jobs

planning for the coronavirus recession

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if past recessions are any guide, the profession could lose up to 100,000 jobs.

busy season barometer:
bracing for the coronavirus recession
join the survey. get the facts.

by beth bellor

the tax and accounting profession was adding new jobs at a rate of 2.3 percent per year before the coronavirus outbreak, according to 卡塔尔世界杯常规比赛时间 research.

see: all 卡塔尔世界杯常规比赛时间 special coronavirus crisis coverage

more staffing and hiring trends: automation and the future of accounting  |  getting and keeping the best: the struggle continues |  headcounts dip by 3,500 in tax & accounting |  creative perks for remote employees |  what staffing shortage? |  hiring trends flash warning signs of slowdown in tax & accounting |  salary survey: top skills getting top pay

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but with a new recession looming, 卡塔尔世界杯常规比赛时间 estimates the profession could lose up to 100,000 jobs and take up to seven years to recover.

the latest data available show more than a million employees in the profession, and growing at about 2,800 new jobs per month. at the same time, wages are hitting record highs.

but with the coronavirus crisis threatening a new recession, 卡塔尔世界杯常规比赛时间 conducted a long-term, 30-year analysis, focused on the job losses caused by the dot-com crash of 2001 and the financial meltdown of 2007. from the analysis, 卡塔尔世界杯常规比赛时间 calculates the profession could shed up to 10 percent of its current workforce, and not fully recover for two to seven years.

all employees, thousands, accounting and bookkeeping services, seasonally adjusted
^ showing dips after the dot-com bubble in 2001 and financial crash in 2008: all tax, accounting, and bookkeeping services, all employees, in thousands, seasonally adjusted. (卡塔尔世界杯常规比赛时间 research)

in this report, 卡塔尔世界杯常规比赛时间 highlights:

  • current and long-term hiring trends in each of the bookkeeping, payroll, tax and cpa segments of the industry (all data seasonally adjusted)
  • average hourly wages for key segments
  • typical hours worked per week
  • trends concerning women in the accounting workforce

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3 measures of the effectiveness of your team

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illustration with 3 thermometersthey work in harmony.

by jody grunden

once you’ve systemized the processes for your accounting team, it’s important to evaluate the effectiveness of your process on a regular basis. you want to be aware of what’s working well and what’s not. you also want to continually be improving upon your services over time.

more: transferring clients to a new employee | how to evaluate workflow management software | when the irs and fbi come knocking | 5 questions to evaluate new tech tools | the hidden cost of running a distributed company | how to develop your leadership team
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there are three things you can specifically monitor when it comes to the effectiveness of your team, as shown in the illustration at right.
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transferring clients to a new employee

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use your workflow software to guide training.

by jody grunden

when it comes to onboarding new employees, workflow management software can be extremely helpful in streamlining the process. in most cases, as we grow, new employees take over existing clients from other team members. they still need to meet with the other team members to discuss what’s needed for each client, but the workflow management software serves as their roadmap during that time.

more: how to evaluate workflow management software | how to profit with workflow apps | cyber security at a virtual cpa firm | top tech choices for the virtual firm | keeping the right people on the bus | disc helps remote team work together effectively | 3 ways to keep client files safe from security threats | the rise of the virtual cfo
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although much of the process may be very similar from one client to the next, each client has its own individual needs. the roadmap is an important tool that guides new employees through the day-to-day workflow for each individual client.
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how to evaluate workflow management software

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don’t be afraid to use the full trial period to decide.

by jody grunden

when evaluating workflow management software, it is important to evaluate your priorities and know what you want out of the system. it is also important to understand that there isn’t going to be an exact fit.

more: how to profit with workflow apps | why process is key to remote work | innovate for the right reasons | creative perks for remote employees | 10 interview questions for unlocking true potential
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after comparing options, make sure that the system you go with meets the priorities at the top of your list. once the system is picked, it is important to spend time inside the system to figure out how your company is going to use it.
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pre-covid-19, accounting profession hits new highs

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we’ll be comparing apples to zebras for a while.

by beth bellor

what a difference a month makes. the accounting profession set several new records in the latest employment figures … but.

for our analysis on the covid-19 impact on the profession, see planning for the coronavirus recession

that “but,” of course, is the global pandemic. the numbers almost seemed dated as soon as they were released, because we know many of those gains quickly melted away.
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how to profit with workflow apps

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pixelated blue text "workflow" on binary code backgroundstop reinventing the wheel.

by jody grunden

as a business grows, it becomes necessary to systemize the processes in order to increase the team’s efficiency and deliver a consistent experience for clients.

more: why process is key to remote work | when the irs and fbi come knocking | 5 questions to evaluate new tech tools | traditional benefits for remote employees | the hidden cost of running a distributed company | how to develop your leadership team | 4 ways to bill clients
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one of the challenges that comes with creating systems can be getting every team member on board with the process you want to put in place. for example, joe may have one way of doing things, while karen does them another way and susie yet another.

creating a system will likely require all of them to make some changes in their own day-to-day workflows.
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why process is key to remote work

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woman leading meeting, flipchart in backgroundit benefits not only clients, but your team.

more coronavirus crisis coverage here

by jody grunden

with the right people in place, empowered to work independently, and proper access to the tools that are necessary to get the work done, process comes next.

more: when the irs and fbi come knocking | cyber security at a virtual cpa firm | top tech choices for the virtual firm | keeping the right people on the bus | how to run effective leadership team meetings | disc helps remote team work together effectively
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creating process is important in any business if you want to scale, but it is imperative when it comes to remote work. process helps streamline things, reduces confusion and makes your team more efficient and productive.
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fake it ‘til you make it: an ultimate goal?

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man with head down on desk, sticky note with "help" writte on it on baseball cap7 tips to keep your head up.

by steven e. sacks

how many times have we heard the expression “fake it ‘til you make it”? it usually involves those who have secured positions in companies where they feel they are not up to the challenge.

more: working remotely shouldn’t mean feeling isolated | getting and keeping the best: the struggle continues | performance reviews: no need to pull teeth | knowledge maintenance: gaining employee buy-in | how does your firm leverage its talent? | the lost art of the interview | the 5 keys to success in accounting careers
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people feel that they have to work doubly or triply as hard as others lest they be discovered that they are not qualified. if you are one of them and you exhausted yourself to the point of unhealthy habits to achieve something, you may not get that warm, fuzzy feeling of confidence that you can do it again. if the same assignment was given to someone else, you firmly believe he or she could do it as capably, quickly, better and more efficiently.
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working remotely shouldn’t mean feeling isolated

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illustration of different types of people connectedfour practical approaches to virtual leadership.

by steven e. sacks

the concept of “teams” has become more central to operating remotely or “virtually.” among the challenges have been time zones, language barriers, cultural differences and various work attitudes.

more: getting and keeping the best: the struggle continues | 4 ways to boost job satisfaction | have you gauged your staff’s enthusiasm? | retention starts with the hiring interview
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the more virtual teams become ingrained in the business landscape, the more necessary it becomes to apply effective and innovative leadership with a clear focus on identifying, prioritizing and achieving strategic goals.
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automation and the future of accounting

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critical thinking is best left to humans.

by jody grunden

there’s no doubt that advancements in technology are changing the world, and the accounting industry is no exception. technology is making us more productive, more efficient and more connected.

more: when the irs and fbi come knocking | cyber security at a virtual cpa firm | top tech choices for the virtual firm | keeping the right people on the bus | how to run effective leadership team meetings | disc helps remote team work together effectively | 3 ways to keep client files safe from security threats
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on the flip side, it’s also taking over some of our jobs. this is a reality in the accounting industry that we cannot ignore. technology is driving major changes for the future of the accounting world. we need to be aware of what’s happening and take strategic steps to advance along with these changes. otherwise, we are going to be left in the dust.
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getting and keeping the best: the struggle continues

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purple no. 4 billiard ball4 types of employees.

by steven e. sacks

in the years following the great recession, companies have decided to do more with less. how they decide on whom to keep is open to much debate.

more: 4 ways to boost job satisfaction | how engaged are your employees? | managing difficult personalities in the workplace | set your staff on the right course | how motivation is like bathing | be a talent magnet | make crap a badge of honor
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are the decisions performance-based? are they built on special favors? are they established on the hope that someone has the potential, but is not readily apparent?
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three tech solutions for protecting client data

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illustration of computer security threatsyou’ll be happy you already have these when the irs and fbi come knocking

by jody grunden

have you ever been contacted by the irs with the fbi involved? i can tell you from firsthand experience that it’s a bit alarming when that happens!

more: cyber security at a virtual cpa firm | innovate for the right reasons | creative perks for remote employees | 10 interview questions for unlocking true potential | toss the org chart for an accountability chart
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we were once contacted by the irs because they thought our server had been compromised. when the field officer who came to our office asked to see our server, we explained that we didn’t have a server.
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4 ways to boost job satisfaction

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smiling businesswoman working at deskit’s a two-way street.

by steven e. sacks

the conference board indicates that slightly over half (51%) of u.s. workers are satisfied with their jobs. but this means a not-too-insignificant amount (49%) are less than satisfied with their jobs.

more: how engaged are your employees? | performance reviews: no need to pull teeth | knowledge maintenance: gaining employee buy-in | the new way to handle exit interviews
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job dissatisfaction is not a new occurrence, and with the increased influence of technology, this issue has not experienced much improvement over the past 15 to 20 years. a recent study by job seeker nation indicated that 82 percent of workers would like to seek new employment opportunities, although the prospects of landing a new one would be more difficult than over the past couple of years.
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