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It's no secret the accounting and bookkeeping industry is continually evolving, and keeping up with the pace of change is no easy feat. However, new research from cloud accounting software Xero reveals a disconnect between the reality of the roles and how they're perceived.
The report, Reshaping accounting and bookkeeping: Image, talent and the way forward, examines the accounting industry's 'image problem' and – importantly – how this can be changed. The study surveyed both accounting students and accounting and bookkeeping professionals across Australia and Aotearoa New Zealand and found the perception of the professions is a key issue. Around eight in 10 accountants and bookkeepers (81 per cent) believe that people generally think their professions are 'boring'. A large proportion (63 per cent) also feel the industry is not effectively promoting the full scope and impact of these roles. This was similarly reflected in the results from students who felt there was a lack of awareness about what accountants do.
Despite this, when students were asked why they decided to choose the profession, the top reasons related to being a part of a supportive community of industry peers, having flexible work options, embracing current and emerging tech and also having the potential to set up their own firm.
AU - 46% | Aotearoa NZ - 43%
TOTAL: 45%
AU - 60% | Aotearoa NZ - 81%
TOTAL: 69%
In response to some of the issues and opportunities identified in the research, Xero launched Xero Mentor Match – a program that connects accountants and bookkeepers, from new entrants to industry leaders and role models. To kick start the initiative, Xero has established a group of foundation members, including Shannon Smit of multidisciplinary firm Smart Business Solutions Group.
Xero is working with Mentorloop to bring the Mentor Match initiative to life
Shannon Smit
Smart Business Solutions
Smit has had plenty of experience in mentoring young students and accountants during the 17 years she's been operating her firm, often hiring recruits straight after they graduate high school.
"I've mentored many students over the years as they progress to different stages of their career," Smit says. "There are some that are now partners within my business so that mentoring has extended into management and making partner."
Smit says she's seen a shift in the industry over the last decade, where the accounting profession is now more supportive of up-and-coming accounting professionals who are taking the plunge and setting up their own firms.
"Twenty years ago, that wasn't as much the case, we didn't work collaboratively, we were all just independently running our own businesses. Now the accounting industry is acting more like a community and helping each other [to learn]," she says.
Despite some of the negative perceptions about the professions, around half of accountants and bookkeepers would recommend their job to a family member, friend or the next generation. One of the most prominent reasons for this is the potential to work for themselves or establish their own firm. The opportunity to do purposeful work that makes a genuine difference was also high on the list.
Mentoring programs such as the one Xero has introduced are a way for experienced leaders to mentor those who have taken the plunge to go out on their own, according to Smit, helping them set up for success from the get-go.
Xero is working with Mentorloop to bring the Mentor Match initiative to life
Shannon Smit
Smart Business Solutions
Moushumi Sikand is one accounting professional who took the leap and established her own firm, Ethical CFO, several years ago.
Moushumi Sikand
Ethical CFO
Before joining Mentor Match, Sikand had already undertaken mentoring with other bookkeepers or students wanting to be bookkeepers and studying towards becoming a BAS agent. Working as a sole practitioner, Sikand says it’s really important for her to stay connected with the broader bookkeeping and accounting community.
“I love to share my knowledge and I love to see the spark on someone’s face when I share something that they didn’t already know.”
-Moushumi Sikand, Ethical CFO
Whatever stage someone is at in their career, Sikand says there can be both opportunities to learn from and teach other professionals.
"I may act as a mentor in one situation, but that doesn't necessarily mean that I'm a mentor only. I can be a mentee in another setting. I am a constant learner and I learn from every situation," she explains.
Both Sikand and Smit will be assisting their mentees with guidance and insights to teach them the things they wish they'd known when setting up a practice.
“I think it’s a great opportunity to be able to give back to the industry. There’s such a shortage of accountants out there, so let’s try and make it easier for those going out on their own and mentor them on their journey.”
- Shannon Smit, Smart Business Solutions
Whether you’re looking to inspire or be inspired by the next generation, Mentor Match is an opportunity to build connections and lead the industry forward. Visit Xero’s website to sign up today.
Moushumi Sikand
Ethical CFO
AU - 46% | Aotearoa NZ - 43%
TOTAL: 45%
AU - 60% | Aotearoa NZ - 81%
TOTAL: 69%
Xero is a global small business platform with 4.2 million subscribers. Xero’s tools help small businesses and their advisors to manage core accounting functions like tax and bank reconciliation, and complete other important small business tasks like payroll and payments. Xero’s extensive ecosystem of connected apps and connections to banks and other financial institutions provide a range of solutions from within Xero’s open platform to help small businesses run their business and manage their finances more efficiently.
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