When it comes to managing the accounting team for your SMB, much of your success will ride on whether you make the right hires in the first place.
If you fail to hire people who learn new techniques quickly and easily, stay motivated, treat clients well and care about their work, for example, you may find that their shortcomings drag down your entire team.
That’s unfortunate, since the cost of finding, establishing and training a new employee can raise his or her acquisition cost to 1.5 to three times their salary, reports Eric Koester in an Investopedia article. Of course, that doesn’t cover the intrinsic costs of having to correct inferior work or repair client relations when a new hire doesn’t perform as expected.
That said, finding quality candidates may take time and effort, given the accounting/financial sector unemployment rate that’s lower than the overall average and the projected national demand for accountants and auditors (anticipated growth of 10.7% between 2014 and 2024).
“Hiring a new employee isn't a decision that should be taken lightly, as it doesn't fall lightly on the company budget,” emphasizes Annie Mueller on Investopedia. “(But) the potential return on a good new hire continues to make the investment worthwhile.”
With that in mind, here are four tips to consider as you begin your hunt for the newest addition to your staff.
What qualities to look for when searching for a new accountant
Evaluate needs
Consider exactly which skills will be most in demand at your company, now and in the future. You may wish to adjust your new job description to be more progressive or more comprehensive than in the past. “I find it very advantageous if such a prospect has strong computer skills so as to help with other areas in a small practice, such as marketing content, website content updates, brochure creation and maintenance, worksheet updates and creation and business communication,” notes accountant Jerry Gintz on Masterinaccounting.info.
Make a wish list of capabilities
Aside from accounting credentials, vet for qualities such as efficiency, flexibility, honesty, interpersonal acumen, organizational skills and ability to meet deadlines. "These days, accountants (also) need to be creative when crunching numbers,” notes a Nuvest.net article. “They must be capable of developing fresh ideas and strategies to solve complex and unique issues.”
Can they solve problems?
Ask candidates to talk about their problem-solving skills, including examples of how they’ve helped clients or employers save money. “This can include anything from exploiting opportunities in the tax code to organizing training and promoting better record keeping for employees in other departments,” advises John Krautzel on Nexxt.com.
Check for news know-how
Ideal candidates will also be knowledgeable about recent industry developments and key changes in laws and regulations. “With the introduction of new principles, laws and taxes, the field of accounting is ever changing,” notes Nuvest. “An accountant who does not keep learning will not remain an asset to an organization in the long run.”
Acclimating new accountants to your team is easier when you’re working with a task-focused and user-friendly accounting tool like Gravity Software®. Developed by experienced accountants, Gravity offers you more features than QuickBooks without the unnecessary complexity or expense of enterprise applications.
To learn more about streamlining your accounting functions, download our whitepaper, “Top Skills Modern Accountants Need for 2020 and Beyond.”
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