5 Key Workforce Themes Within Accountancy Practice

In the age of Covid-19, the role accountants play in supporting business is more important than ever and the profession will be key in the recovery of the economy.

Like most sectors, accountancy will face some changes and challenges post-Covid-19.

Here is our take on 5 key workforce themes we believe will be highly relevant within accountancy practice over the coming year.

Staff will want flexible working

Covid-19 has forced us to make huge changes to our working lives. A lasting legacy is that flexible working will become commonplace in an accountancy practice. It will be essential to offer some degree of flexible home working and potentially work hours in order to attract and retain the best talent.

Great managers are more important than ever

According to a Stanford University study, over time, 50% of remote-working staff become disengaged, while 50% are positively engaged. With flexible working becoming the new norm, strong management skills will be essential to meeting new challenges, and maximising benefits.

Increased competition for the best talent

Accountants will have more opportunities to work remotely. The location of an office will no longer be restrictive for an accountant looking for a new position. More options for accountants means more competition to recruit and retain the best. A flexible working model will allow you to recruit from a wider area and will be an incentive for the best talent to join your team.

A new breed of accounting technologists

A recent study reported in CPA magazine that “the majority of firms (62%) who felt they are responding to COVID-19 successfully were more likely to be using cloud-based technology.”

Forward-thinking accountancy practices will invest in technology that gives them a competitive advantage.

Technology will not stop at cloud accounting software. Using technology to support all areas of practice management will lead to greater efficiency, and better staff and client experience. We foresee the rise of hybrid accountant-technologists who will implement, refine and drive technology efficiencies within practice.

Rise of the interim accountant

We’ve seen the extensive use of interim accountants across industry. Hiring an interim is a low risk/high reward strategy to cover peaks such as busy audit periods, tax year-end or staff leave. Interims can help organisations gain insight into new areas where there is no internal expertise and help create competitive advantages.

We believe forward-thinking practices will start to utilise the benefits of interims and there could be a strong demand for interim accountants in practice in the future.

…………………………………………………………………………………………………………………………………………

Despite the difficult economic circumstances to come, we are confident that the Scottish Accountancy sector will remain robust. The new few years will be a period of high risk, but also high reward.

We look forward to supporting the Scottish Accountancy sector through the challenges ahead.