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More Than Half of Accountants Say Their Company is Unprepared for Economic Recovery
19 November 2009:
Ajilon Finance Solutions, a leading provider of senior level financial and operations expertise, today announced findings from its latest survey, which shows that accountants believe their companies could do more to prepare for an economic recovery. The online survey, which polled 486 finance professionals in conjunction with the Institute of Management Accountants' Inside Talk Webinar Series, revealed that 46 percent of finance professionals say their company could do more to prepare for the recovery and an additional 8 percent believe their company is "poorly prepared" for a recovery.
The survey also found that a vast majority of accountants (92 percent) believe finance has played a "more strategic role" in helping companies manage during the downturn. Only eight percent of accountants believe finance was less important in helping their companies manage during the recession.
"As our economy enters a period of recovery, managers will need to handle a host of new challenges and opportunities from how much to invest in capital improvements to when to start hiring again," said Andrew Reina, regional practice director for Ajilon Finance Solutions. "All of these changes mean companies will need to have a solid grasp of their financial picture and hiring requirements. Out-of-work accounting and finance professionals should also take this opportunity to emphasize their 'self starter' skills and how they can hit the ground running on key projects."
There are a number of things accountants can do to help ensure their companies are prepared for an economic recovery. For example:
- Focus on talent management - Talent Management is critical to any successful business and even greater emphasis is required during periods of economic downturn and recovery. It is critical to ensure your firm has high-quality bench strength as workloads have increased dramatically. Think about adding temporary "on-demand" workers to balance peak workflows and create a more scalable workforce to ensure your existing staff does not become overwhelmed and burnt out. Recognize your star performers and acknowledge their contributions.
- Improve information flow - Management teams are in desperate need of "real time" data to make quicker decisions. More companies are looking into enterprise resource planning systems and business models that bridge common communication gaps and accelerate information dissemination. We continue to see a greater trend towards centralization to ensure information is passed quickly and accurately to support key business decisions.
- Adopt a transformational approach to cost reduction - Focus greater attention on strategic & structural improvements that create a more scalable and sustainable cost infrastructure. These include process automation, business process outsourcing (BPO), shared service models and business reengineering. These types of improvements can position a company to achieve double-digit cost savings that are both larger and more sustainable than incremental reductions.
- Consider partnering for new solutions - Partnering with a company in a complementary industry can help you realize economies of scale while spreading out risk and the cost of infrastructure improvements. Partnering can also help you gain access to new markets.
ABOUT AJILON PROFESSIONAL STAFFING
Ajilon Professional Staffing is a leader in recruiting and project consulting, with specialty divisions in finance and accounting, management and office support, and legal. In North America, more than 200 offices service a range of clients through an integrated suite of human capital solutions.Ajilon Finance specializes in the temporary and direct-hire placement of premier accounting, financial and bookkeeping professionals. Ajilon Office offers clients specialized administrative and management professionals on a temporary and direct-hire basis. Ajilon Legal places highly-qualified candidates in a wide range of specialized positions including attorneys, paralegals and legal support professionals. Ajilon Finance Solutions provides senior-level financial and operations professionals to companies on a project or interim basis.
Source: PR Newswire
