The pandemic has fundamentally changed the way many businesses operate, and CPA and accounting firms are no exception. As more and more employees were forced to work from home due to lockdowns and social distancing measures, firms had to embrace the new norm.
The challenging situation may cause the task of encouraging diversity and inclusion (D&I) to be neglected. But that shouldn’t be so. Diversity in accounting can bring humongous benefits.
As per McKinsey's findings, businesses ranking in the top quartile for diversity have a 35% higher chance of outperforming those with lower diversity. Additionally, drawing in diverse talent can enhance a firm's profitability and market competitiveness. Hence D&I becomes very critical for your capacity planning.
The significance of diversity and inclusion (D&I) extends beyond internal teams and larger CPA or Accounting firms; smaller firms with offshore teams can also benefit from implementing these values.
Drawing on our experience working with CPA & Accounting firms, it's evident that prioritizing diversity and inclusion (D&I) can give accounting organizations a competitive edge. So, it's important to take action right now, or else you might fall behind.
9 key benefits of having a diverse team
CPA & Accounting firms can benefit greatly from having diverse teams, including offshore teams. Below are the key rationale to consider D&I when formalizing their capacity planning:
- 1. Gender perspective: A diverse team can bring a gender perspective that may be different from the dominant gender in the CPA firm. This can be particularly valuable when working with clients who may have different expectations or preferences based on gender. This is a crucial aspect of capacity planning in modern accounting firms.
- 2. Age perspective: A diverse team can bring an age perspective that may be different from the dominant age group in the CPA firm. This can be particularly valuable when working with clients from different age groups or when developing strategies for reaching different age groups.
- 3. Experience perspective: A diverse team including offshore team can bring different levels of experience, which can help the CPA firm to provide a range of services to clients. For example, a team member with experience in a startup may bring valuable insights to a CPA firm working with startup clients. This is a major benefit of diversity in accounting
- 4. Fresh perspectives: An offshore team, particularly one that is based in a different country, can bring a fresh perspective that may be different from the dominant culture or way of thinking in the CPA firm. This can lead to new ideas, insights, and approaches on capacity planning, project management, and client support that the local team may not have considered.
- 5. Challenging assumptions: When team members come from different backgrounds and cultures, they may challenge assumptions that are commonly held within the CPA firm. This can lead to new ways of looking at problems and new ideas for solving them.
- 6. Specialized bookkeeping skills: A diverse team especially the offshore teams may have specialized bookkeeping skills, such as experience with different accounting software or different bookkeeping methodologies. Such a diverse team can help to combine different ideas and perspectives, which can lead to the development of new and innovative solutions. This can help the CPA firm to better serve the needs of clients who have specific bookkeeping requirements. See, diversity in accounting has practical benefits!
Read our Guide in Adapting Emerging Technologies that can help you embrace and grow with technology.
- 7. Improved listening skills: When working with team members who speak different languages or come from different cultures, it is important to develop strong listening skills. This includes listening carefully to what team members and clients are saying, as well as being able to interpret nonverbal cues.
- 8. Diversity of thought: When a team includes people from diverse backgrounds, cultures, and experiences, it can lead to diversity of thought. This means that team members are able to bring different ways of thinking and problem-solving to the table, which can lead to more creative and innovative solutions. A clear benefit of inclusion and diversity in accounting.
- 9. Cross-cultural communication: Offshore teams are likely to be located in different countries and cultures, which can help the CPA firm to develop cross-cultural communication skills. This includes learning how to communicate effectively with team members who have different backgrounds and cultures, as well as with clients who may come from different cultures.
Connect for accounting offshoring support
Finsmart Accounting with its 15 years of outsourced accounting space uses its own proprietary framework called DPPT - Definition, Process, Precision & TAT that has been the success mantra for supporting the firms in the US to stay ahead of the competition.
By partnering with an experienced offshore accounting services provider like Finsmart Accounting, CPA firms can access a team of professionals who are knowledgeable about the latest technologies, up to date with ever-evolving accounting norms, and also domain experts in US accounting.
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Would you like to know more about diversity and inclusion in accounting and how CPAs can benefit from the same in terms of growth? Did we miss out anything on CPA diversity and inclusion while answering ‘how diversity and inclusion drive capacity planning in accounting firms’? Start the conversation below or check out our recent blogs on offshore accounting: