The ongoing accounting shortage 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 may get worse before it gets better as the American Institute of Certified Public Accountants (AIPCA) found 47,000 students earned a bachelor’s degree in accounting in 2022, down nearly 8% from 2021. It is crucial companies hold on to the financial professionals they already have. At the same time, however, they need to attract the few new ones who become available.
AR (accounts receivable) automation is one way to do so. AR automation will never replace people. What it will do, however, is help you survive the shortage by making your company attractive to accounting professionals and recent graduates.
This blog explains how.
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 that can be 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, getting you paid faster and enabling you to put that money right back into staffing your team.
You can also send automatic payment reminders and alerts via email or text 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.
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. You think they want to work for a dated company and use a pen and paper?
Integrating automation, especially to handle your accounts receivable process, 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 text, 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.
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.
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 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.
Navigate the accounting shortage with AR automation from Bill360. Our innovative platform reduces your DSO by up to 90% and provides the cash flow you need to enhance your accounting team. We’re always updating our software with the latest features and functionalities, ensuring you stay ahead of the competition, while giving your employees the time they need to tackle challenging, strategic projects.
Contact Bill360 today and make your accounting team stronger than ever.