Long hours, high stress and a serious shortage of skilled professionals are taking a toll on accountants in the UK and globally. A recent report from accountancy outsourcing specialists Advancetrack reveals that 88% of professionals are experiencing significant harm to their mental health, work-life balance and stress levels due to increased working hours driven by this skills gap. Even more alarming, a third of them describe this harm as “severe.”
These issues affect everyone from junior staff to senior partners. Younger employees, in particular, are feeling the strain, with many choosing to leave the profession altogether in search of opportunities that offer a better balance and working environment.
These challenges make it clear that accountant job satisfaction needs to be a key focus area for accounting firms in the UK. One powerful way to address this is by embracing technology. Modern accounting software with automation and artificial intelligence capabilities can significantly lighten workloads. By taking care of repetitive tasks, making data more accessible and collaboration easier, technology can reduce stress and long hours, making accounting a more attractive career choice.
Simplifying and speeding up everyday work
Technology frees up capacity by reducing the time firms spend on core accounting activities. Silverfin’s cloud-based software streamlines key tasks such as preparing working papers, producing accounts and managing review workflows. By centralising processes and automating repetitive steps, firms can drastically reduce the hours lost to everyday tasks.
As a result, teams can either get through their workloads faster and increase their output, or redirect the saved time toward client advisory or business development. In either case, the improved efficiency contributes to a better employee experience – reducing stress, improving accountant career satisfaction and making the workday more meaningful.
“Our aim is that the mundane process of producing a set of accounts will be faster and slicker and easier, which gives us more time to actually talk to our clients about their business and aspirations, or ask whether they have any concerns over the future.” PKF Francis Clark
Improving collaboration with colleagues
Technology also facilitates better collaboration within accounting teams. Cloud-based platforms like Silverin allow multiple users to access and work on the same files simultaneously, regardless of their location. This real-time collaboration eliminates bottlenecks caused by traditional systems that restrict file access to one user at a time.
“When I’m helping someone, I can look at and analyse the data at the same time they’re looking at it, and update it if they’re not sure. You know exactly what someone’s talking about straight away; nothing is lost in communication.” Tabitha Nicholls, Manager, Carpenter Box
Since the beginning of the year, there’s been a 94% increase in monthly reviews conducted by clients on Silverfin highlights the extent to which clients are turning to this cloud-based software to replace their outdated paper and Excel review processes. By offering improved communication and instant access to shared resources, Silverfin enables team members to support each other more effectively. Questions are answered promptly, issues are resolved quickly, and the overall efficiency and cohesiveness of the team is enhanced.
Attracting and retaining top talent
The new cohort of accountants entering the workforce has grown up with technology at their fingertips. They expect their employers to provide modern tools that enable them to work efficiently and flexibly. Firms that invest in modern, cloud-based software position themselves as attractive employers to this tech-savvy talent pool.
“The next generation of professionals wants to work for modern firms that embrace change and invest in new tools to serve clients. Firms that fail to keep up with technological advancements risk losing their top talent to competitors who offer a more tech-forward environment.” – Accountancy Age
Embracing technology demonstrates a firm’s commitment to innovation and employee well-being. It shows that the firm values its people’s time and is willing to invest in tools that make their jobs easier and more fulfilling.
Enhancing accountant job satisfaction and development
When junior team members are enabled by the right technology, they can take on responsibilities that might have been reserved for more experienced colleagues. This accelerates their professional development and boosts their confidence.
“Since I’ve been working with Silverfin, I feel like I’ve been given more time to try new things that I haven’t done before within my career. So being able to pull out the report myself and then actually deliver that to clients is something that I didn’t have the time to do before.” Alex Mallanaphy, Business Services Client Accountant, Hurst
Simultaneously, senior team members can shift their focus from administrative duties to more rewarding activities like client engagement, advisory services and mentoring junior colleagues. This change can reignite passion for the profession, as accountants spend more time solving real-world problems, developing a pipeline of talent, and driving success for both their firm and their clients.
