The improving state of the UK economy is seeing the number of jobs in accountancy increase, as firms look to grow and expand after years of taking stock.
According to the Brilliant 2014 Hiring Forecast, the number of positions being advertised for accountants has leapt in recent months. The findings are indicative of growing confidence in British firms, as they look to increase profit, productivity and performance. For smaller firms, balancing the books in order to make a further intervention into the market is essential, with many looking to outsourced accounting services to help.
Taking it carefully
The increase in industry professionals working for outsourced managed accountants is on the rise, as firms take a careful approach to their hires too.
Overall, 65% of HR departments responding to the survey said that they were looking to fill positions in their accounting and finance operations. That is an increase of 7% on last quarter and a 14%c jump from the same survey results 12 months ago.
The contracts being offered are different, though. Many are temporary, for example, while others are fixed term. Job descriptions are also becoming more precise and demanding, as firms work to get more bang for their buck.
Supply and demand
This is exactly why outsourcing accounting functions makes sense to many businesses, particularly the thousands of small businesses in the UK. It optimises spend in many different areas.
It is also a response to the recession, of course, with firms less cavalier than they once were and unsure whether another downturn is just around the corner, respectful of tensions in oil and gas-producing countries.
Another reason why firms are being cautious in the hires is because they can be. There is a wealth of people looking to enter accountancy as a career, and they recognise the benefits of such a choice.
There is a shortage in supply at the moment, however. This can make firms vulnerable to attracting less experienced individuals.
Conversely, outsourced accounting firms are employing a higher calibre of staff and investing in them further. This means that the UK’s SMEs in general are having their books managed in a far more professional way, which is also helpful in responding to any recurring economic volatility.
The strongest link
The survey also found that 43% of firms reported an improvement in their economic situation in the last year, and 35% said they were looking to hire.
It also discovered that LinkedIn was the preferred social media tool to attract and engage with accountants, with online spending increasing in reflection of this.