Time and budget fears giving accountants sleepless nights

Two in five accountants are kept awake at night by fears over delivering services on time and in budget, according to research.

The research by IRIS Software Group also found that over a third of accountants were deprived of a good night’s sleep by stress over the drive for greater efficiency. While one in five were kept up by fears over compliance and advisory services.

Frustrations around MTD compliance have added to accountancy professionals’ stress, with almost three in five reporting that their clients want to concentrate on running their business, not managing the books. This has led to many practices continuing to handle day-to-day accounting services.

“We completely empathise with these concerns,” said Nick Gregory, chief marketing officer for IRIS. “Ensuring the practice is efficient and profitable while delivering value added services is paramount. The additional burden of compliance for both practices and their clients, compounds the issue,” he added.

Gregory also called on professionals to embrace the digital age for themselves and their clients.

“Accountancy professionals see the advantages of the industry shift and it is the norm for critical compliance and core activities to be digital. However, to ensure firms future-proof themselves, they must embrace the digital journey,” he said.

Indeed, the research by IRIS showed that the bridging of the digital divide with clients was beginning to take place, as two in five respondents set up their clients bookkeeping software for them and a further two in five spent time training clients in digital bookkeeping.

“There are many resources practices can use to create efficiencies and streamline client communications. In fact, one of the tactics practices are using is to support clients is starting with simple solutions like receipt capture or e-approvals,” added Gregory.

“The key is to ensure the correct tools are used to help practices place themselves in pole position for today’s business-critical challenges. When these are resolved, professionals can sleep a little easier, knowing day to day efficiencies are optimised which leaves time to explore and implement the desired business strategy.”