Growing trust, a large talent base experienced in global accounting practices, and dedicated teams are helping firms in India, South Africa, and the Philippines strengthen their position as knowledge partners for CPA firms in the US.
There is little doubt that accounting talent in the US is dwindling. Baby boomers are reaching their retirement age, and millennials and Gen Z are no longer finding accounting an attractive profession. According to the American Institute of Certified Public Accountants, the number of people taking CPA exams in 2022 was just over 67,000, down from 72,000 in 2021.
This is a cause for concern. Because accountants do more than simple financial record keeping. They help leaders make informed decisions, and have the skills to directly impact the bottom line. So, how can firms in the US tackle these talent woes? In an increasingly digital market with growing financial complexities and regulatory checks, how can enterprises manage audit, tax and advisory tasks? The answer?
These companies in India, South Africa , and the Philippines have dedicated service teams who can offer competencies and the commitment to large accounting firms, without the hassles and recruitment shortages generally associated with boutique firms.
There are multiple benefits when CPA firms offload some of their tasks to an external partner. First, local talent in the US can prioritize business development, focus on core competencies, and customer experience instead of drowning in repeatable daily tasks. Second, it gives CPA firms agility – the capacity to scale up or down depending on market needs, without having to source talent each and every time. Third but not last, knowledge partners today are equipped with top-notch global talent trained in the latest technology skills offering CPA firms a competitive edge.
A common grouse of the accounting industry is the lack of transparency by boutique firms. While they are dedicated to success, they prefer to keep the servicing teams behind the scenes making it hard for CPA firms to depend and trust. An ideal partner will:
Enterprises like Bahwan CyberTek Consulting (BCTC) have demonstrated the capability to successfully deliver strategic services to help CPA firms bridge the skill gap. With technology being the DNA of our enterprise, we can not only meet the talent demands of the accounting industry, but also help you realize your digital transformation goals.
Srinivasan Hariharan
Vice President - Sales - USA
BCT KPO is a business consulting and technology services company. We offer skilled resources for a range of services including auditing, taxation, accounting, and advisory services for mid-sized and large firms in the US and across the globe.