A recent survey by Silverfin has uncovered a concerning trend in the UK accountancy sector: nearly two-thirds of accountants, 63%, say that they regularly work beyond their contracted hours, and close to a third, 31%, say they work six or more extra hours each week. With hours like these, it is not surprising that a quarter of respondents, 25%, say they are close to burnout. 

This is a substantial portion of the sector’s workforce, and it warns of a profound risk to accounting firms – burnout leads to decreased productivity, but more importantly, burnout pushes people to drop out and change careers. 

A struggle for skilled personnel 

The accounting profession is currently suffering from a lack of skilled and experienced practitioners. In the UK, for example, there is a 150% surge in finance and accounting roles left unfilled in the past year. 

Experts also warn of a profound risk from a coming demographic shift – a 2023 survey shows that more than two-thirds of accountants, 67%, are approaching retirement age. 

Between 2017 and 2022, leading accountancy bodies such as ICAEW, ACCA, and CIMA enrolled 9,000 fewer students, indicating a declining interest in the profession among younger generations.

The sector faces a monumental staffing crisis and cannot afford to have an overburdened workforce that is stretched to the limit. A declining workforce seriously threatens the sector’s ability to meet future demands. 

Accounting firms need to identify problematic areas and look for ways to improve working conditions for their teams.

Understanding the Capacity Challenges Facing Accounting

¹ All Accounted For, Silverfin, 2025
² The accountancy talent crisis: is less schooling the answer? Raconteur.net, December 9 2024

The hidden costs of inefficiency

Inefficiencies and time-wasting tasks, for example, are an unnecessary burden for accountants, and cause irritation and stress. It is estimated that accountants lose an average of 1.2 hours daily to low-value tasks such as manual data entry, chasing colleagues or clients for documents, and repetitive compliance work. Outdated or poorly integrated systems exacerbate these inefficiencies, with 20% of respondents highlighting them as significant time drains. 

Today’s sophisticated technology can resolve most inefficiencies, simplify the workflow and reduce the volume of administrative tasks. There is no need for accountants to manage documents and data as much as before, and automation can reduce work stress considerably. ​ 

The Hidden Cost of Inefficiency in UK Accounting Firms

Leveraging technology 

Part of the issue lies in a resistance to change. New technology can be intimidating and many accountants feel safer with their usual methods of working, even if they are time consuming. While 89% of firms have invested in automation and digital solutions, most allocate only a fraction of time to implementing new technology (8%) and training staff to use the latest technology (9%). So, while most UK accountants now have access to sophisticated software, there is no doubt that it will be underutilised in many companies. This means that teams are not realising the potential of the powerful technology at their disposal. 

Change can be challenging; many may need encouragement to let go of existing practices, even when they are a burden. It’s worth remembering this point when investing in new technology – rather partner with a cloud-based accounting platform that provides support and training and is available to help when needed. Digital tools can be very effective at streamlining processes, reducing manual tasks, and enhancing collaboration, giving accountants more time to focus on higher-value activities. ​ 

The Advantages of Using Technology in Accounting

Addressing the expectations of the next generation

The accountancy profession needs a facelift to help attract new talent. ​The traditional image of accountancy is of a rigid and outdated sector, deterring many school leavers from pursuing a career in accountancy. Younger professionals seek roles that offer flexibility, meaningful work, and growth opportunities. A substantial number, 90%, of professionals consider company culture necessary, with work-life balance a top priority. To maximise their appeal, companies need to modernise their practices, fully embrace technology, and foster an environment that values flexibility, continuous learning and a healthy work/life balance.​

Practical steps for firms

For a more attractive working environment:

• Identify and eliminate inefficiencies: a workflow assessment can help pinpoint and address time-consuming tasks that can be substantially reduced through the use of technology.​
• Invest in technology and training: adopt modern accounting software and provide comprehensive training to maximise its benefits.​
• Foster a supportive culture: encourage open communication, provide mentorship opportunities, and recognise employee contributions.​
• Promote flexibility: offer flexible working arrangements to accommodate diverse employee needs and preferences.​
• Set clear boundaries: robust guidance helps foster respect between managers and team members. 

Conclusion

It can be challenging to take a step back and examine company culture and working conditions, but the well-being of team members is crucial for success. A once-clear boundary between work and personal life has eroded in recent years. By addressing inefficiencies, setting clear boundaries, embracing technological advancements, and fostering a supportive work environment, companies can enhance employee satisfaction, reduce burnout, and attract the next generation of accounting professionals.​

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