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Barriers young accountants face (and two ways to help them)

12th Apr 2023
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Bright was created in 2021 when Thesaurus Software Ltd. and Relate Software Ltd. decided to join...
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Recruiting new talent into spaces perceived as 'uncool' is a pervasive issue in many industries, and accounting is no exception. With the current talent shortage in young professionals – a staggering 36% drop in application numbers between June 2021 and 2022 – there’s an ever-growing need to ask how we can create more space for budding accountants.

(And watch this space, we'll be back in a couple of weeks with more on how you could make your workplace more appealing for industry veterans too!)

According to Audit Analytics, adverse internal controls have doubled from 9.5% to 18.8% between 2020 and 2021 – likely due to the lack of experienced and trained accountants. So while there may be a plethora of knowledge and experience among older professionals, there seems to be difficulty in passing down wisdom to the next generations. This could be due to an unfortunate series of events – being overstretched at work, company recruitment struggles, lack of appropriate training programs, the list goes on.

Recruitment can also be an expensive and timely process for firms, so what alternatives do you have? Well, there are two potential solutions.

Upskill your existing team 

First, you can prioritise upskilling the younger members of your existing team to shorten the skills gap over the next five to ten years. Why? Well, 61% say that upskilling opportunities are an important reason to stay at their job, while 65% of workers consider employer-provided upskilling as a key criteria when evaluating a potential new job. This is why you need to invest in quality training programs.

CPD accredited webinars are a great place to start, and here at Bright, we’re more than just a software provider. We do our best to make accountants’ lives easier by providing you with CPD accredited webinars as often as we can. This way, you’re always kept upto speed on the latest new, trends and tech in the industry.

Take your pick from our webinars here.*

Free up your team’s time with tech 

Secondly, introducing tech that can automate a lot of admin will free up a lot of time for your team across the board. This will provide more valuable time for training and less time wasted on manual admin work. While this may seem like a heavy investment upfront, it most likely won't cost as much as you imagine, and you'll have a strong technical foundation for years to come. Think of the strong reliable team you’ll have running the show in the next decade – it will actually end up save you time and money down the line.  

Offering more tech savvy solutions also makes your firm a more attractive place to work for younger candidates. Many millennials feel held back by rigid or outdated working styles – with 93% of millennials believing access to the right technology is important when choosing an employer and 41% preferring to communicate electronically at work than face to face, using more streamlined solutions could help encourage more applications for future positions. If you have remote working options, flexible working hours, and other benefits that promote a healthier work-life balance, all the better. 

Having open conversations about issues like this is something we should all strive towards solving together as an industry. Here at Bright, we create software to help streamline your tax, compliance, practice management and payroll processes. We’re on a mission to make a happy and efficient working life a reality for accountants through reliable software and amazing support. By investing in upskilling your team and introducing an efficient tech stack, you can help best prepare the future generation of CPAs entering the profession.

If you’re interested in what our multi-award-winning software has to offer your firm, book a free demo of our solutions below. We also have some helpful guides to get you started. 

Book a demo How to recession-proof your firm Save your firm 6,000 hours a year 

*Please note that all not of our webinars are CPD accredited. If you do view a webinar that is not CPD accredited, you can still use it towards unstructured CPD hours.

 

eleanor vaughey 

 

Written by Eleanor Vaughey | Bright

 

 

 

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