Banking and Finance: Accountants Cite Labor Shortage as Key Issue

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Area accountants and financial advisors cite a range of issues impacting local businesses these days from pending changes to immigration law to rising gas prices and interest rates.

Charles B. Postal, CPA, managing director of Santos, Postal & Company, P.C., sees the labor shortage as one of the most prominent issues right now, with businesses throughout Montgomery County and Prince George's County having difficulty finding skilled and non-skilled workers. He cites pending changes in immigration law as adding a level of uncertainty to the labor outlook.

A factor contributing to the problem is climbing housing prices, which has people commuting long distances for high quality jobs. Postal looks forward to the completion of the Intercounty Connector, the highway that will run east to west, linking the I-270 and I-95/US 1 corridors. He believes it will help “bring workers in and facilitate commerce between Baltimore, Virginia, Annapolis and the Eastern Shore.” The Montrose Parkway from I-270 to Veirs Mill Road (MD 586) will open up the lower Rockville/Bethesda area and bring in more residents. As people move in, restaurants and service industries will follow, which “will help businesses in the area thrive.”

According to Postal, “Landscape and construction companies will be bolstered once immigration laws are settled.” The opening of the Rockville Town Center will also bring business, people and jobs into the area. “With the revitalization, we're going to see phenomenal growth,” said Postal. The additional restaurants and retail businesses will need more workers. “It's an exciting time and place to be.” Biotech firms up and down the I-270 corridor are seeing phenomenal growth, but the federal Sarbanes-Oxley Act is creating a severe shortage of accountants. Firms are looking overseas for accountants. Postal encourages students to major in accounting. He tells them, “If you're not sure what you want to major in, take accounting. It's a prosperous career with no ceilings something you can always fall back on, whether you're just entering, or are reentering, the job market.”

Every year, both federal and state governments add more regulation to the tax code, ever burdening small businesses. Said Postal, “We're hoping it doesn't get more complicated.” Santos, Postal & Company has been providing traditional accounting, auditing and tax services to metropolitan area businesses for 30 years.

Santos, Postal & Company, P.C.

11 North Washington Street 

Suite 600

Rockville, Maryland 20850

(240) 499-2040

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