According to the National Association of State Boards of Accounting (NASBA), as of August 2024, there were about 672,000 licensed CPAs in the USA. However, as the demand for qualified, skilled accountants continues to rise, the significant shortage of CPAs in the country continues to linger. These professionals are necessary, yet are unavailable.
So, how do we attract more accountants to join the profession? Betsy Krisher, CPA, says in an AICPA video while sharing her love for the profession, “The one ask that I would have of everyone in the profession to grow the pipeline is to tell their personal story about why the accounting profession is important to them, and how they want to attract more people into the profession, and why they think those people should be attracted, what’s in it for those people, and what you have got from being a CPA that you want others to have as well.”
A CPA is not just another title – they are your trusted advisor, a financial strategist, and a compliance expert. They are not your regular accountants whose job is to balance the books and keep the numbers right. A CPA is a key ingredient for the growth of your business. It is not only a preferred license in the US, but also in Canada, Australia, India, and Middle Eastern countries.
Given the criticality of the role, finding the right fit is not easy. It should begin with clarity. This means you need to craft a job description that doesn’t just put together a list of tasks, but also communicates expectations, goals, and business impact.
So why are CPAs critical to your accounting business?
Accounting firms tend to trust an individual with a CPA license more because they have passed the CPA exams and have met the state’s education and experience requirements. They are qualified to:
- Prepare and review financial statements
- Manage tax planning and filing
- Conduct audits
- Maintain regulatory compliance
- Offer strategic financial advice
CPAs are often trusted with highly ethical and confidential tasks. They act as an important element in complex regulatory environments.
- Job Summary:
Along with the title, adding a summary to the job description offers a compelling overview of the purpose of the role. This helps candidates understand where they fit and the impact they create.
- Key Responsibilities:
Depending upon the size of the firm, business type, and client expectations, list down the core duties that are expected from the CPAs. This ensures that once they have joined the system, the candidates are clear from day one.
- Required skills and qualifications:
Include the experiences, technical skills, and certification-based must-haves like degrees, proficiency, and so on.
- KPIs and performance metrics:
Add measurable outcomes so that the expectations are well-aligned and drive accountability right from the beginning.
- Compensation & benefits:
This is one of the key things that should be included in a CPA job description. Talented candidates want to know what they would get in return for the services and contributions they are making towards the organization. If you are not able to put down the exact numbers, you might consider putting an overview of the compensation in terms of benefits and so on.
What Makes a Good CPA? Traits You Should Look for When Hiring for the Role
Hiring the right CPA is no cakewalk. The skills and qualities needed seep beyond the technical checklist. The ideal candidate should possess these qualities:
- Strategic Thinking: Whether you are glancing through the resume or interviewing them face-to-face, it is important to look at and analyze how they will help shape the financial direction of the business. It is also important to understand if they are well-aligned with the goals and values.
- Analytical acumen: Are they just number crunchers, or do they have the ability to analyze those numbers and get a meaning from them? Can they interpret complex financial data to find trends, risks, or opportunities? If the answer is yes, you have probably found the right fit.
- Clear communication: Can they break down financial jargon for non-financial stakeholders? Often, most stakeholders do not come from a business background, and hence, they need some clarity in understanding. If your CPA is not able to do that, it will be a challenge.
- Ethics and integrity: One of the non-negotiable qualities that your CPA must possess is that they should be ethical and have integrity. They should be able to handle sensitive data and make unbiased decisions even under pressure.
- Collaboration skills: A critical role like CPA should be able to work seamlessly with cross-functional teams like operations, legal, and even the stakeholders.
In-House vs. Offshore CPA – What Should You Choose?
| Factor | In-House | Offshoring |
| Experience | Despite being a licensed CPA, the individuals may not have the work experience needed to understand and execute the complex work processes. | With the right JD, you can find individuals who are licensed and have wide experience in the work that needs to be executed. |
| Client-facing work | There is a strict hierarchy in most firms with an in-house team. It depends on the roles, responsibilities, division of tasks whether they would be client-facing. | Being client-facing solely depends on how good they are at their job. Once a firm owner or leader has the confidence that the offshore team member is capable of handling the complexities, these roles can be moved away from the plates of the firm owners. |
| Capacity and workload balance | In-house team members often have limited capacity. In small firms, when they are already overburdened with a plethora of tasks, it can get difficult to maintain accuracy and productivity | Offshore teams have a thorough distribution of tasks. This allows them to focus on just what needs to be done. This helps the teams remain productive and accurate. |
| Tech enablement | In-house teams might find it difficult to adapt to the tech stack. Lack of training, infrastructure or the high cost can be some of the key reasons. | Offshore teams like that of Finsmart Accounting are tech-agnostic. This means no matter what tech you use, they are easy to adapt. Plus, you can avoid all the additional expenses needed to purchase and maintain the tech. |
Want to hire the best CPAs?
Download the FREE JOB DESCRIPTION TEMPLATE today!
But if you are struggling to find the right CPA talent, it is time to explore offshoring as an option. With Finsmart Accounting, you can access pre-qualified, pre-vetted, skilled accounting professionals. We make getting started with offshore teams easier. How?
- We understand your requirements thoroughly.
- Besides the basic details, we lay out the scope of work so that both parties are on the same page.
- We assign a Team Leader and an Accounts Manager for all future communication.
- We support you through a 14-step onboarding process, tech setup, and data security protocols for you to get the right start.
Whether you need a full-time CPA or a fractional team, we are here to support!
Want to know more about offshoring? Get started today: https://finsmartaccounting.com/usa/free-consultation/
Maanoj is Co-founder & Director of Growth Strategy & Alliance at Finsmart Accounting. He is an Outsourcing Expert, a People Champion, and a Dynamic Leader with strong Business Strategy and Scaling-up experience. He has incubated businesses, sold & exited ventures; helped build strong enterprises in very diversified verticals like Fintech, HR & Consulting spaces in various CXO capacities over the last 20 years.
