A recent Wall Street Journal article revealed a disturbing trend: the accounting profession is facing a severe talent shortage. Over 300,000 accountants left the profession between 2019 and 2021, a decline of 15.9% from 2020. The situation is further exacerbated by a dwindling pool of new entrants, primarily due to perceived drawbacks like long hours and repetitive tasks.
However, it is important to remember that accountants are essential to the financial health of any organization. They provide valuable insights and expertise that can help businesses make informed decisions and achieve their goals. Unfortunately, most accountants are bogged down by monotonous tasks, sapping their energy to add value to the organizations they work for. The old adage of job security and pay is long gone. It is imperative to help free your accounting department's time, boosting retention and engagement.
So, how can you keep your best accountants? Here are a few actionable strategies:
- Outsource transactional work. Many accountants find repetitive, manual tasks like managing Accounts Payable and Accounts Receivable to be unsatisfying and time-consuming. By outsourcing these tasks, you can free up your accountants to focus on more strategic and value-added work.
- Embrace automation. Many routine tasks can be automated, which can save your accountants hundreds of hours each year. This allows them to focus on more meaningful and impactful work.
- Include accountants in decision-making processes. Accountants have a deep understanding of the company's financial performance and can provide valuable insights into how different strategic decisions will impact the bottom line.
- Provide opportunities for accountants to present their ideas to senior management. This helps accountants feel valued and respected, and it also gives them a chance to share their insights with the people who are making the most important decisions for the company.
- Develop work-life balance opportunities. Accountants often face workload peaks during tax, audit, or close cycles. By offering flexible scheduling and remote work options, you can help your accountants achieve a better work-life balance and reduce burnout.
- Align the accounting team with business objectives. When accountants understand the company's short and long-term goals, they can become better strategic analysts. Keep the accounting team updated on initiatives and ensure that they are aligned with organizational goals.
Investing in the development and well-being of your accounting team is not only essential for addressing the industry-wide talent shortage, but it also adds immense value to your organization.
If you are interested in discussing solutions to your specific accounting talent challenges, we are here to help. Please contact us for an in-depth consultation.
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