Finance failing to keep pace with the demands of next generation accountancy
Research from BlackLine, a leading provider of finance controls and automation software, has identified the current high staff turnover and looming skills shortage in accountancy is due to the emergence of Repetitive Task Injury (RTI), as finance departments fail to automate repetitive tasks that increase workloads and decrease productivity.
The survey found that over half (58%) of UK financial decision makers (FDMs) believe that the industry has high staff turnover, and as a result, face high training costs. Further, nearly two-thirds (64%) admitted that accountants often leave jobs because they are not happy with the manual, repetitive workload, and three in five (61%) FDMs agreed accountants leave the profession because they are not given the best tools to do their job effectively.
This comes after recent research from Randstad finds that the UK faces a shortfall of 10,200 qualified accountants by 2050 due to skills shortages, an ageing workforce and restrictive migration policy.
Mario Spanicciati, BlackLine Chief Strategy Officer said: “RTI is a growing concern for the accounting industry. The next generation of accountants are digital natives with advanced technology at their fingertips. In order to retain staff and entice the next generation into the profession, finance departments need to move away from outdated manual processes. Investing in the right technology to streamline manual reporting and give accountants more time to work strategically will not only drive staff productivity, but it will also help businesses attract and retain talent that is increasingly in short supply.”
BlackLine provides a host of tightly integrated applications and packaged solutions that automate and accelerate the financial close and other key accounting and finance processes – from within a single, unified cloud-based platform. Leading companies of all sizes are now integrating finance controls and automation solutions as part of their efforts to transform legacy, back-office operations into world-class, Modern Finance organisations with greater efficiencies and reduced compliance risk.