5 Accounting Workforce Trends We’ll See in 2019

With the ongoing evolution in technology, the accounting industry will continue to change as well. Accountants will complete their work even more efficiently and effectively, adding additional value to their clients and employer. Here are five accounting workforce trends to look for in 2019.

Cloud Accounting

Using software and services stored on a network of remote servers strengthens security, allows for remote work, and improves disaster recovery. It also increases quality control and reduces costs. For instance, because cloud-based software can be accessed from anywhere with an internet connection, accountants have the real-time data they need to make educated business decisions. Also, since the data is stored in the cloud, there is no downtime in case of a natural disaster.

Cybersecurity

Because accountants deal with confidential financial information, they need to protect clients’ privacy. As malware, phishing and other criminal attacks continue to increase in intensity, so must security plans to block them. For instance, accountants will implement greater security protocols, receive more detailed training on security measures, and use more advanced security systems that anticipate risks.

Automation

Machine-driven algorithms will accomplish simple, routine work such as invoicing, processing payroll and tracking inventory more efficiently and effectively than humans. Automation also will increase accuracy and lower costs while freeing up time for humans to accomplish more complex activities. Accountants can leverage information, predict interactions, generate insights and provide a more valuable impact for their clients.

Blockchain

Blockchain technology will provide a continuously updated and verified accounting ledger that cannot be altered or corrupted. The technology will allow accountants to share and access data to more efficiently complete their work. For instance, Big Four accounting firms will continue to use blockchain research for accepting Bitcoin as a payment method, identify new applications and use cases for blockchain, and explore initial coin offerings that are similar to initial public offerings (IPOs) but use a cryptocurrency instead of a stock.

New Payment Structures

Cost-plus pricing will allow firms to charge the cost of performing a service plus a markup or profit margin. Fixed pricing will involve charging a fixed cost for a specific service. Value billing will consist of the firm charging for its perceived value of a service after the work has been finished. Value pricing will involve the firm charging for the client’s perceived value of a service. The price will be set before starting the work.

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Does Your Company Culture Say What You Want About Your Company? Time to Evaluate.

Company culture impacts employee engagement, retention rates, profitability and more. Culture also helps determine whether a job candidate will be a good fit with your organization. Learning to identify and describe your company culture will help you decide whether it needs modification and how to implement change.

Identify Your Company Culture

Begin by identifying your company culture. For instance, ask your employees to rate your culture through small-group interviews. Ask questions such as, “What would you tell a friend about your organization if they were about to start working here?”, “What is the one thing you would most like to change about this organization?”, or “Who is especially respected around here and why?” Also, ask your employees to complete surveys. You may purchase surveys with questions that have been proven reliable and validated or create your own. The results will guide you on what to do more or less of and what to stop or start doing. Further, objectively watch your employees interact. How do they engage and resolve conflicts? How do senior leaders interact with middle managers and employees? How do middle managers interact with employees? And, watch your employees’ emotions to determine their values. Are your employees engaged, interactive, excited, happy and friendly at work?

Describe Your Type of Culture

You may find that your culture is best described as hierarchy, market, or adhocracy. In a hierarchy, the culture is a traditional top-down organization with several layers of management between leadership and employees. Employees at all levels have clear lines of decision making, authority, rules, procedures, and accountability that typically lead to streamlined production. In a market culture, the focus is on the company’s external environment over internal environment. For example, every position may be directly tied to customer support or profitability. In an adhocracy, culture is defined by assumptions that innovative initiatives lead to success. The focus is on developing new products/services. The culture emphasizes individuality, risk taking, and wearing multiple hats.

Modify Your Company Culture

See how your culture fits with the culture you want and modify accordingly. For instance, to create a hierarchy culture, hire more project managers and managers to implement processes and procedures for employees to follow. To create a market culture, consider adding financial incentives tied to customer satisfaction, consistency, product development or profitability. To create an adhocracy, adopt values of creativity and entrepreneurship.

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Are You Taking Too Long to Contact Potential Candidates? Are They Losing Interest?

If you have a slow hiring process, top candidates most likely will lose interest in working for you. Candidates who move fast want to work in a fast-paced culture where quick decisions are made. Keeping job vacancies harms production, revenue, and employee morale. As a result, you want to speed up your hiring process to bring aboard the most in-demand talent.

Common Reasons for Delayed Hiring

Your hiring process may be delayed for various reasons. For instance, there may be more job openings than candidates to fill them, especially when labor markets tighten. Or, candidates’ resumes may remain untouched in a hiring manager’s inbox. Additionally, hiring managers may be unclear on what they need in a candidate until they see it.

Why Delayed Hiring Hurts Your Business

Delayed hiring hurts your business for multiple reasons. For instance, you will lose the majority of top candidates in the late stages of your recruitment process because they typically will have multiple offers and will be more inclined to accept one. You will have to hire a lower-quality candidate at a potentially higher salary to fill the role. Also, the longer you keep a role vacant, the more productivity and revenue you lose. Further, a company image of being slow at making hiring decisions implies that making other business decisions will be slow, as well. Strong contributors will not want to work for your company.

Steps to Speed Up the Hiring Process

Fortunately, there are steps you can take to speed up the hiring process. For instance, benchmark your hiring efficiency according to where your jobs are located, your company’s size, level of the position, the measure of local talent supply and demand, and other pertinent variables. Because some roles will be harder than others, put time-to-fill in the right context. If a more-thorough hiring process for a specific role will result in a higher-quality hire, accept the longer timeframe. Also, engage in workforce planning. Allocate recruiting resources in line with your business needs so that hiring managers can see where and when demand will be greatest, and plan accordingly. Additionally, keep your pipeline active so you have available candidates when a position opens. Use candidate relationship management (CRM) tools to keep track of interested candidates. Further, keep your scheduled interview times as much as possible. Set a plan for interview guides, assessment criteria, and how feedback gets submitted to whom. More structure leads to a better candidate experience and better hire.

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7 Podcasts That Will Help You Land a Job

Have you been listening to podcasts to help land your next job? You can learn cover letter and resume tips, networking tricks, interview secrets, personal branding ideas and more. Take advantage of these podcasts to move closer to getting the role you want.

1. CareerCloud Radio

Do you want to brush up on the fundamentals of getting a job? Then subscribe to CareerCloud Radio. Gain insight into what to include on your resume, how to answer interview questions; how to negotiate salary; and other nuts and bolts of the job search. Guests include resume writers, career coaches, recruiters and job seekers. Be sure you listen to “Great Resumes and Good Advice.”

2. Career Relaunch

Are you transitioning to a new career? Gain the inspiration, help and motivation you need to get through up and down times during your transition. Host Joseph Liu, a career change and personal branding strategist, interviews professionals from all backgrounds who successfully transitioned between dramatically different roles. Don’t miss the episode “Making Your Next Career Move with Khai Yong.”

3. The Pitch

Similar to the TV show “Shark Tank,” The Pitch lets entrepreneurs share their ideas and potentially negotiate funding. Hear intriguing business ideas and learn how to sell someone on yours. A must-listen-to episode is “Shift.”

4. Manager Tools

Are you climbing the corporate ladder? Then subscribe to Manager Tools. Whether working toward your first management role or continuing to move up in the ranks, learn about performance reviews, coaching, office etiquette, delegation and other skills. Definitely catch “The Bridge Between Feedback and Coaching.”

5. Sleep With Me

Do you need a good night’s sleep before an interview? The host rambles on about stories that grab your interest in the beginning but become drawn out until you fall asleep from boredom. Remember to listen to “Club Senseless.”

6. How Did You Get Into That

Do you need help mapping your career plan? Host Grant Baldwin interviews professionals with unique jobs to gain insight into how they got into them. Listen to fan favorite “How to Become a LEGO Master Builder with Chris Steininger.”

7. Side Hustle School

Whether you want to keep your side gig where it is or turn it into a full-time venture, learn the basics behind increasing your cash flow with a side gig. Host Chris Guillebeau interviews inventors, artists and entrepreneurs to see how they came up with their idea, overcame challenges, and received impressive results. Don’t miss the episode “Where to Find Hustle Ideas.”

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7 Steps to Keeping Your Remote Workers Engaged

If your company employs remote workers, you face unique challenges keeping them engaged with the rest of the team. Fortunately, many of the motivational methods used in the office also can be used with remote workers.

1. Provide a Communication Platform

Because remote workers need to be included in team projects and company news, provide a platform for effective communication. When employees remain informed about company issues, they remember they are part of a larger organization and play a vital role in its success. Remote employees also feel like valued members of the business when their colleagues and manager regularly keep in contact with them.

2. Recognize Results

Since remote workers are often more productive than office workers, provide recognition for their accomplishments. Ensure the recognition is highly visible to co-workers, so they know the contributions being made on a regular basis. The company website and online collaboration tools make recognizing remote workers simple.

3. Clarify goals

By clarifying goals, remote workers know what your expectations are and whether they are being met. Provide remote workers with clear direction on company objectives and paths for reaching them. Give regular feedback on progress, so remote workers can resolve issues, remain on task and improve performance.

4. Emphasize Production

As long as deadlines are being met, focus more on what remote workers are producing than when it is being produced. Since remote workers know how to organize their time for maximum results, it is more important they understand workflows and keep up accordingly. Benchmarking success based on results builds both trust and long-term employee happiness.

5. Get to Know Remote Workers

Show a personal interest in your remote workers. For example, meet with them individually to learn about their family, friends, hobbies and other interests. Also, find out what their career goals are, what fuels their passion and how you can help them succeed. On a regular basis, offer words of congratulations or support as their circumstances change.

6. Schedule Regular Check-Ins

Establish a regular check-in system with remote workers. Keep in mind potential differences in work schedules, personalities and time zones. Discuss times when remote workers generally can answer phone calls, emails and other messages, so you can touch base. Talk about their successes, obstacles, issues and concerns each week. Provide the resources and support necessary for your remote workers to succeed. If possible, have them come to the office at least once a quarter to participate in meetings, spend time with colleagues, and increase camaraderie.

7. Invest in Professional Development

Provide remote workers with ongoing professional development opportunities. Encourage them to enhance their skill set and reach career goals. Remote workers can participate in webinars, seminars, conferences and trade shows. They gain insight into the industry, stay current on developments and trends, and become even more valued members of your organization.

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