Let’s face it, accounting has an image problem. But before you roll your eyes and say, “Tell me something I don’t know,” hear me out. This isn’t just a hunch or a bit of water cooler gossip – it’s backed by some pretty interesting research.
A recent study by Xero in Australia and New Zealand found that 45% of accountants and bookkeepers believe their industry has an image problem. Even more eye-opening? 41% of university students studying accounting agree.
Now, you might be thinking, “That’s Australia and New Zealand, not the UK.” True, but let’s be honest – when it comes to stereotypes about accountants, we’re all in the same boat. The image of the boring number-cruncher is as universal as bad weather small talk.
So, what’s behind this image problem?
According to the study, 81% of accountants and bookkeepers say people think their professions are boring. Meanwhile, 63% of students say there’s a lack of awareness about what accountants actually do. It seems the industry has been keeping its light under a bushel for far too long.
This perception issue is having a real impact on talent acquisition and retention. The study found that 65% of employing practices experienced challenges in finding and keeping the right staff. Sound familiar, UK firms?
Is there a light at the end of the tunnel?
But it’s not all doom and gloom. Despite the image problem, about half of the accountants and bookkeepers surveyed would recommend their profession to others. Why? Because of the opportunity to do purposeful work that makes a genuine difference. Now that’s something we can shout about!
So, how does the industry attract and retain talent in this climate? The study suggests that offering remote and flexible working, providing part-time options, and creating an inclusive culture are key strategies. It’s not just about the work – it’s about how we work.
Speaking of work, let’s talk about the exciting stuff. The study found that 60% of practices offer advisory services, with 73% of these practices agreeing that technology plays a crucial role. This is where the future of accounting lies – not in mundane ‘bean counting’, but in providing valuable insights and guidance to clients.
One more nugget of wisdom from the study: mentorship matters. A staggering 96% of accountants and bookkeepers who have or had a mentor say it helped advance their career. And more than half of the students surveyed want a mentor. There’s a clear opportunity here to bridge the gap between perception and reality.
So, what can firms do here in the UK?
While the research doesn’t provide specific data for the UK market, it’s a safe bet that firms across the pond are facing similar challenges. Firms should look to challenge the stereotypes, mentor the next generation, and show the world what modern accounting really looks like.