See how MGI Worldwide CPAAI member firms in North America and India are working together to overcome the CPA talent shortage
The accounting industry in North America continues to face an ongoing shortage of qualified professionals, impacting on our member firms’ ability to service existing client and maximise business growth opportunities.
CPA talent shortage
Talent shortages are a problem faced worldwide by firms seeking to recruit new CPAs, but nowhere is it more evident than in North America where the ‘baby boomers’ are retiring in large numbers there’s a shortfall of new graduate CPAs to make up the difference. It’s also a common occurrence to see graduates being recruited by the larger firms during their second year of school, meaning that the limited talent coming through the system is already spoken for before they even graduate.
This situation leaves firms in the position of having more work than their existing staff levels can process, resulting in a whole set of different challenges.
Following discussions first led by Audrey Danasamy, Regional Director for Asia, Africa, and MENA, during the 2017 North America Region meeting in Scottsdale, Joe Tarasco, North American Regional Director, has been addressing these issues and has instigated conversations with network members outside of the North America region regarding how member firms in North America can leverage the worldwide talent pool available to them through the network to provide quality, trusted outsourcing in the key areas of tax preparation, accounting and bookkeeping.
Collaboration between member firms in North America and India
This new joint-venture pilot project brings together member firms in North America with qualified outsourcing firms in India who bring specialist North American tax experience to the table. Our member firms are working together to identify the specific help required by each firm and aligning that with a recruitment program aimed at finding the highest quality, experienced, and qualified, CPA professionals in India.
As part of this pilot programme, trusted outsourcing services will be provided through standardised workflow processes that involve secured file exchange tools, trained staff, well defined work-papers and clear lines of communication. The finer details are currently being confirmed, with resumes and interviews commencing shortly through targeted recruitment.
Our members firms are excited about the opportunities this pilot outsourcing project could bring and a handful of the first to trial it have shared their thoughts:
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“The opportunity to explore all available avenues for the tax side of our practice, including the outsourcing of tax and accounting work will, most likely, allow us to continue to grow and expand our practice.” Jeff Vroman |
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“Given the unprecedented staffing challenges facing our firm and profession, outsourcing will be an increasingly critical element of our firm’s commitment to providing timely service to clients.” Tom Neff |
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“Our firm is thankful to MGI for creating this outsourcing opportunity and opening up a new line of service for our firm. We have always loved working with fellow American members, and we are very excited to be a part of this project.” Anuj Sharedalal |
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“The purpose of any collaboration between two entities is to convert their weakness into their strengths to achieve a common objective. There is little you can do if you are alone, but you can achieve much more together.” Amit Chopra |
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“We are excited to participate in the MGI outsourcing pilot project that addresses staffing problems like accelerating staff costs, lack of qualified new talent and client continuity.” Frank Fazzari |
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“North American firms are feeling the crunch of recruitment – the ability to reach out to a fellow member in time of need is an integral part of being in a network.” Audrey Danasamy |
Download the full Success Story HERE
Get in touch
For more information about the outsourcing opportunities available through the MGI Worldwide with CPAAI global accounting network, please get in touch with International Business Development Manager, Nicki Lynn at [email protected].
MGI Worldwide with CPAAI, is a top 20 ranked global accounting network and association with almost 10,000 professionals, accountants and tax experts in some 460 locations in over 100 countries around the world.