Despite the pandemic happening over four years ago, people around the world are still reeling from its effects.
After all, many businesses have yet to recover, and we can still feel the lockdown’s effects on employment and education long after they stopped.
Take the accounting industry, for instance. Today, even big companies like Tupperware are struggling to fill open roles and are unable to file their taxes on time as a result.
Yet the pandemic isn’t the sole reason why this is happening.
Let’s take a closer look.
The Problem
The accounting industry is currently experiencing a talent shortage for a variety of reasons.
One, many accountants and bookkeepers are Boomers, who will be retiring within the next few years, which brings us to…
Two, interest in accounting as a career is declining in the United States. According to the American Institute of Certified Public Accountants (AICPA), there has been a 33% drop in CPA exam takers—from 48,004 examinees in 2016 down to only 36,188 examinees in 2021.
Thus, there are fewer people available to fill in accounting jobs.
Third, competition also exists within the industry itself. Accounting firms are now competing against other entities, like software companies.
Furthermore, working for tech giants on retainer tends to pay better than accounting firms. As a result, many accountants and bookkeepers want to work for software companies instead, leaving accounting firms and other businesses understaffed.
This is where remote talent from the Philippines comes in.
Outsourcing allows foreign clients to access talent offshore (in this case, the Philippines) to address their skills shortage.
US-based and other international companies might be more inclined to choose Filipino remote workers too for several reasons.
One, Filipino remote workers can easily adjust to accounting rules and regulations in other countries.
Two, most of the working population can speak English well, so there’s no language barrier.
Third, many Filipino remote workers are willing to work the night shift to make up for the time difference.
If you’re a certified accountant seeking better opportunities yourself, you might be thinking of applying for online accounting jobs soon.
Well, here’s how you can become a stand-out candidate for remote accounting or bookkeeping jobs.
Your Guide to Making the Most Out of the Global Talent Shortage
First, take up online certifications to beef up your accounting or bookkeeping credentials.
For instance, many companies are very particular about the accounting software they use. So, you might not get hired if you don’t know your way around them despite an otherwise extensive accounting background.
Thus, you might want to enroll in an online course about Xero or QuickBooks.
Next, you can also upskill.
Yes, we know. You’re tired of hearing about “upskilling.”
But really, it’s one of the most effective ways to gain a competitive advantage—apart from acquiring the right work experience, of course.
Lastly, take advantage of artificial intelligence (AI). Most companies and jobs are moving in this direction anyway, so you might as well ride the wave.
Remember, AI isn’t there to replace you. Rather, they are tools that can help you get the job done faster and better.
Finding Opportunities in Challenges
While the global shortage of accounting talent might seem dire on the surface, it’s not all bad.
This situation can even prove to be a golden opportunity for many Filipino accountants and bookkeepers.
Many international companies are now looking into outsourcing to the Philippines to bridge their talent gap.
So, now’s the perfect time to brush up on your accounting or bookkeeping skills as well as equipping yourself for remote work.
If you think you’re set to work online, head to Remote Staff’s job listings. It’s always updated, and we’re always looking for great talent—accounting and bookkeeping experts included.
Remote Staff has also been around for 16 years (and counting)! The company also has a dedicated team looking after its remote talents—so you’ll never have a shortage of support throughout your remote working journey.
Interested? Register today!
