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Why you should hire a temporary worker for Year-End Closing

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Elisa Beckschebe our consultant managing the role
Author: Elisa Beckschebe
As the year draws to a close, businesses often find themselves grappling with the high-pressure task of year-end closing. This critical process involves reconciling financial records, preparing reports, and ensuring compliance with tax regulations. To navigate this period smoothly, many companies turn to temporary workers. This article explores the benefits of hiring temporary workers for year-end closing.

The Benefits of Temporary Workers in Year-End Closing

Temporary workers offer several benefits to businesses during the year-end closing process:

1. Cost-effective Support

Temporary workers provide a cost-effective solution to manage the increased workload during year-end closing. Employing temporary workers allows businesses to scale their workforce without the long-term commitment and expenses associated with hiring permanent employees. They can fill in resource gaps, ensuring that the closing process is completed efficiently and within the required period.

 2. Flexibility in Staffing

Year-end closing often requires additional resources for a limited period. Temporary workers offer the flexibility to ramp up staffing levels during peak periods and scale down once the process is completed. This flexibility helps optimize staffing levels, ensuring that regular employees are not overworked and can focus on their core responsibilities.

3. Expertise and Specialized Skills

Temporary workers bring a diverse range of expertise and specialized skills to the table. They can provide valuable insights and knowledge in areas such as account reconciliation, financial analysis, and financial reporting. Their experience and familiarity with year-end closing processes can help streamline operations and improve the overall quality of financial reporting.

4. Trial Period for Potential Hires

Hiring temporary workers during the year-end closing process allows companies to evaluate their skills and suitability for permanent positions. This trial period provides an opportunity to assess their performance, work ethic, and compatibility with the company's culture and values. It helps reduce the risk of hiring the wrong candidates and ensures a better fit for long-term positions.

5. Short-term Assignments for Retirees and Highly Qualified Individuals

Temporary workers are not limited to entry-level positions. Retirees and highly qualified individuals often seek short-term assignments to leverage their expertise and maintain engagement in the workforce. Hiring these individuals during year-end closing can provide access to their wealth of knowledge and experience, contributing to a more efficient and effective closing process.

Top 3 roles Temporary Workers can play in Year-End Closing

Temporary workers can fulfil various roles in the year-end closing process, contributing to its success. Here are some key roles they can play:

 1. Account Reconciliation Specialists

Account reconciliation is a critical aspect of year-end closing, ensuring the accuracy and completeness of financial data. Temporary workers with expertise in account reconciliation can contribute to this process by reviewing and reconciling financial accounts, identifying discrepancies, and rectifying errors. Their diligence and analytical skills are invaluable in ensuring the integrity of financial statements.

2. Financial Analysts

Financial analysts play a crucial role in analysing financial data and preparing reports for decision-making. Temporary workers with a background in financial analysis can assist in reviewing revenue and expense trends, identifying potential areas for improvement, and providing insights into the company's financial performance. Their analytical expertise helps management make informed decisions based on reliable financial information.

3. Financial Report Preparers

Temporary workers can also contribute to the preparation of financial statements, such as the income statement, balance sheet, and cash flow statement. They can assist in compiling and organizing financial data, ensuring that it aligns with accounting standards and regulatory requirements. Their understanding of financial reporting guidelines contribute to accurate and compliant financial statements.

 Conclusion

Temporary workers play a valuable role in year-end closing, enhancing efficiency and flexibility in finance. Their cost-effective support, expertise, and ability to fill resource gaps contribute to a smooth and effective closing process. By leveraging the benefits of temporary workers and implementing best practices, businesses can optimize their year-end closing operations, ensuring accurate financial reporting and informed decision-making. Embracing the value of temporary workers in year-end closing can be a strategic move towards achieving financial success and growth.

Find your next accounting and finance contractor 

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04/10/23

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