Alongside topics like Blockchain and the Metaverse, Generative AI has secured near constant news coverage in recent times, skyrocketing to the top of most business agendas. This has prompted many businesses across the UK to think hard about the role technology can play, and accounting firms are no exception.
A number of accountants and firms have jumped onboard the technology train, with one report showing that 86% believe tech will significantly grow and support their practices over the coming year. Actual adoption however appears lower, with many still deciding which processes should be streamlined; which of their teams would benefit the most from automation; and how best to incorporate the latest tech tools. Indeed, over two-thirds (68%) cite that moving manual record clients to accounting software remains a high concern. And there are still some who require further education on the business benefits of automation before being willing to invest and adopt these new types of technologies.
The persistence of tech resistance
Most accounting firms have adopted varying degrees of automation software or tech, however, the majority are still at the beginning of their journey. According to our research, 60% of accountants struggle to automate administrative tasks due to budget holders having held back investment in the right technologies.
Beyond this, many accountants are actively resisting tech. The reason? Many fear the unknown; they may not be clear on exactly how and what to automate or are worried about the initial cost of buying new tech especially at times of greater economic uncertainty.
By automating manual work, accountants can focus on more value-adding tasks. For example, many businesses are currently asking their accountants for financial advice specific to the current economic landscape. This service can not only increase income, but also be more rewarding for the individual accountant.
Time is money and money can save time
It’s no secret an accountant’s time is precious. Whether they are a sole practitioner or part of a large practice, between the standard compliance work and value-add services, they are already being stretched too thin.
This is compounded by the longstanding shortage of accountants across the country. In 2021, Curtis Recruitment wrote the “severe shortage of experienced qualified accountants applying for jobs” had been going on for years. More recently, nearly a third (32%) of UK firms said they think their current skillset is a barrier to growth and unfortunately, staffing shortages aren’t getting better any time soon. Between June 2021 and June 2022, there was a 36% drop in the number of accounting applicants.
In addition, accounting firms aren’t one-size-fits-all, and business needs continuously change. Accountants need to ensure they have the best software for their specific needs. Answering questions such as, does the solution allow for planning, allocating, and tracking progress and workflows? Does it help to generate accurate accounts for a broad range of entities? Or automate compliance work?
The right software will automate all the admin-heavy processes in firms, freeing up accountants’ time, to prioritise what matters most to them. Be it reallocating their time to clients, the business or elsewhere.
The right automation
Accountants are highly qualified and talented individuals whose time should be focused on maximising efficiencies and results for their customers, providing the best experience possible. Dedicated automation platforms that action low-value tasks can free up further time for accountants to focus on what really matters: their clients.
Currently, resistance to automation is costing firms time and money. Not only does excessive admin detract from higher-value work, but it can cause job dissatisfaction and feed into the industry’s current staffing woes.
Having the right technology can transform a practice. Indeed, once they’ve embraced the right solutions, accountants usually realise how much of a positive difference automation can make. From speeding up compliance work to saving time on training and learning, the right automation software can streamline processes and empower accountants to spend their newly regained time where they see fit.
