By AAT Comment Career Majority of accountants may leave their organisation in the next year 12 Apr 2023 FloQast’s Controller’s Guidebook survey series finds 63% of those considering a change may leave accounting entirely as teams work to recalibrate work-life balance. The latest survey from accounting automation company FloQast highlights the impact of the talent crisis, The Great Resignation and “Quiet Quitting” on the accounting industry, which is disproportionately affected. It also reveals more than half of accountants aren’t confident they’ll stay with their current company in the next year, and a majority of that group may not stay in the industry at all. Stand for AAT Council We are searching for a diverse range of people from AAT’s membership to help us shape the future. Could that be you? Read more The survey is the third chapter in FloQast’s Controller’s Guidebook survey series and takes a deeper look at what influences accountants to remain in their current accounting role and what prompts them to explore a new one. It also analyses the impact technology has on both decisions. Conducted in partnership with the University of Georgia Consumer Analytics Program, the survey includes the perspectives of 203 accounting and finance professionals. FloQast looked for individuals and organizations that varied in title, tenure, company size and IPO status, as well as their fulfillment in their jobs, and the tools and training they had received. The survey revealed the accounting industry is in the midst of a “Great Recalibration” — in which accountants (much like other employees) are rethinking how much of their time and energy their work should require of them. Survey findings revealed an alarming talent crisis in the industry. Key insights include: Retention is very much in question – About half of accountants (53%) are not entirely sure they will stay with their current company in the next year. Of those, some (63%) aren’t even sure they will stay in the industry at all. Accountants aspire to uplevel their roles but don’t have the time – More than 60% of accountants report they struggle with an imbalance between work and life, doubting they can complete the work they’ve been assigned and, yet, still aspire to take on a more strategic role in their organizations. A sense of on-the-job fulfillment is critical to retention – When a sense of professional fulfillment is high, accountants are almost five times more likely to stay with their current employer than when fulfillment is average. They’re also more than 12 times more likely to stay compared to someone with low fulfillment. The relationship between technology and talent cannot be overstated – More than 60% of accountants say technology is more important in their job satisfaction today than it was two to three years ago, and 43% say they are extremely likely to ask about technology when interviewing for a new role. The ball is in employers’ courts – Accountants with a strong belief that their company is capable of understanding and addressing these issues are three times more likely to stay with that company than those that aren’t sure. Additionally, 76% of accountants who strongly believe in their company say they are likely to stay in their jobs. “At FloQast, we recognize that the industry is facing a massive talent crunch and are dedicated to creating powerful solutions that empower accountants and make their lives easier,” says Mike Whitmire, CEO and co-founder of FloQast, CPA. “Our research demonstrates that as more and more organizations leverage automation technology, the broader accounting industry becomes far better positioned to attract and retain accounting talent.” Expanding on this, FloQast’s latest survey results detail clear actions for employers: Take a proactive approach to assessing the technology accountants use in their work Seek integrated technology solutions that are purpose-built by accountants, for accountants to protect the sense of fulfillment that accountants gain from their work Ensure the organization is capable of identifying, procuring and deploying those solutions in ways that reinforce accountants’ belief in its abilities Be prepared to address questions about technology solutions when recruiting new accountants By leveraging these solutions, organizations are better positioned to remain competitive and continue attracting and retaining accounting talent. For additional findings, an eBook with more detailed survey results as well as an infographic is available on FloQast’s website. About FloQast FloQast delivers workflow automation software enabling organizations to operationalize accounting excellence. Trusted by more than 2,000 accounting teams – including Twilio, Los Angeles Lakers, Zoom and Snowflake – FloQast was built by accountants, for accountants to enhance the way accounting teams work. FloQast enables customers to streamline processes such as automated reconciliations, documentation requests and other workflows that impact the month-end close, financial reporting and payroll, and is consistently rated #1 across all user review sites. Learn more at FloQast.com. AAT Comment offers news and opinion on the world of business and finance from the Association of Accounting Technicians.