Over a third of accountants are considering leaving in next 5 years
The search for a healthy work/life balance was the primary reason, particularly for those under 25, says Dext.
Over a third of accountants are considering leaving the profession within the next five years as many are searching for a greater work/life balance, according to cloud accounting platform Dext.
The survey revealed 36 per cent of accountants were considering leaving the profession with 21 per cent planning to move to another industry or undertake a complete career change.
The predominant reason for those wanting to leave the profession was due to a lack of a healthy work/life balance according to 25 per cent of respondents aged between 25 to 44.
Dext’s research revealed 22 per cent of respondents with children were also looking to leave for the same reason while the majority of respondents over 55 years old (67 per cent) said they were planning on leaving due to retirement.
The survey found an improvement in the use and adoption of technology in the industry would improve retention numbers as 56 per cent of respondents said they felt like they spent too much time completing manual tasks.
Dext said as the next generation of accountants were more confident at using accounting software and automation tools effectively, there will be a need to increase technology adoption within the profession.
Sabby Gill, Dext CEO, affirmed that the industry needs to progress towards technological adaptation or face the consequences as more accountants would look to other careers.
“Accountants are vital for supporting entrepreneurs and businesses of all sizes, yet many are leaving because of work life balance issues,” said Mr Gill.
“Unfortunately too much of an accountant’s role is completed manually, meaning that they cannot optimise their time as much as they need to. Although it is positive that automation is likely to increase in the next 10 years, that will be too late for many accountants who are planning to leave the industry long before then.”
“It’s also concerning that many leaving for work life balance reasons are parents, as a lack of optimised tasks is pushing this demographic from the accounting profession. It simply doesn’t need to be this way.”
Started in 2010 as Receipt Bank around a kitchen table, Dext has now grown to have more than 450 employees in offices throughout the world, providing systems that improve financial data workflow processes for accountants, bookkeepers and businesses globally.
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