The global pandemic has magnified weaknesses in the accounts function of many businesses.
For example, widespread staff shortages triggered by the pandemic have become a significant issue globally. Microsoft has estimated that more than 40 per cent of the global workforce are considering leaving their employer this year.
A range of problems affecting accounting personnel could have significant ripple effects if left unaddressed. The following are pandemic-related issues that have an impact on staffing:
- The permanent loss of staff members due to long-term illness, care responsibilities, and in some cases, death has been a shocking consequence of the pandemic in many countries.
- Sudden spates of non-negotiable sick days as employees recover from Covid-19, or must isolate due to close contacts, have taken their toll, even where vaccinations and tests reduce the worst outcomes.
- An ongoing shortage of accounts professionals due to ‘the great resignation’ effect of the pandemic has created staff shortfalls and instability.
Whether permanent or temporary, such issues could result in critical service disruptions if accounts personnel aren’t on the ground to collect money, pay regular bills or ensure contract deadlines are met. However, a way to address the potential service gap is to engage outsourced accountants.
Read more in our white paper Onshore and outsourced Key trends for 2022.