Reluctant to raise pay, accounting leaders go ‘back on the tools’

Accounting firm leaders unwilling to meet the rising salary demands of candidates amid a shortage of talent are now regularly doing work once delegated to junior staff.Recruiter Christine Foggiato said leaders at short-staffed mid-tier firms were helping out “with compliance such as preparing tax returns [and] financial statements” instead of focusing on winning new clients and providing existing clients with premium advisory services.

The resistance to demands for higher wages is despite a shortage of accountants and as the broader unemployment rate dropped to aThe problem for firm leaders resistant to raising pay rates is many other employers, at rival firms and in the industry, are willing to meet the increased wage demands,“When accounting firms are short-staffed, they usually have two options when it comes to ensuring the work is complete and they meet client deadlines: have their staff work overtime or ask their...

“This creates a few issues. First, you have accountants being paid $120,000 to $150,000 per year completing work which could easily be done by an intermediate accountant,” Ms Foggiato said. “Second, managers and senior managers do not want to be doing this type of work. These staff members become a flight risk for an accounting firm if they spend too much time doing compliance instead of advisory.

“Last, accounting firms prefer their senior staff to be focusing on growing their advisory services and being involved in business development. The staff shortage is probably the biggest barrier to boutique accounting firms growing their advisory services.

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