Welcome back to "Budgets, Books, and Balance Sheets." I'm your host, Kevin Mitchell, and today we're wrapping up our season with a special episode. Yes, that’s right folks, we are wrapping up our first season of the podcast. Not only is this the last episode of the season, but we're also going to recap what I think is the most important thing we've learned about hiring talent: the critical importance of watching out for their well-being.
In the hustle and bustle of the business world, it's easy to get caught up in the numbers, budgets, and balance sheets. But as we wrap up this season, let's remind ourselves that the heart of any successful business is its people. Let's dive into the essence of finding and nurturing the right talent, and what it means for their well-being.
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Welcome to "Budgets, Books, and Balance Sheets," the podcast that helps you master the art of financial management. I'm your host, Kevin Mitchell, and today we're diving deep into the world of accounting and finance. Our episode title: "Top 10 Qualities to Look for in a Tax Accountant"
In the world of finance, making the right hiring decisions can make or break your firm's success. And one key role that plays a pivotal part in any financial organization is that of a tax accountant. Tax accountants are the unsung heroes, guiding individuals and businesses through the labyrinth of tax compliance. As we approach tax season, having a skilled tax accountant on your team can be a game-changer.
Finding the right tax accountant with the skills and qualities your firm needs is paramount. In this episode, we'll explore the top qualities to look for when searching for the perfect tax accountant. Whether you're expanding your team or reevaluating your current workforce, these qualities will help you identify the right fit for the job.
Let's kick things off by addressing a common misconception:
Before we jump into the qualities you should seek in a tax accountant, it's crucial to debunk a common myth: not all accountants are tax accountants. You see, accountants come in various flavors, including management accounting, financial accounting, and tax accounting. While they all share a foundation in financial principles, their areas of expertise can be worlds apart.
Tax accountants, also known as tax preparers or tax advisors, specialize in the intricate world of tax regulations and codes. Their job is to ensure that individuals and businesses are compliant with tax laws while optimizing their financial situations to minimize tax liabilities. It's a niche that requires a unique skill set and knowledge base, making it essential to select a tax accountant with the right qualifications.
So, you're on a quest to find a top-notch tax accountant. It can be a challenging journey, but with the right guidance, you can make the process smoother. Here are the top five qualities you should look for when hiring a tax accountant.
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Episode #78 | Low Employee Morale: Top 5 Signs and How You Can Boost It
Welcome back, dear listeners, to another episode of "Budgets, Books, and Balance Sheets." I'm your host, Kevin Mitchell. Today, we're diving deep into a topic that affects every corner of the business world, and especially so in the realm of accounting and finance. We are talking about low employee morale. We'll explore the top five signs of low morale and discuss strategies to boost it. But first, let's understand why it's crucial to prioritize employee morale.
Boosting employee morale isn't just a luxury, it's an absolute necessity in today's business landscape. The world is evolving, and so are our workplaces. More and more of us find ourselves in remote or hybrid work environments, which can present unique challenges when it comes to maintaining high employee morale. But why does it matter so much?
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With remote work on the rise, many businesses are exploring ways to hire international employees. The question is, which method is best for your company? Should you opt for Outsourced Staffing, or would an Employer of Record (EoR) be a more suitable choice?
To help you navigate this important decision, we'll explore the nine key differences between these two approaches. By the end of this episode, you'll be equipped with the knowledge you need to make an informed decision for your business.
By 2025, about 22% of U.S. workers, or 36.2 million people, are projected to be working from home. As a result, businesses are increasingly looking beyond their borders to find top talent. This growing trend raises an important question: how should you hire international employees?
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Quiet Quitting is not about employees walking out the door with a dramatic exit; rather, it's the slow disengagement that happens long before they officially resign. And this trend, my friends, is something every finance professional and accounting firm should have on their radar. Why, you ask? Because it significantly influences productivity, morale, and ultimately, the bottom line.
In an industry where the labor market is shrinking as we speak, taking care of the high-quality talent we already have is paramount.
So, in today's episode, we're going to explore what Quiet Quitting is, why it's happening, and most importantly, strategies to tackle it. We'll focus on two key aspects: talent retention and the offshore talent hunt.
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Procurement analysis, a strategic practice that significantly impacts an organization's financial health, involves the systematic evaluation of purchasing activities. It's all about data – collecting it, analyzing it, and interpreting it to make informed decisions. But why is this process so indispensable, and what does the future hold for it? Let's explore the world of procurement analysis.
Procurement analysis utilizes a wide array of data sources. These include purchase orders, invoices, supplier contracts, and inventory levels. In the analysis process, various quantitative and qualitative techniques are used, such as spend analysis, supplier performance evaluation, and market research. By harnessing the power of procurement analysis, accounting and finance firms can unearth insights that are essential for optimizing their clients' financial operations.
So, why is procurement analysis necessary? What's the driving force behind this critical process? Let's break it down into a few key aspects.
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Today, the world of accounting and finance is highly regulated, and for a good reason. Violations or misconduct can result in hefty fines, lawsuits, damaged reputations, or even the loss of professional licenses. So, it's imperative for accounting and finance firms to hire individuals with the right qualifications, skills, ethical standards, and clean backgrounds. This is the main concern for most firms when hiring new positions, and even when we have all the technology to control every step of processes, there are still some lingering misconceptions about staffing agencies that might be preventing firms from tapping into these types of services.
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Imagine you are the captain of a ship sailing across the ocean. You have a destination in mind, a crew of skilled sailors, and a map to guide you. But along the way, you encounter some challenges: a storm, a broken mast, a pirate attack. You need some extra help to overcome these obstacles and reach your port safely.
What do you do? Do you hire more sailors to join your crew temporarily, or do you seek advice from an experienced navigator who can show you the best route?
This is similar to the dilemma that many businesses face when they need outside help to accomplish their goals. Do they opt for staff augmentation or consulting services?
Both are valid options, but they have different implications and benefits depending on the situation.
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Today, we are not talking about how offshoring accounting can be incredibly beneficial for accounting firms, something we have already talked about in other episodes, but rather how to overcome a particularly warring challenge of offshoring: Quality and compliance. Specifically, we'll be exploring how to ensure the following of international standards.
To begin with, let’s make a quick recap of what we are talking about. Offshoring accounting is all about outsourcing financial responsibilities to service providers in countries with lower labor costs and taxes. This strategy can help firms save money, access skilled talent, and allow them to concentrate on their core competencies. But, as the saying goes, "With great power comes great responsibility." In this case, that responsibility involves maintaining the quality and compliance that are expected in the world of accounting.
Today, we'll be discussing some key tips and best practices to ensure that your offshored accounting tasks meet the highest standards.
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You're at your wit's end trying to find the right candidate for that open senior accountant position. After weeks of posting the job ad and sifting through piles of resumes, you still haven't found anyone who's the perfect fit. The accounting department is struggling with the extra workload, and you need to fill this role fast.
It may be time to consider partnering with an accounting recruiting agency. These agencies have access to a pool of qualified candidates that you may be missing. They can help source candidates that match your requirements and company culture.
At the end of the day, bringing in an accounting recruiting agency is an investment that pays off. You gain access to a pool of qualified candidates, streamline your hiring, and end up with accounting professionals who become invaluable members of your team. Really, can you afford not to use a recruiting agency? They're the key to unlocking the potential of your accounting department and achieving your business goals.
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In a world where the talent pool knows no geographical boundaries, the race to secure top talent has never been more intense. The onset of COVID-19 reshaped how we work, how we collaborate, and most importantly, how we access talent. Today, we'll explore how accounting and finance firms are tapping into this global talent goldmine, transforming their organizational structures and delivery models in the process.
The truth is, the competition for talent has reached a fever pitch. Organizations across the globe are vying for the best minds to propel their growth and innovation. And that's where the outsourcing model comes into play. But hold on to your balance sheets, because this isn't the outsourcing you might be familiar with.
Traditional third-party outsourcing models are evolving at breakneck speed, going beyond their conventional boundaries. These models are now embracing transformative technologies like artificial intelligence and leveraging data-driven insights to revamp both business and IT processes. But here's the kicker - this isn't just a fancy upgrade; it's fast becoming a necessity for companies that want to stay competitive.
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As the global workforce continues to evolve, companies are increasingly seeking top-notch talent beyond their local borders. The advantages of offshore talent are undeniable: expanded talent pools, increased diversity, and enhanced innovation.
However, the path to offshore hiring is not always smooth sailing. Language barriers, cultural differences, and time zone challenges can make the process daunting.
That's where remote recruitment companies come into play, bringing their expertise to navigate these issues and make your offshore hiring journey a lot less bumpy.
So, what exactly is a remote recruiter? An offshore recruiter, also known as a cross-border remote recruiter or an outsourced staffing agency, is a professional or agency that specializes in hiring talent from outside an organization's home country. They possess expert knowledge of international hiring laws, cultural nuances, and recruitment strategies.
They serve as a vital link between organizations and the global talent pool, enabling companies to access the best talent regardless of geographical barriers.
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The quest for top-tier talent has transcended borders. Gone are the days when organizations were confined to their local talent pools. In our interconnected world, hiring from overseas has become a strategic necessity for business growth. Whether you run a financial firm or an accounting company, venturing into foreign markets for skilled professionals could give your organization the competitive edge it needs.
But, before you set sail on this offshore journey, you need to be well-prepared. One common solution that businesses often turn to is staffing agencies. These agencies promise to simplify the process, from finding candidates to managing contractual obligations. But here's the crucial question: How do you ensure that the staffing agency you choose is reliable and trustworthy?
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Today, we're diving into the intriguing world of offshoring accounting and finance talents. It's a strategy that many CPA firms in the United States have been embracing to cut costs and streamline their operations. But, as with any financial decision, measuring the Return on Investment or ROI can be a challenging task.
In this episode, we'll explore the various factors to consider when evaluating the ROI of offshoring accounting and finance professionals. So, if you're a CPA firm considering this strategy or just curious about how it all works, stick around because we've got some valuable insights coming your way.
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As globalization and digitization continue to redefine our world, companies worldwide can now easily tap into the potential of global talent, including the rich pool of South American professionals. And one country that stands out in this global trend is Argentina.
The 2023 Deel "State of Global Hiring" report ranks Argentina as the regional leader, with the highest number of employees hired by foreign companies. This surge in offshore hiring raises questions about the future of employment patterns in major business hubs like the US and Europe, especially in the accounting and finance sector in which Argentina seems to be thriving.
Today, we'll explore this phenomenon in detail, discussing the factors driving this trend, the sectors benefiting the most, and the demographics and preferences of Argentine professionals.
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When we talk about remote workers, freelancers, and contractors, we're essentially discussing the various ways in which individuals can contribute to a business, regardless of where they're located or the lifestyle they choose. It's essential to grasp these differences to make informed decisions about who to hire and how to structure your workforce effectively.
As you may know, remote work is on the rise, especially in the wake of the pandemic that forced many businesses to adapt to new ways of working. According to a recent report by Upwork, 36.2 million Americans will be working remotely by 2025, an 87% increase from pre-pandemic levels. This trend is also evident in the accounting industry, where firms are increasingly hiring remote workers to handle various tasks and functions.
But when we talk about a remote worker, freelancer, or contractor, we are not talking about the same thing. These are different modalities or relationships between a firm and the worker, regardless of the lifestyle they want (or can) lead.
To optimize your firm’s operations and leverage the best accounting talent available, it’s crucial to know exactly what you are aiming for and what is best for your business. This episode aims to shed light on these different roles, highlighting the benefits of hiring either contractors or freelancers and how partnering with an offshore accounting staffing agency can make everything easier.
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Hello and welcome to Budgets, Books, & Balance Sheets, the podcast where we talk about all things related to accounting, finance, and business. I’m your host, Kevin Mitchell, and today we’re going to explore a topic that is very relevant for the current times: T-shaped skills.
What are T-shaped skills? And why are they important for accountants and finance professionals? How can you develop them and what are the benefits of having them? These are some of the questions that we’ll try to answer in this episode.
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Accountants are money and expense whizzes, but sometimes, advertising can throw them a curveball. Figuring out who to target and how to get the word out isn’t always a walk in the park. With more and more accounting firms popping up online, standing out from the crowd is harder than ever. That’s where a killer advertising strategy comes in handy - it helps you make some noise and reel in more clients.
So, let’s crack this nut: How can your accounting biz turn heads and bring in fresh clients? Well, buckle up, because I’m going to share with you some tips and tricks that will help you create effective accounting firm advertising. Whether you’re a solo practitioner or a large firm, these strategies will help you boost your visibility, credibility, and profitability.
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Welcome back to another episode of "Budgets, Books, & Balance Sheets." I'm your host, Kevin Mitchell, and today we're diving headfirst into a topic that's essential for every bookkeeping professional and small accounting firm: How to Find Bookkeeping Clients.
In today's highly competitive and digital industry, acquiring new clients can be difficult. That is why we have gathered 10 powerful strategies to help your bookkeeping business grow. So, let's jump right in.
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Historically, offshore staffing in finance and accounting was all about one thing: reducing costs. It allowed businesses to tap into a global talent pool and acquire services at a fraction of the local price. But, over time, it became evident that offshore staffing offered so much more than just cost savings.
Today, outsourcing staffing is about far more than just the bottom line. Finance and accounting firms that create and sustain real value utilize offshore staffing for strategic ends, filling in-house talent gaps and enhancing capabilities they may otherwise lack.
So, what's driving this transformation? Well, it's time to unpack the motivations that are pushing the envelope beyond cost-cutting and delivery.
Read more here.
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