The combination of inflationary pressures and staff shortages is putting increasing pressure on teams, which has been exacerbated by the increasing regulatory burden.

Six in 10 (63%) accountants are concerned about the accuracy of their company’s monthly financial statements, while they face significant pressures due to macro-environmental and economic factors, including recessionary concerns and tighter cash flow, shows research by accounting software provider FloQast.

While cash flow is a top concern, a third of respondents also highlighted staff retention, team morale and meeting deadlines as the top pressures affecting teams’ performance during a recession.

Staff retention was a significant concern with loss of team members (35%) and maintaining team morale (34%) affecting performance and capacity. However, accountants expected to freeze headcount (32%) and salaries (32%) in the next year to manage operating expenses during the recessionary environment.