How to optimize your accounting teams for success

Businesses are facing significant challenges in attracting and retaining top accounting talent. Here’s how to overcome changing market demands. 

Key Takeaways 

• Identify high-demand finance roles and talent gaps to stay ahead. 

• Build agile accounting teams to adapt to economic shifts and evolving business demands. 

• Find top finance talent faster by partnering with a talent solutions provider like Vaco by Highspring. 

From talent shortages to shifting client expectations, companies are struggling to build agile finance teams that can keep pace with modern business demands. To stay flexible, businesses must embrace new strategies to recruit and retain top accounting talent. Aligning the right people, skills, and technology with your goals is a critical step toward creating agility at work. 
 

The challenges facing accounting teams  

Businesses across all industries are recognizing that agility is the key to success. Agile teams can respond faster to shifting dynamics, support innovation, and drive strategic decision-making. These capabilities are critical when functions such as financial planning, SEC compliance, or tax regulations are rapidly evolving.  

Agile accounting teams can operate as adaptable squads of experts, going beyond cost efficiencies. Their expertise enables businesses to build stronger foundations with insightful financial reporting and streamlined compliance processes. 

Identifying high-demand finance roles  

In the current work landscape, we understand how certain finance and accounting roles are more critical to your teams than others in addressing today’s challenges. By identifying roles most relevant to your organizational goals, companies can effectively target gaps for innovative talent solutions. Some of these key roles include: 

• CFOs: Strategic leaders shaping an organization’s vision. 

• Senior and staff accountants: Essential for day-to-day accounting and compliance.  

• Controllers: Bridge-builders between accounting and management.  

• FP&A professionals: Forecasting and financial analysis specialists who enable better decision-making.  

• SEC/technical accounting experts: Specialists in navigating complex regulatory environments.  

• Tax managers/analysts: Experts in ensuring tax compliance and optimizing tax strategy.  

Responding to talent shortages 

While the demand for skilled roles grows, the pool of qualified candidates is shrinking. Accounting teams now face a recruitment landscape shaped by several growing challenges, including: 

• Fewer CPA-track candidates: The number of professionals entering the CPA pipeline is shrinking, creating a skills gap.  

• Lack of technical accounting experience: Organizations often struggle to hire niche roles requiring advanced expertise.  

• Competition for niche talent: High-skill roles in areas such as data analytics and technical accounting remain difficult to fill.  

Understanding hiring preferences 

When assessing candidates, we are seeing a prioritizing of specific qualities that align with modern business needs. Companies are increasingly searching for candidates with:  

• 3 to 5 years of public accounting experience  

• A mix of public and private backgrounds to bring diverse perspectives and expertise. 

• Industry experience in sectors such as financial services, manufacturing, and insurance.  

How to optimize your accounting teams  

Here are six strategies to strengthen your accounting team and set your business up for long-term success. 

1. Reevaluate your talent acquisition strategy 

Finding the right talent starts with using the right approach. Consider partnering with talent solution providers like Vaco to tap into customized, scalable hiring strategies. With access to an extensive network of qualified professionals, you can quickly fill roles that match your company’s unique needs. Key benefits of leveraging talent solutions include: 

• Access to niche talent for specialized roles.  

• Streamlined hiring processes to save time and reduce employee ramp-up periods.  

• Flexibility to scale your accounting workforce during busy seasons or projects.  

2. Upskill and reskill your existing workforce 

While hiring new talent is essential, don’t overlook the potential within your current team. Providing development opportunities through training programs or certifications can empower your employees to take on higher-level roles. Consider initiatives that: 

• Offer professional development in advanced accounting principles, regulatory knowledge, or technical accounting.  

• Encourage cross-functional learning to foster adaptability.  

3. Embrace the power of automation  

Adopting automation tools can simplify time-consuming tasks including accounts payable, reconciliations, and report generation. This frees your team members to focus on high-value initiatives that drive strategic growth. Examples of useful tools include: 

• Accounting software: Cloud solutions that streamline workflows 

• FP&A tools: Advanced platforms for forecasting and financial modeling  

4. Foster an inclusive, collaborative culture  

Creating an environment that values teamwork and inclusivity can significantly improve employee satisfaction and retention. Encourage the following: 

• Cross-functional collaboration between accounting, FP&A, and other departments  

• Open communication to create transparency and build trust  

5. Adopt flexible work policies  

Given the rise of hybrid and remote work preferences, offering flexible options for work arrangements may boost your recruiting and retention efforts. This is particularly relevant in high-demand roles like controllers and FP&A professionals, where flexibility is becoming the norm.  

6. Prioritize industry expertise  

Candidates with experience in specific industries bring unique insights into addressing sector-specific challenges. By prioritizing industry expertise within your hiring strategy, you’ll ensure your accounting team is better positioned to support your business goals effectively.  

Driving success through agility  

Optimizing your accounting team is a strategic investment that positions your business for success in today’s complex financial landscape. By focusing on agility, leveraging the right technology, and cultivating top talent, you’ll build a high-performing team that drives efficiency, ensures compliance, and fuels innovation.  

Ready to elevate your accounting function? At Vaco, we understand the challenges of building world-class accounting teams. Our talent solutions deliver top-tier finance professionals and customized workforce strategies tailored to your unique needs.  
 
Contact Vaco today and take the next step toward implementing talent solutions designed to help your business thrive.