional talent. Freelancers not only fill the gap created by the accountant shortage, but also offer the right (and immediate) subject matter expertise and industry knowledge to achieve goals during busy season and beyond.
Prioritizing profitability. Conduct ongoing inspection of accounting and financial records beyond the regular tax season to maximize profitability.
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Considering external funding. Private equity firms are showing interest in CPA firms and additional capital is a necessity in some instances in order to increase growth and efficiency and acquire new talent.
“With more than 300,000 accountants and auditors having quit in the past two years, and fewer new CPA candidates entering the industry, accounting firms are facing an uphill battle that will require them to stretch and strain to meet demands,” said Alex Loewenstein, General Manager, Paro for CPA Firms. “These strategies, in particular fractional talent, can help accounting teams combat an incredibly stressful busy season and allow firms to grow now and into the future.”
Paro helps CPA firms overcome capacity challenges through a flexible, fractional U.S.-based staffing model. Leveraging fractional, on-demand accounting experts can help firms address tax season needs by setting them up with the right approach while growing their business.
SOURCE: PR Newswire