After 72 years of internal promotions, our client decided it was time to expand their search for a new Principal Accountant to join their team and eventually become a partner. They turned to Permasearch to help them find the perfect fit for their growing firm. This strategic move aimed to expand their capacity and reclaim significant lost revenue.
Client Background:
Founded in 1952, our client is an independent, locally based accounting firm serving individuals and businesses throughout Ontario. With a team of over 40chartered professional accountants, technicians, and support staff, they provide a range of integrated services, including tax, accounting, assurance, estate planning, and business advisory services.
Overview:
Our client was looking to make a strategic hire by bringing on a Principal Accountant that would eventually become a partner at the firm. Previously, they had only hired internally by promoting from within the firm, making this a very high priority hire for the business, and for Permasearch. Since they had only hired from within for the past 72 years, this was the first time they were seeking an agency for assistance.
The Challenges:
The client was looking to expand their business and they were turning new clients away as their accounting teams were operating at maximum capacity. Since they were having to decline business, this was costing the firm upwards of 1million per year in lost revenue.
The Permasearch Solution:
Originally, they were looking to hire from the bottom up and build the team starting with junior positions and then moving up to the more senior roles. Our recruitment specialists suggested that they hire the senior role first and then build the team from the top down. Our client agreed and we got started on the recruitment process right away.
We started the hiring process by having an initial consultation with the accounting firm to understand the job requirements, company culture, and ideal candidate profile. From there we started sourcing potential candidates through our database, professional networks, and industry contacts. We began shortlisting candidates based on qualifications and experience, however before presenting any files to our client, we conducted our own internal screening to ensure they were a good fit. From our initial pre-screening, we then presented our client with two candidate files that we felt would be good contenders for the role.
The Interview Process:
Our client felt that based on the initial files that we shared with them that both candidates had the potential to be a good fit for the role. The interview process consisted of three rounds of interviews and both contenders consistently showed that they were qualified for the role and expressed the qualities that would make them a good fit culturally. Ultimately, the existing partners at the firm felt that one candidate was a better fit than the other and they extended an offer. Our candidate gladly accepted the role and the onboarding process began.
The Result:
The entire process took 90 days from the initial consult to the offer signing. The new Principal Accountant integrated seamlessly into the company and the firm has already asked Permasearch to start recruiting for additional roles to build the team. Since the candidate started, the firm no longer has to turn new business away and their client roster is steadily growing. With more clients coming in, this means that their revenue is also increasing and they are on their way to generating an additional 1-1.5 million dollars this year.
