Accounting practices are changing.
The emergence of small business accounting software and the way that SME’s utilize technology to manage their finances, establishes a new environment of business and financial management. Small businesses today, can access current time financial data rather than the after-the-fact financial statements and reporting we worked with previously. For our accountants, they are moving fast to electronic documentation, zero data entry from bank feeds and business based online financial data.
What is not changing is the need for accounting practices to employ staff who are relevant in this brave new world, understand technology can assist with the challenges in the modern accounting practice. Today’s youth have been born into the digital age and are at home with technology from birth. In an environment where you want to assist your business clients with how to best integrate their financial data, young people offer unparalleled advantage.
A multi generational workforce ticks all the boxes for cleverness, in the new millennium.
Accountants have lamented to me, that years ago, they took cadets on and trained them to work up through the business. Over the years, this practice has diminished and now some accounting firms are finding themselves without a pipeline of relevant young accountants. Costs of training and employment have made the internal programs unviable for small firms and now they are left out, in the cold, trying to locate new employees.
CIRCLE Recruitment & HR have looked at this issue for accounting firms and have created an accounting pipeline. Through our CIRCLE UGrad Plan, we have highlighted young accountants, still at university with perhaps 2-3 years left of study, who are keen to work part time in an accounting practice while they study. These ‘junior’ employees are cost effective, being utilized through CIRCLE Recruitment & HR as an on-hired employee; the accounting practice only pays for the hours they work, which includes all superannuation, public liability, professional indemnity, payroll management, taxes and of course is totally tax deductible. Students can start as basic admin workers if needed, or bookkeeping, document management and client follow up.
The young person works in your business, learning from you and bringing with them, strong technological ability, new ideas from university, not to mention keenness and motivation. After study, you have the option of offering full time work (knowing that the graduate already understands your business, systems and processes) or engage another student. Practices can even have a number of students working on different days while they study. The options are endless, if you think outside the box. Thirty percent of the top ten global companies that utilize graduate employees are accounting firms.
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