Accountants are walking out – Here’s how to fix it

Here’s a sobering stat for you: according to research from FloQast, 99% of accountants experience some level of burnout. So, if you’re an accountant reading this – I hope you’re doing ok. It can be a stressful job, and often that stress isn’t down to the demands of the role, but to avoidable inefficiency. If you have to struggle month on month to get all the information you need for the close process with senior staff breathing down your neck, it’s not surprising that at some point you’ll reach the end of your tether. As a result, and quite rightly, accountants are demanding a work experience that leaves them feeling both valued and fulfilled. For many, though, the change they need to see doesn’t come fast enough, leading them to move on. Many are leaving the profession altogether, which means the competition for trained staff is fierce, and the situation for those who remain is increasingly difficult. Set against the backdrop of recession, unpredictable forecasting, and an empty talent pool, this state of affairs is putting employers and remaining employees alike under increasing pressure. But it doesn’t have to be this way. How can employers optimise working environments to support the needs of their accountancy teams and ultimately retain them, all while adding value to their organisation? We open at the close The first thing to say is it’s no good coming up with a brilliant employee benefit scheme, buying everyone a beanbag, and putting free beer in the office fridge if people’s core job is causing them heartache and a headache. You need to give people the tools they need to do their job properly, efficiently, and to deadline. Staff who are doing a good job within their hours are much more likely to be satisfied. For accountants, the close process in particular can be a catalyst for change, with better processes affording an environment to empower employees’ strategic thinking. The close shouldn’t be a monthly scramble for lost receipts, missing approvals, and late invoices. It should be a methodical review of neat, clean data, accurately logged and automatically chased. It should be a smooth collaborative process, run by teams who have clear lines of communication and simple ways to review outstanding tasks and manage workflow. Given the close happens every month, you’d think that kind of workflow wouldn’t be out of reach – but for many organisations, it’s still something of a fantasy. New era, new tools of the trade So, for those teams that are battling a resource drain and heightened economic pressure, what makes the difference? Well, though accounting has existed since the first Homo Sapiens sold the first mammoth steak, the tools of the trade have evolved. Investing in up-to-date accounting software is an essential step towards a more efficient close process, enabling teams to automate repetitive manual tasks, unify data, simplify review processes, and get a single point of truth on all the various processes involved. A more efficient, regular close process also gives staff more time to work on strategic projects – including putting that consolidated data to good use and providing in-depth analysis of company performance, trends in expenditure and income, and potential threats and challenges. That kind of data-driven insight is good for the business – and it also gives accountants the opportunity to focus on more engaging work, building a role as consultative experts, rather than data-input drones. When the boss comes to you for advice, you’re much more likely to feel needed – and stay put. Proofing against recession The efficiencies and improved working conditions that come with an effective, modern accounting system are particularly beneficial in the face of an oncoming recession. The companies that fare best in lean times are those that take a more strategic approach, investing for the mid- and long-term, and improve their work as best they can. When the tide starts to recede, they’ll be in better shape to quickly pick up and start moving again, where their competitors will have to rebuild from the ground up. So if you’re worried about the double whammy of staff shortages and recession, a big part of the answer has to be implementing a high-quality system that’ll make the job easier and more fulfilling to do. Employers and employees will both benefit – and your company will have up-to-date, highly valuable financial data from which to operate.