Build a Resilient Finance Shared Services Center Amid the Accounting Talent Shortage

A Persistent Accounting Talent Shortage Calls for New Solutions

Here’s a startling statistic for financial leaders: Within the next 15 years, 75% of the current CPA workforce is expected to retire. Yet, the Bureau of Labor Statistics anticipates 124,200 openings for accountants each year through 2034. Though we’re seeing signs of increased enrollments in accounting programs, only about 55,000 accounting degrees were conferred in 2024.

Even as finance teams brace for a mass of upcoming retirements, the effects of the accountant talent shortage are already being felt. Reporting errors are directly connected to understaffed and overburdened teams. In a survey, 720 companies cited insufficient staff in accounting and other departments as a reason for potential errors. Another study found that high auditor turnover resulted in less thorough, lower-quality audits.

To respond to the accountant shortage, more companies are turning to a shared service model to centralize and streamline their processes while scaling for accounting and finance talent needs.

Adding Value Through a Finance Shared Service Model

Once thought of as purely transactional entities, shared service models are increasingly gaining traction as a way not just to save costs, but to add value to an organization. This model allows for an agile response to changing company needs, with opportunities to scale when necessary. Unlike outsourcing, shared service centers keep all finance and accounting work under one roof, making it easier to streamline workflow while providing greater financial transparency and oversight into compliance matters.

Shared Service Centers Rely on Technical Acumen

At the heart of the shared service model is a familiarity with advanced technology that can help automate manual processes, reduce errors and improve efficiency. This includes tools like robotic process automation (RPA), enterprise resource planning (ERP) systems and artificial intelligence (AI), along with experience in data analysis.

However, as more financial leaders look to switch to a shared service model, many are struggling to align the skills needed to make shared service centers successful with their traditional accounting and finance hiring strategies.

The Challenging Reality of Staffing Shared Service Centers

Finance leaders are hiring for traditional accounting and finance roles that aren’t always compatible with the needs of the shared service model.

A shared service center isn’t just a traditional accounting and finance department under a different name. This model requires workers to be process-driven, tech-enabled and, above all else, cross-functional. But as finance leaders struggle to find accounting talent, this model requires candidates with an even more specific, in-demand mix of skills — a daunting ask in a tight labor market.

Many executives are now prioritizing professionals with capability-dense skill sets who can adapt quickly, work across functions and leverage both technical and strategic expertise to drive outcomes in dynamic environments.

With qualified accounting and finance talent in short supply, many leaders are stretching existing teams to fill gaps without the necessary support and training to adjust to this model. This slows progress and increases pressure and burnout among accounting and finance teams.

As a result, a gap is growing between shared service center strategy and execution. These models are taking longer to stabilize, delaying ROI and placing additional strain on internal teams.