The hidden power of flexible staffing for Accounting firms
- March 15, 2018
- Posted by: admin
- Category: Accounting
Business environment is always volatile. Sometimes you have loads of work and then there are lean times. As an accounting firm, staffing up for peak times is a challenge, as the right talent may be difficult to find in the tight time-frames. If you are not able to staff up in time, you also end up leaving money on the table, as you will not be able to sign-up and support your clients for their additional business. As you move from busy times to lean times, the staff that you add to your team creates several additional challenges including fixed payroll cost and infrastructure costs.
What if you were to have a variable cost model across your resource base, where you can ramp up your teams based on increased demand and then ramp them down in lean times, so that your business does not incur the additional fixed costs. While you may want to hire employees, who agree on these terms, you will find that implementing this will be a big challenge, as you will not be able to attract talent that agrees to these employment terms.
One of the best solutions that most successful organizations deploy is partnering with an accounting outsourcing firm, who can offer support on a variable cost model. As an accounting firm, it is important that the teams working on your project have the necessary skills and knowledge in accounting and finance, so that they can support your clients. Having access to a pool of accounting experts, who can ramp up based on increased demand and then ramp down during lean periods is an ideal situation that will be beneficial for your accounting firm. The scalability ensures that you have access to the right set of experts, when demand is on the upswing and thus, you are able to take on that additional business with your clients. The flexibility in the engagement also ensures that you do not end up having to spend additional fixed costs during lean periods, as the teams will ramp down and you only pay for what you use.
As a business, Finsmart Solutions has been doing this for its clients quite regularly. We have a team of experts, who understand the accounting and finance domain very well. We have successfully scaled up teams to support our client business to ensure that all the timelines and quality metrics are being met. At the same time, for the same clients, we have also ramped down our teams and operated with only a few key resources, so that they do not have to bear the increased fixed costs involved.
As a business model, is this something that you would consider for your business? At Finsmart Solutions, we can certainly go the distance and make this work for you. This is the best time to explore a partnership, so that your firm can be ready for busy times ahead.
Comments & feedback welcome
Shalaka Joshi (Finsmart Solutions)