Retain Talent During the Accounting Shortage with AR Automation

AR (accounts receivable) automation is an effective solution to the ongoing accounting shortage, a crisis that affects more than just finance. B2B companies across all industries find themselves stretching and possibly exhausting their understaffed accounting teams while looking for a trusted advisor to lean on when making financial decisions.  

The shortage is easing a bit. The American Institute of Certified Public Accountants (AIPCA) found 55, 152 students earned a bachelor’s or master's degree in accounting during the 2023-24 academic year. While that's a decline of nearly 7% from the previous year, it's slower than the nearly 10% drop in 2022-23. However, finding qualified financial professionals still remains a problem.

This blog explains how accounting automation helps B2B firms like yours weather the shortage.

There’s more to an attractive job offer than salary. But money matters. iCims, a recruitment software company, surveyed 1,000 members of the class of 2023 and found that 43% said they wouldn’t apply for a job without knowing what it paid. Offering competitive salaries requires a healthy cash flow, which can be hard to maintain if payments from your clients roll in past their due date. 

Through features like AutoPay, "pay now" links embedded in emails, and buyer-managed digital wallets, AR automation makes it easier than ever for customers to settle balances on or even before their due date. This gets you paid faster and enables you to put that money right back into staffing your team.  

You can also send automatic payment reminders and alerts via email to whomever, whenever, and how often you choose. And by offering flexible payment options through ACH (Automated Clearing House) and with debit and credit cards, AR automation eliminates you having to wait days or even weeks for checks to arrive and takes away the risks associated with check fraud.

Highlights your ability to innovate 

Everyone’s into technology. That includes aspiring accountants, 67% of whom believe the right tech would enhance the overall culture of their firm. Today’s young professionals are never without their cellphone and are accustomed to completing assignments on their laptops. They don't want to work for a dated company that uses pens and paper.

Integrating accounting automation like Bill360 demonstrates you’re a progressive company that favors technology and efficiency over simply doing what worked in the past. You will also be enabling your newer, younger employees to use email and chat to remind customers about due dates and resolve billing disputes – all of which is far more popular than talking on the phone.

Eliminates boring tasks 

The accounting industry is shrinking for a number of reasons, one of which could be boredom. FloQast estimated accountants spend 9% of their time on projects and analysis and the rest on repetitive busy work. 

Creating and distributing invoices and reconciling them to payments are jobs that need to get done. AR automation ensures these tasks are done automatically, however, so the human members of your team can handle the more challenging and strategic assignments they were hired to do. That includes spending more time working with and advising clients and bringing projects to the table that spur your company’s growth.

Enhances work-life balance 

Burnout is an epidemic that stretches across all industries. A recent survey conducted by Robert Half claimed 34% of professionals are burnt out and longing for a career change, with understaffed teams taking on heavy workloads being the primary reason. 

Few endure more stress than accounting professionals during tax season. AR automation can help. By handling the time-consuming work involved with handling accounts receivable, AR automation from Bill360 enables the members of your team to better allocate their time. That way, they can complete their tasks during normal business hours and enjoy their evenings, weekends, and vacations.

AR automation also eliminates human error and the stress that comes with correcting mistakes or worrying about work while employees should be getting some rest. It is also completely scalable, ensuring you can handle an especially busy season without adding more to your employees’ plates.

Weather the shortage with Bill360

Accounting automation from Bill360 helps you thrive during the accountants' shortage by handling time-consuming chores while you and your team focus on advising your clients. Bill360 scales to your firm and won't burn out even as more and more invoices arrive.

Schedule a free demo to learn how Bill360 solves the pain points specific to your accounting firm.

FAQ

Will accounting automation replace accountants?

No. By handling repetitive chores like invoicing, reconciliation, and payment processing, accounting automation enables you to focus on clients and makes your team more attractive to aspiring financial professionals.

How can AR automation attract recent graduates?

Today's college graduates are tech-savvy. They want to work for forward-thinking, tech-savvy firms that have added accounting automation to their tech stack. And because you're automating repetitive accounting chores, your hires can focus on more creative and challenging projects.

How does accounting automation help work-life balance?

No matter how busy your firm gets, accounting automation is built to scale and seamlessly handles the increase in invoices and payments. That way, you and your staff can still spend your days serving clients while still enjoying your evenings and weekends.