Why you need finance contractors to bolster your business

The interim and contracting industry currently accounts for a third of the world’s working population and is projected to reach $500 billion in gross volume in the next five years. Why has there been a surge in interim/contract work and how can it benefit your business? 

Businesses that survive are flexible and agile. Contract work meets rapidly changing needs and this agility remains vital today. As businesses continue to adapt to new challenges, the demand for interim and contract workers is growing, offering numerous advantages to both employees and employers. 

Contracting is a great opportunity to learn new skills, progress into a full-time position, work across different industries, and take on a new challenge. For businesses, hiring accounting and finance contractors offers a flexible, cost-effective solution to meet dynamic business demands. 

So, how can accounting and finance contractors meet your business needs? 

Why has there been a surge in interim and contracting work?

The business landscape has fundamentally changed in recent years. Businesses are now more agile, with the ability to scale operations up or down depending on demand. Interim workers, particularly in accounting and finance, offer a key solution to this flexibility, providing businesses with the necessary expertise without the long-term commitment of a permanent hire. 

Contracting provides access to specialised talent quickly and can be a valuable asset when permanent hires may not be an immediate necessity. As business focus on leaner operation and strive to remain agile in a volatile market, contract workers are a crucial part of the workforce. 

How can accounting and finance contractors meet your business needs?

Introduce new skill sets to your team 

Contractors have experience across different industries, clients, and tools. Where your team may lack certain skills for new projects, accounting and finance temps offer expertise and fill those gaps. 

With their experience, contractors are able to offer insights and a fresh perspective to solving problems and assisting on projects. Unlike internal employees who may have a bias based on office politics, contractors can provide objective recommendations. 

Producing results 

Contractors are ready to hit the ground running and usually do not need training or onboarding to get started. They are accustomed to working autonomously and hitting deadlines in a timely manner. With very little support or supervision, they are able to produce results and help to achieve your business goals. 

Some contractors come with a niche speciality and this could take pressure off your permanent employees to focus on core business activities, rather than stretching themselves too thin. 

Meet workload fluctuations

Naturally, throughout the year, your workload will fluctuate and contractors are perfect for busy periods. As they do not come with long-term commitments, you are able to scale up or down depending on changing market conditions. 

Contractors offer more flexibility as you are able to specify how many hours they work, and the scope of work. 

Cost-effective

Contractors are more cost-effective, in the short term, than employees as they are usually hired for a project or specific duration. As an employer, you won’t need to add them to your payroll, provide benefits, or handle employment-related expenses. This saves time and money on administrative HR tasks. 

In the current economic climate, contractors can mitigate some risks associated with employment. You might not feel 100% about hiring a permanent employee but are in need of specific skills. 

Support in staff absences 

Contractors can fill in for permanent staff if they are absent for long periods of time. For example, if they are absent on maternity leave, sabbatical, or illness. This ensures the wheels keep turning and permanent staff have a role to come back to without their inboxes being full upon return. 

Find your next interim finance hire

The benefits of hiring contractors for your business are clear. Whether you're looking to address specific business needs, meet fluctuations in workload, or add specialised expertise to your team, interim accounting and finance contractors provide the flexibility, cost-effectiveness, and expertise that businesses require. 

Does contracting sound like a good fit for you? In this blog, we’ve outlined nine reasons why you should consider a temporary employment contract. 

As a specialist recruitment and executive search firm with over 30 years’ experience, we've helped many professionals find their next exciting opportunity, whether that's within global organisations or growing SMEs. Search for your next accounting or finance contract opportunity. 

Or if you would like to add to your team, please submit a brief and we will be in touch.