3 Signs You Need End-of-Year Finance & Accounting Contract Help

Winter is coming. We’ve seen frost on the ground, the temperature has dropped, and we’ve swapped our lounge pants for sweatpants as we endlessly work from home. We’re becoming more coffee dependent—for warmth and caffeine alike—as we enter into the end of the year routine. 

While 2020 has been a year like no other, at least one thing remains the same: the fourth quarter is the busiest time of year for accounting and finance professionals. 

While many people associate December with the holidays, in finance, we know December brings preparing for audits, planning meetings, and getting ready for year-end close. And now, we’re doing it all remotely. 

It’s the perfect storm for a stressed-out work force. 

Why not give your team an early holiday gift by hiring contractors to ease the load this year? If you’re like many finance leaders, this might not be your preference. Perhaps you’re already struggling with cash flow — how could increasing costs improve the situation? 

But when you examine the potential benefits, you may realize you can’t afford NOT to outsource some of your team’s work. 

3 Reasons to Consider End-of-Year Consulting Help

Do any of these ring true for your organization? If so, it’s time to consider temporary help.

1. There’s a visible dip in morale.

For finance and accounting professionals, work hasn’t stopped in 2020, but vacations have. People think of time-off differently. 

In years past, the high workload would have been eased with a few breaks along the way, but we haven’t had the option for a real break this year. The boundaries have been increasingly blurred between work, family, and relaxation. People are handling their full day job while they’re dealing with distance-learning with their kids. 

“While 2020 has been a year like no other, at least one thing remains the same: the fourth quarter is the busiest time of year for accounting and finance professionals.”

In a time when mental health is low, we’ve asked a lot of our employees. While we’ve shifted our mentality to accommodate more flexibility, it doesn’t mean people are less burned out. It’s been a tough year — and people have been expected to continue doing more with less. Your team is exhausted and fatigued. 

As of now, employees are afraid to rock the boat. They’re less likely to quit because of the overall uncertainty in the marketplace. But the job market is picking up. While your employees have stuck by you in 2020, they’ll get out as soon as they feel safe to do so if they are unhappy. 

Proactively thinking about how to take care of your employees can go a long way. Consider hiring a consultant (or two) to give them some extra resources during this busy time. 

The tides are changing. Don’t overlook this opportunity to support your people. The cost of replacing them after they quit from frustration far exceeds what you’ll pay in contractor fees. 

2. The To-Do List Keeps Growing

One thing that pandemic has not changed: the end of the year is still a busy time for finance and accounting professionals, arguably busier this year than usual.

In the continued wake of COVID-19, next year carries many unknowns. As the finance team plans for 2021, they’re anticipating different scenarios and working to account for uncertainty. All of this planning leads to more work. 

Meanwhile, accountants are conducting audits and year-end demands as usual, regardless of the turns business has made throughout the year. Audit prep is a job in itself, and it’s usually done by people who are already responsible for other duties. 

“Don’t overlook this opportunity to support your people. The cost of replacing them after they quit from frustration far exceeds what you’ll pay in contractor fees. ”

Although it’s difficult to outsource the most critical functions, you can supplement with contractors to alleviate some of the regular duties that can be performed by someone else. By easing the load, you’ll help your finance and accounting team see the light at the end of the 2020 tunnel. 

3. Borderless Recruiting is Better Than Ever

Borderless recruiting is on the rise. With the increased ability and acceptance of remote work, we can now look nationwide to find the most talented contractors with niche skill sets. While the Bay Area is still highly competitive, it’s tough to find people. In this remote environment, you can feel confident in the increased chances of finding the right consultant. We have a much wider pool to choose from. 

Plus, consultants are used to getting up to speed with new work. This is what they do, day in and day out. Anyone who’s been onboarding full time hires during 2020 has experienced their fair share of challenges. However, consultants are independent by nature. They’re already used to working in this capacity. While traditional employees might need additional onboarding support, consultants are comfortable entering into new and unfamiliar tech environments. In fact, consultants may prove to be an easier solution for hiring managers than hiring a full-time employee. 

Essentially, this doubles your chances of making a successful hire — there are more qualified consultants available due to borderless recruiting, and they’re likely to be successful because they’re used to working independently. This eases the stress on the hiring manager during a busy time when they already feel time is scarce. Win-Win-Win.

If your company is feeling the stress of winter, BVOH Search & Consulting can assist you in finding temporary associates. Call us to schedule a consultation to give your team the gift of extra help during the busiest time of the year.