Temporary vs. Permanent Accounting Staffing: Which is Right for Your Business?

“No problem can be solved until it is reduced to some simple form. The changing of a vague difficulty into a specific, concrete form is a very essential element in thinking.” – JP Morgan

Overview Of Temporary vs. Permanent Accounting Staffing: Which is Right for Your Business?

The workforce is a diverse place with job seekers hoping to fill positions that accommodate their lifestyles or ambitions. For example, those who want to reach the top of the corporate ladder need permanent positions while people who have school-going children might want a part-time position in budgeting and forecasting services. 

Employers also have diverse needs. They might need a position for a short time, in which case a temporary employee is the answer. For example, you might not need a full-time accountant but when tax season rolls around, you need someone to gather and compile data and submit the tax return.

We’re going to look at the benefits of temporary and permanent accounting staffing as they relate to key features, including flexible accounting services, cost savings, skills, and engagement.

Discussion Of Temporary vs. Permanent Accounting Staffing: Which is Right for Your Business?

Your business changes over time. Sometimes it’s a feast when you have more clients than you know what to do with. Other times its famine when you only have enough clients to keep the wolf from the door.

You must decide if you’re going to take a leap of faith and hire a permanent accountant or financial manager, or choose a temp or two to manage specific financial services.

It’s a good idea to have an overview of both options so you can make an informed decision that best suits your company.

1) Flexibility and Adaptability

Ideally, you want someone who doesn’t strictly adhere to certain processes, even when they stop functioning optimally. The person needs the flexibility to adapt to changing circumstances and alterations to regulations and laws. Temporary and permanent accounting staffing can provide what you need, but which is best for you?

2) Cost Considerations

Costs are a concern for even the biggest and most powerful staffing companies. Anything that cuts costs is worth consideration. When it comes to saving expenses, temporary outsourced bookkeeping services usually pip permanent employment to the post.

3) Skill Requirements

Temporary projects usually need a skill set that your financial department doesn’t have. You just need them long enough to complete the task, which could be anything from a few days to a few weeks. On the other hand, it might be worth investing in training for permanent staff whose growing skill sets benefit your company.

4) Employee Engagement and Loyalty

One of the best things about permanent staff is the relationships they build, the team mindset, mutual support, and loyalty to the company that recognizes and rewards hard work. This sense of cohesion is missing when temporary staff enter the picture. One way to counter this is by making the position temp-to-hire. Temp staff who want to transition to permanent employees are likely to make the most of the opportunity and prove their ability to be team players.

Conclusion and Final Recommendations

Temporary and permanent staffing each have advantages and disadvantages, so you must think carefully about your needs before you outsource staffing company accounting services. 

If you decide to go the temporary route, for example, you need to fill a gap after someone resigns suddenly, you must do your due diligence to find someone who has a good reputation for the skills you need. 

Consider how long you’re going to need your temp worker. You need a person who has the flexibility to stay until you fill the role, and you don’t know how long that will take. You don’t want a temp who can only stay for a week and then you have to go through the whole process again.

If you decide to go the permanent route, you must do your due diligence to find someone with a broad skill set who is a good fit for your company in terms of quality work and character. For example, if your team is both professional and relaxed, you don’t want a dour personality clouding the office space.

You’re looking for someone who wants the financial security and job stability that a permanent position provides. Someone you can invest in, who will take the training you provide and use it to benefit your company and not run to the first company that provides better opportunities for advancement.

You can simplify your life by choosing to outsource accounting solutions. Outsourcing companies not only have expert staff to manage all your accounting needs, but they also have highly advanced software, like Sage Intacct ERP, that provides all the data you need as soon as you need it. 

When the pressure of managing your finances is lifted from your shoulders, you have more time and resources to focus on filling temporary and permanent positions.

Recruitment has a unique set of challenges. You can find out more about the challenges you’ll face in the second half of 2023 in this article.

When considering temporary or permanent accounting staffing for your business, it’s essential to have the right tools in place. Sage Intacct, known for its versatility, can provide the foundation you need. By Sage Intacct ERP, you can make an informed decision regarding accounting staffing. Whether you require temporary staffing to address short-term needs or prefer a permanent solution for long-term stability, Sage Intacct and LWI can help you navigate the complexities and choose the right staffing strategy for your business.