The finance and accounting industry is facing a severe talent shortage, one that is affecting businesses all over the world. On a recent episode of The Beehive Podcast, Aira Pineda, the Chief Financial Officer of Scrubbed, joined host William Lagman to discuss what’s causing the gap and how global professional firms are stepping up to provide those solutions.
The Talent Crunch in Numbers
Why Businesses Can't Afford to Wait
Technology and Outsourcing: A Two-Pronged Solution
Aira recommended two solutions for companies struggling to fill accounting roles: technology and outsourcing.
Automation and AI are already having an impact by helping to streamline processes, and they can reduce the number of people needed. But technology can’t be the complete solution. Those remaining must know how to use the technology effectively. For instance, Scrubbed is currently researching AI tools and technologies that can make the financial reporting close process faster, but Aira says the firm has also tripled the spend on training for the Scrubbed team. “It is never completely technology,” she says. “You will always need a person navigating that.”
Outsourcing, meanwhile, offers an immediate way to address talent gaps. Scrubbed’s model—built around providing high-quality, global talent—has helped clients overcome capacity and expertise challenges. “We have global talent that’s available. We’re in the Philippines, and we can do high-level finance services from here,” says Aira. “We have clients that are publicly listed on the New York Stock Exchange in Nasdaq. And these are companies that have rigorous requirements from regulators. Yet the work can be done here.”
The experience of a firm like Scrubbed is also important. “Some CEOs of startups ask us for help because they don’t know what to do. Because we’ve been in this business for so long, we’ve seen it all,” she says. “it’s a matter of guiding our clients in the compliance requirements they need to do or what they need to do to get their books in order or what kind of analysis they need to be doing, what kind of internal controls they need to be setting up.”
Changing Perceptions about Outsourcing
William raised the negative stereotype about outsourcing, saying that clients worry that the quality of outsourced work doesn’t match in-house standards. Aira stressed the need to reshape how companies view outsourcing as a model. “It really depends on finding the right partner because, of course, quality will vary, depending on who your provider is. We want our clients to engage with us because they believe they will get quality work from us. Not just because we’re cheaper.”
Scrubbed focuses on providing seasoned accounting professionals with excellent customer service and high-quality communication skills. The firm attracts and retains top talent because of a strong employer brand and culture that emphasizes quality, career progression, and training. “That’s why our attrition rate is far below industry averages,” Aira says.
Looking Ahead
Aira highlighted three key areas that businesses should be focusing on:
- Build a strong employer brand
Recruiting and retaining top talent in a tight market can depend on how attractive your firm is to potential employees. Aira emphasized that Scrubbed’s culture of engagement and professional growth has led to lower-than-average attrition rates, with team members even referring their friends and family to join. - Stay up to date on technology and AI
Making the most of technology requires constant learning and adaptation. “I started my career as an Excel whiz. That’s not enough anymore,” Aira says. Accountants and finance professionals now need to know how to work with tools like Python and other advanced data analytics software to manage large datasets efficiently and effectively.
- Artificial intelligence is also playing an increasingly important role. Smart firms will use AI to automate processes like coding invoices to the correct expense categories, leaving more time for their accounting team to focus on strategic analysis and forecasting. Shifting from manual tasks to higher-level strategic work means offering tech training will be more critical than ever.
- Be aware of ESG and compliance trends
New and more complex reporting standards are being developed and put into effect, especially around ESG. Scrubbed is developing an AI-driven ESG platform to assist clients, but Aira notes, “This is something CFOs need to learn and comply with, and there are new standards coming out that companies in the US and the UK will need to comply with.”
