Firms That Hesitate to Join the AI Movement Will Pay the Price

A leading cloud software firm has issued a white paper to help struggling firms manage the talent exodus from the accountancy sector.

Silverfin’s report, ‘Tackling the capacity crunch in accountancy: a three-stage journey’, explains why software is the key to attracting and retaining accountancy talent and solving crisis many firms are facing.

The report’s publication comes as the Association of Taxation Technicians (ATT) is predicting a shortfall of 60,000 qualified accountants by 2050.

Silverfin UK General Manager, Cameron Ford, says the warnings are already coming true: “The ATT predictions may seem sensational, but Manchester and Nottingham are already feeling the effects of accountants leaving the profession. Many people are disillusioned by workloads, especially low value repetitive tasks, inflexible working practices and compliance demands. British businesses depend on the profession, but they’ll soon face difficulties securing the skills they need to comply and grow.”

He added: “There are lots of initiatives across the sector to change the perception of accounting and attract young people into the industry. But it must be acknowledged that Gen Z will take some persuading that the life of a junior accountant isn’t unfulfilling number crunching and a risk of burnout. They want careers with flexible working terms, stimulating work and the right technology to get the job done. The UK economy can’t afford for accountancy firms to avoid meeting these demands any longer.”

‘Tackling the capacity crunch in accountancy: a three-stage journey’ provides guidance on how firms can tackle these thorny issues and use automation and cloud software to pave the way for more fulfilling and profitable accounting at firms of all sizes.

Using case studies from industry leaders flinder, BKL and Moore, the paper illustrates the importance of following a clear technology and people strategy to reverse the professional exodus and attract new talent to the industry.

The report looks at understanding four specific challenges: finding and securing the right people; keeping people engaged; training people in a competitive world; and maximising people’s contribution to growth.

Tine Deklerck, partner at Moore Belgium, commented: “To offer job satisfaction in accountancy, you need to equip your teams with tools that reduce repetitive and manual chores, and make it easy to do business wherever they are. That’s why we’re continuously investing in a strong internal network, backed by cutting-edge technology. In this way, we build a strong community for our employees as well.”

Ford concluded: “The use of automation and AI is making a difference at every level. Firms of all sizes and points in their growth are using it to tackle the capacity crunch, and clients and employees are both benefiting. Not only does this future proof their firm, but it puts them in a position to provide market leading advisory services. It leaves me in no doubt that the firms that hesitate to join the AI movement will pay the price.'

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