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Accountants need to embrace technology and empower existing staff to overcome current obstacles, survey finds.
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Work/life balance, skills shortages main practice challenges
10 November 2022
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Managing a work/life balance as well as attracting and retaining competent staff are the main challenges accounting firms need to overcome, according to a survey by Wolters Kluwer.
The use of hybrid working was one strategy that could be used to overcome both challenges, the report said.
The Wolters Kluwer Tax Season Challenges Survey found the size of the firm influenced the response. Those with fewer than 50 staff said work/life balance was the most pressing issue, at 59 per cent, while larger businesses listed attracting and retaining talent as their most notable challenge at 77 per cent.
“In 2023, it’s time to focus on improving work life balance which is critical to retaining good talent amidst the current talent shortage,” said Rakesh Naidu, head of product at Wolters Kluwer tax and accounting APAC.
“Forward-thinking firms are looking to their tech stack to support and engage staff by helping reclaim precious time at every step of their workflow.”
Remote working enabled professionals to make decisions over their time while avoiding commutes helped create a better work/life balance, the report said.
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Empowering employees through training, optimising workflow through digital processes, and embracing new technology were all crucial steps Wolters Kluwer said.
Wolters Kluwer tax and accounting APAC managing director Izzy Silva said business confidence was high among accounting firms and revenue growth was still important, but their most pressing goal was to improve profitability by increasing workflow efficiencies.
“At Wolters Kluwer, we see integrated, cloud-based technology as a big part of the solution,” he said.
Many accounting businesses had already embraced online client meetings and digital communication, but going further with technology by using e-signatures, for example, could help speed up processes and provide better work/life balance.
Also important was better integration with existing processes. While 93 per cent of firms said software helped them operate efficiently, only 1 per cent said they were using it to the full potential.
The Wolters Kluwer Tax Season Challenges Survey was undertaken by 430 firms across the Asia Pacific.
Wolters Kluwer provides professional information and software systems for healthcare, tax and accounting, governance, and legal sectors, it employs around 19,800 people worldwide and serves customers in over 180 countries.
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