Shrinking Talent Pool Posing Challenges For Local CPA Firms

If your local Orlando business is having a hard time finding an affordable accounting firm to work with, you’re not alone. According to a recent article in the Orlando Business Journal, large Orlando accounting firms who would like to increase their staff are having trouble finding new hires and retain old ones due to the smaller pool of local professionals.

The fifteen (15) Orlando accounting professionals who participated in the journal’s Industry Outlook on December 8, 2014 all concurred with the impact of some alarming statistics:

• Over the past six years, the number of accounting professionals in Orange County has dropped by 10%. In 2008, there were 3,681 accounting professionals as compared to 3,335 last year, according to the Bureau of Labor Statistics.

• Accountant salaries have jumped from $47,605 in 2008 to as much as $54,400 in 2013 – a 15% increase.

• In addition, since 2008 there have been fewer graduates and fewer degreed professionals teaching accounting courses in local colleges and universities. This trend is expected to continue as many professors are reaching retirement age. Many candidates who attend UCF leave the area for internships and never return.

New Opportunities Make It Hard For Local Firms To Compete

Locals agree that part of the shortage is because many good candidates have been hired away by Verizon and Deloitte, two large companies that have increased presence in the area by hiring over 2,100 new workers. Both of these firms are offering above average salaries for entry-level candidates, plus amenities that the young workforce loves, such as personal trainers and more informal workspace.

Small Clients May Feel The Pinch

The new realities of the accounting field may make it necessary for companies to offer higher salaries and more concessions such as shorter work weeks or flexible schedules to lure new staff. As the shortage becomes more acute, many small businesses will find it increasingly difficult to find accounting help at rates they can afford.

The only clear winners in this scenario are current accountants and those who wish to pursue the field, which will become even more lucrative and in demand in years to come.

Work With Baldwin Accounting

At Baldwin Accounting, we have our services set up so that they are affordable for clients of all sizes. We are always on the lookout for qualified professionals to join our staff. We offer an excellent compensation package and flexible work options. For information, contact us via our website or by calling 407-363-0890.