Majority of accountants want to do something else in the next five years as they predict tax and financial reporting regulations become tougher
Accountancy Age, 12 Jan 2010
Nearly half of all accountants would prefer to be doing something else in the next five years, according to research by accountancy software provider E-conomic.
The increasingly onerous regulations, concerns over inflation, and discord with HMRC have brought gloom to the profession.
When asked: "What are you most looking forward to in the next five years," the majority of respondents answered "retirement".
Just fewer than 90% said over time it will become tougher to keep up with tax and financial reporting regulations with just over half, 57%, claiming HMRC will have a more direct role in regulating the profession's work and processes in the future.
Over a quarter of the accountants surveyed believe they will be sending all their compliance work offshore for processing within the next five years, with three quarters seeing themselves moving away from their traditional role to a more profitable consultant and business adviser position.
More than 80% of the accountants felt in the future it will become an important part of their job to advise clients on the best use of IT to optimise profit and efficiency.
It’s alarming that half the accountants we spoke to said they were thinking of leaving the profession
Anders Bjornsbo, E-conomic
Over a third see themselves working in a totally paperless office in the next five years, and just fewer than half see themselves "dipping" into clients' information via cloud based systems and not being tied down to a specific office.
Anders Bjornsbo, E-conomic’s operational director, said: “It’s alarming that half the accountants we spoke to said they were thinking of leaving the profession. While that’s unlikely to happen, it is perhaps illustrative of the dissatisfaction and disillusionment felt by accountants today."
"The need for accountants to embrace technology, and the speed of change brought about by online technology has been the elephant in the room for too long. While for most the totally paperless office remains an unattainable vision, the responses we received to our survey clearly show that technology is firmly at the centre of the future of accountancy," he added.
Further reading:
How to make better financial decisions - Free FD Handbook
When reviewing your business and accounting software, this free two- part guide explains all you need to know.
The Future of the Financial Close: Automating Account Reconciliations and Review
Many firms have made account reconciliation automation the focus of their drive. This paper describes why.
More white papers
Keep up to date with the latest products, services and technologies from the world's leading IT companies; IThound.com brings you over 6,000 white papers, case studies and analyst reports.
Comments
Have your say on this article