{"id":27456,"date":"2024-08-09T11:26:30","date_gmt":"2024-08-09T09:26:30","guid":{"rendered":"https:\/\/clockify.me\/blog\/?p=27456"},"modified":"2026-02-26T11:55:31","modified_gmt":"2026-02-26T09:55:31","slug":"accountant-shortage-solution","status":"publish","type":"post","link":"https:\/\/clockify.me\/blog\/workforce-management\/accountant-shortage-solution\/","title":{"rendered":"There\u2019s a Major Accountant Shortage. Time Tracking Can Help"},"content":{"rendered":"\n<p>Does it seem like your accounting firm is getting <strong>fewer new hires than ever<\/strong>?<strong>&nbsp;<\/strong><\/p>\n\n\n\n<p>Many industry sources point to a severe accountant shortage \u2014 but what can <em>you<\/em> do about it?&nbsp;<\/p>\n\n\n\n<p>In this article, we\u2019ll dive deep into the <strong>apparent CPA shortage<\/strong> and help your firm mitigate it with time tracking.&nbsp;<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"600\" src=\"https:\/\/clockify.me\/blog\/wp-content\/uploads\/2024\/08\/Theres-a-Major-Accounting-Talent-Shortage.-You-Can-Navigate-It-With-Time-Tracking.jpg\" alt=\"There\u2019s a Major Accounting Talent Shortage. You Can Navigate It With Time Tracking - cover\" class=\"wp-image-27459\" srcset=\"https:\/\/clockify.me\/blog\/wp-content\/uploads\/2024\/08\/Theres-a-Major-Accounting-Talent-Shortage.-You-Can-Navigate-It-With-Time-Tracking.jpg 1200w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2024\/08\/Theres-a-Major-Accounting-Talent-Shortage.-You-Can-Navigate-It-With-Time-Tracking-600x300.jpg 600w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2024\/08\/Theres-a-Major-Accounting-Talent-Shortage.-You-Can-Navigate-It-With-Time-Tracking-1110x555.jpg 1110w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2024\/08\/Theres-a-Major-Accounting-Talent-Shortage.-You-Can-Navigate-It-With-Time-Tracking-768x384.jpg 768w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2024\/08\/Theres-a-Major-Accounting-Talent-Shortage.-You-Can-Navigate-It-With-Time-Tracking-18x9.jpg 18w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><\/figure>\n<\/div>\n\n\n<h2 id=\"is-there-a-lack-of-accountants\" class=\"wp-block-heading\">Is there a lack of accountants?<\/h2>\n\n\n\n<p>Yes. We\u2019re facing a <strong>global shortage of experienced accountants<\/strong> \u2014 despite robust demand for accounting services.&nbsp;<\/p>\n\n\n\n<p>For instance, trade associations estimate a <a href=\"https:\/\/connected.silverfin.com\/hubfs\/2024\/UK\/Silverfin%20Capacity%20Crunch%20Whitepaper.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">shortage of 60,000 accountants<\/a> in the UK over the next few decades.&nbsp;<\/p>\n\n\n\n<p>Similarly, US-based firms are also <strong>struggling to find entry-level accountants.<\/strong> According to the <a href=\"https:\/\/www.nysscpa.org\/article-content\/cpa-exam-takers-in-2022-fewest-in-17-years-053023\" target=\"_blank\" rel=\"noreferrer noopener\">New York State Society of CPAs<\/a>, fewer candidates took the Certified Public Accountants (CPA) exam in 2022 than at any time in the past 17 years.&nbsp;<\/p>\n\n\n\n<p>This lack of new CPA candidates isn\u2019t surprising, considering that the number of students <a href=\"https:\/\/www.wsj.com\/articles\/accounting-graduates-drop-by-highest-percentage-in-years-5720cd0f\" target=\"_blank\" rel=\"noreferrer noopener\">graduating with accounting majors is dropping<\/a> just as quickly.<\/p>\n\n\n\n<p>Since the accountant shortage is undeniable, the question is \u2014 what\u2019s behind this lack of new talent?&nbsp;<\/p>\n\n\n\n<h2 id=\"whats-causing-the-accounting-talent-shortage\" class=\"wp-block-heading\">What\u2019s causing the accounting talent shortage?<\/h2>\n\n\n\n<p>Unfortunately, there are many reasons why accounting firms aren\u2019t attracting new talent easily, including:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Lack of work-life balance<\/strong> \u2014 Ironically, the shortage of new accountants has led to worse working conditions for existing professionals, who are <a href=\"https:\/\/clockify.me\/blog\/business\/working-long-hours\/\" target=\"_blank\" rel=\"noreferrer noopener\">working longer hours<\/a> to complete all accounting tasks on time.&nbsp;<\/li>\n\n\n\n<li><strong>Retiring baby boomers <\/strong>\u2014 Around <a href=\"https:\/\/www.cpapracticeadvisor.com\/2023\/04\/12\/our-obsession-with-hours-is-destroying-the-accounting-profession\/78643\/\" target=\"_blank\" rel=\"noreferrer noopener\">75% of the members<\/a> of the American Institute of Certified Public Accountants were at retirement age in 2020. To make matters worse, the pandemic also ushered in a <a href=\"https:\/\/www.theactuary.com\/news\/2022\/08\/17\/one-10-uk-baby-boomers-left-workforce-during-pandemic\" target=\"_blank\" rel=\"noreferrer noopener\">wave of early retirements<\/a>.&nbsp;<\/li>\n\n\n\n<li><strong>Low starting salaries <\/strong>\u2014 Compared to those who go into tech or finance,&nbsp;<a href=\"https:\/\/www.ft.com\/content\/e8dc2264-6b8d-4ed5-8bbd-e4a67e7d1e46\" target=\"_blank\" rel=\"noreferrer noopener\">accounting graduates earn 20% less<\/a> from their starting salaries.&nbsp;<\/li>\n\n\n\n<li><strong>150-hour rule for students <\/strong>\u2014 CPA candidates must graduate with at least 150 credit hours, which often means additional costs (including another year of tuition).&nbsp;<\/li>\n\n\n\n<li><strong>Rise of new accounting software<\/strong> \u2014 The appearance of QuickBooks, TurboTax, and similar programs in the late 1990s initially reduced demand for low-level accounting jobs. New artificial intelligence software may cause a similar disruption.<\/li>\n\n\n\n<li><strong>Lack of popularity<\/strong> \u2014 Accounting jobs have always been perceived as \u201cboring\u201d or \u201cuncool\u201d in popular culture.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>As you can see, the accounting profession is in the midst of a perfect storm of problems that make recruitment more difficult.&nbsp;<\/p>\n\n\n\n<p>Let\u2019s see what your firm can do to <strong>navigate and overcome hiring issues<\/strong>.&nbsp;<\/p>\n\n\n\n<h2 id=\"how-can-your-firm-overcome-the-cpa-shortage\" class=\"wp-block-heading\">How can your firm overcome the CPA shortage?<\/h2>\n\n\n\n<p>The first step to solving your accountant shortage is to recognize that <strong>the problem is broader than you think.<\/strong>&nbsp;<\/p>\n\n\n\n<p>Unfortunately, most factors contributing to the CPA shortage are beyond your control.&nbsp;<\/p>\n\n\n\n<p>Long-term solutions to these issues require a concerted effort from:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Accounting trade associations,&nbsp;<\/li>\n\n\n\n<li>Other employers, and<\/li>\n\n\n\n<li>Relevant educational institutions.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>It\u2019s likely that you, on your own, can\u2019t change the lack of hype about accounting in pop culture or influence demographic trends that drive retirement. The same goes for changes to education requirements for the CPA exam.&nbsp;<\/p>\n\n\n\n<p>The good news is \u2014 other accounting firms are <strong>affected by the same issues<\/strong>.&nbsp;<\/p>\n\n\n\n<p>You don\u2019t need to (and can\u2019t) address every factor contributing to the lack of new talent.&nbsp;<\/p>\n\n\n\n<p>It\u2019s like outrunning a bear. You don\u2019t have to be faster than the bear \u2014 you just need to be faster than the other guys running from it.&nbsp;<\/p>\n\n\n\n<p>In other words, <strong>focus on being more attractive<\/strong> to the small pool of available accounting hires. To achieve this, you need to:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Offer more competitive starting salaries, and<\/li>\n\n\n\n<li>Provide a better work-life balance than other firms.&nbsp;<\/li>\n<\/ol>\n\n\n\n<p>If you can\u2019t afford higher salaries, double down on improving your staff\u2019s work-life balance.&nbsp;<\/p>\n\n\n\n<h2 id=\"how-can-you-improve-your-staffs-work-life-balance\" class=\"wp-block-heading\">How can you improve your staff\u2019s work-life balance?<\/h2>\n\n\n\n<p>Before making any improvements, you need to know what\u2019s causing your staff\u2019s poor work-life balance.&nbsp;<\/p>\n\n\n\n<p>A <a href=\"https:\/\/www.accaglobal.com\/gb\/en\/professional-insights\/pro-accountants-the-future\/global-talent-trends-2023.html\" target=\"_blank\" rel=\"noreferrer noopener\">global 2023 survey<\/a> conducted by the Association of Chartered Certified Accountants (ACCA) provides 2 important insights:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Long hours and workplace stress<\/strong> are the main reasons why young people aren\u2019t going into accounting, and<\/li>\n\n\n\n<li><strong>87% of accountants<\/strong> want to work remotely.<\/li>\n<\/ol>\n\n\n\n<p>In contrast, only <a href=\"https:\/\/www.accountingtoday.com\/list\/what-accountants-can-do-to-make-remote-work-work\" target=\"_blank\" rel=\"noreferrer noopener\">12% of accountants<\/a> work remotely full-time.&nbsp;<\/p>\n\n\n\n<p>The reason for such low numbers is obvious to any employer. Remote workers are harder to monitor, making it <strong>difficult to maintain productivity.<\/strong>&nbsp;<\/p>\n\n\n\n<p>On the other hand, remote work is a <strong>major incentive<\/strong> for new accounting talent. Eliminating the time, stress, and expenses associated with a daily commute results in a <strong>healthier work-life balance.<\/strong><\/p>\n\n\n\n<p>And there are ways of solving the productivity issue.&nbsp;<\/p>\n\n\n\n<p>For instance, you can use <strong>non-invasive time tracking software<\/strong> to ensure accountants maintain their in-office performance even when working remotely.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-group pro-tip\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<p>\ud83d\udca1 <strong>CLOCKIFY PRO TIP<\/strong><\/p>\n\n\n\n<p>To learn more about the factors that affect your staff\u2019s work-life balance and ways to improve it, check out our in-depth guide on the topic:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/clockify.me\/work-life-quality-balance\" target=\"_blank\" rel=\"noreferrer noopener\">Work-Life Balance: Statistics &amp; Facts<\/a><\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<h2 id=\"time-tracking-tools-help-you-track-productivity\" class=\"wp-block-heading\">Time tracking tools help you track productivity&nbsp;<\/h2>\n\n\n\n<p>With the right time tracking software, your CPAs can <strong>remotely<\/strong> <strong>log their hours<\/strong> in online timesheets or <strong>track time automatically<\/strong> via a simple timer.&nbsp;<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1150\" height=\"664\" src=\"https:\/\/clockify.me\/blog\/wp-content\/uploads\/2024\/08\/Clockify-timer-1.png\" alt=\"Clockify timer\" class=\"wp-image-27460\" srcset=\"https:\/\/clockify.me\/blog\/wp-content\/uploads\/2024\/08\/Clockify-timer-1.png 1150w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2024\/08\/Clockify-timer-1-520x300.png 520w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2024\/08\/Clockify-timer-1-1091x630.png 1091w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2024\/08\/Clockify-timer-1-768x443.png 768w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2024\/08\/Clockify-timer-1-18x10.png 18w\" sizes=\"auto, (max-width: 1150px) 100vw, 1150px\" \/><figcaption class=\"wp-element-caption\">Clockify timer and time entries<\/figcaption><\/figure>\n<\/div>\n\n\n<p>Our time tracker, <a href=\"https:\/\/clockify.me\/\" target=\"_blank\" rel=\"noreferrer noopener\">Clockify<\/a>, goes beyond basic time tracking features to help you manage a <strong>productive, satisfied remote team.&nbsp;<\/strong><\/p>\n\n\n\n<p>Clockify uses your team\u2019s time logs to <strong>automatically<\/strong> <strong>generate visual reports. <\/strong>For instance, the Team Dashboard menu helps you stay on top of KPIs and see what your team is doing every single day.&nbsp;<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"879\" src=\"https:\/\/clockify.me\/blog\/wp-content\/uploads\/2024\/08\/Team-Dashboard-in-Clockify.png\" alt=\"Team Dashboard in Clockify\" class=\"wp-image-27461\" srcset=\"https:\/\/clockify.me\/blog\/wp-content\/uploads\/2024\/08\/Team-Dashboard-in-Clockify.png 800w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2024\/08\/Team-Dashboard-in-Clockify-273x300.png 273w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2024\/08\/Team-Dashboard-in-Clockify-573x630.png 573w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2024\/08\/Team-Dashboard-in-Clockify-768x844.png 768w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2024\/08\/Team-Dashboard-in-Clockify-11x12.png 11w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><figcaption class=\"wp-element-caption\">Team Dashboard in Clockify<\/figcaption><\/figure>\n<\/div>\n\n\n<p>You can also use Clockify\u2019s Schedule menu to set each employee\u2019s <strong>maximum work hours. <\/strong>From that screen, you get to assign and manage everyone\u2019s tasks via a simple drag-and-drop function.&nbsp;<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"628\" height=\"307\" src=\"https:\/\/clockify.me\/blog\/wp-content\/uploads\/2024\/08\/Scheduling-in-Clockify.png\" alt=\"Scheduling in Clockify\" class=\"wp-image-27462\" srcset=\"https:\/\/clockify.me\/blog\/wp-content\/uploads\/2024\/08\/Scheduling-in-Clockify.png 628w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2024\/08\/Scheduling-in-Clockify-614x300.png 614w, https:\/\/clockify.me\/blog\/wp-content\/uploads\/2024\/08\/Scheduling-in-Clockify-18x9.png 18w\" sizes=\"auto, (max-width: 628px) 100vw, 628px\" \/><figcaption class=\"wp-element-caption\">Task scheduling in Clockify<\/figcaption><\/figure>\n<\/div>\n\n\n<p>As a result, <strong>your accountants will never be <\/strong><a href=\"https:\/\/clockify.me\/blog\/productivity\/overworking\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>overworked<\/strong><\/a> \u2014 cementing your firm\u2019s reputation as a company that respects their employees\u2019 time.&nbsp;<\/p>\n\n\n\n<p class=\"custom-btn\"><a href=\"https:\/\/app.clockify.me\/en\/signup\" target=\"_blank\" rel=\"noreferrer noopener\">Manage remote teams with Clockify<\/a><\/p>\n\n\n\n<h2 id=\"attract-new-accounting-talent-with-clockify\" class=\"wp-block-heading\">Attract new accounting talent \u2014 with Clockify<\/h2>\n\n\n\n<p>To attract quality talent even during a chronic accountant shortage, Clockify helps you:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Track<\/strong> everyone\u2019s hours easily with a simple timer,&nbsp;<\/li>\n\n\n\n<li><strong>Avoid<\/strong> overworking employees by evening out the workload,&nbsp;<\/li>\n\n\n\n<li><strong>See<\/strong> what each remote team member is working on in real-time, and<\/li>\n\n\n\n<li><strong>Schedule<\/strong> and assign tasks quickly in a drag-and-drop interface.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>To top it off, you and your accounting staff don\u2019t need any experience with productivity software or time tracking to use Clockify effectively.&nbsp;<\/p>\n\n\n\n<p>Don\u2019t let other firms swoop up all the scarce accounting talent \u2014 use Clockify to <strong>offer your employees the best work-life balance<\/strong> without sacrificing productivity.&nbsp;<\/p>\n\n\n\n<p class=\"custom-btn\"><a href=\"https:\/\/app.clockify.me\/en\/signup\" target=\"_blank\" rel=\"noreferrer noopener\">Try Clockify today<\/a><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Learn how you can use time tracking to attract accountants during the biggest CPA talent shortage ever.<\/p>\n","protected":false},"author":51,"featured_media":27463,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[16],"tags":[],"class_list":["post-27456","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-workforce-management"],"acf":[],"_links":{"self":[{"href":"https:\/\/clockify.me\/blog\/wp-json\/wp\/v2\/posts\/27456","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/clockify.me\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/clockify.me\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/clockify.me\/blog\/wp-json\/wp\/v2\/users\/51"}],"replies":[{"embeddable":true,"href":"https:\/\/clockify.me\/blog\/wp-json\/wp\/v2\/comments?post=27456"}],"version-history":[{"count":9,"href":"https:\/\/clockify.me\/blog\/wp-json\/wp\/v2\/posts\/27456\/revisions"}],"predecessor-version":[{"id":36402,"href":"https:\/\/clockify.me\/blog\/wp-json\/wp\/v2\/posts\/27456\/revisions\/36402"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/clockify.me\/blog\/wp-json\/wp\/v2\/media\/27463"}],"wp:attachment":[{"href":"https:\/\/clockify.me\/blog\/wp-json\/wp\/v2\/media?parent=27456"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/clockify.me\/blog\/wp-json\/wp\/v2\/categories?post=27456"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/clockify.me\/blog\/wp-json\/wp\/v2\/tags?post=27456"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}