Nearly three quarters of Australian accountants have struggled to hire ‘good quality people’ over the last year (70%) and just over half (57%) say they would recommend young people to enter the industry, according to the latest research released from online accounting software provider, Intuit QuickBooks. Further, over one quarter (26%) of accountants say they would discourage young people from pursuing a career in the profession at all.
What were the findings of the survey?
But whilst 83% of accountants believe negative perceptions of the profession are a challenge for attracting and retaining talent, it comes at a time of renewed optimism within the industry, with 60% stating they expect their client list to grow over the next 12 months.
Combating the Challenges
According to seasoned Aussie accountants, when it comes to attracting and retaining talent, the top five most effective ways include offering opportunities to obtain qualifications at a reduced rate (34%); having the latest technologies to support day-to-day work (31%); flexible working conditions (31%); opportunities to advance professionally (30%); as well as also offering competitive salaries that reflect changes to the cost of living (30%).
Commenting on the survey, Jimmy Nguyen, Senior Tax Accountant at DKM Accounting said, “It’s pleasing to see how the accounting industry has adapted over the last few years and is now prioritising flexible work and technology adoption to enable us to work from anywhere at any time. This shift not only helps our clients by providing them with more accommodating access to us, but it has had a huge impact on our enjoyment and work-life balance.”
Investing in Tech to Grow
The survey revealed the top tech that accounting businesses are expected to invest in to help their businesses grow over the next twelve months, including AI (39%), cloud accounting software (36%), blockchain (35%), machine learning (34%) and automation tools (33%).
What were Intuit QuickBooks’ thoughts on the survey?
According to Damien Greathead, Accountant & Advisor Lead at Intuit QuickBooks Australia, “The accountant and bookkeeper community has been stretched over the last few years, but their vital work has enabled thousands of Australian small businesses to stay in business.”
“We are encouraged to see that despite the challenges, accountants believe it will be a year of growth ahead and are excited to partner with them in this,” Damien Greathead said.
According to Greathead, investing in technology will be imperative to industry growth while helping advisors address some of the traditional ‘pen and paper’ challenges with the right tools. “Nearly six in ten (59%) Australian accountants and bookkeeprs see technology playing a major role in their growth and expansion for the next year,” Greathead said.
“Tools like AI enable accounting advisors to move up the value chain by removing the grunt work of data entry or identifying anomalies, freeing up time to do valued work like ‘what if’ analysis for their clients. By implementing tech such as AI, automation tools and cloud accounting software like QuickBooks, our accountant and bookkeeper community can win back meaningful time with their clients and focus more on business growth,” Greathead said.
Intuit QuickBooks helps small businesses manage their books, get paid fast, manage capital, and pay employees with confidence. To find out more information, please visit the website.
