The majority of employers in the financial services sector are struggling to cope with staff vacancies and recruitment woes which suggests a shortage of accountants while a third of finance professionals are less than fully satisfied with their jobs.

There are a few reasons for this but ultimately there is an image problem within accountancy which is already affecting recruitment and if it is not addressed could become a significant problem in the future.

Accountancy is perceived as a dull and rigid profession, associated with number crunching and paperwork. The truth is there is a great deal of number crunching and paperwork. However, there are so many other parts of accountancy to consider.

Accountancy firms need to start thinking more about their clients as well as their employees. We help businesses and individuals to grow and realise their ambitions by educating them and helping them with financial responsibilities and considerations.

Two of my greatest successes were helping a mum to spend more time with her daughter and helping a couple buy their dream home. This was because I didn’t approach the work as a number crunching exercise, but instead took time to get to know the people and the businesses behind them.

The perception that accountants are just number crunchers can discourage people from coming into the industry and I believe contribute to a negative public image. Being an accountant is actually being able to help and support people and their businesses.

Accountancy is still seen as an industry of white middle-aged men in suits. The business I run couldn’t be more different. There are no suits required and we are interested in promoting a happy, flexible workforce. We are a fully remote practice with talented employees from across the UK. One of my employees is a digital nomad and works from whichever country she is in. Another fits her hours around her children and the school day.

As long as the work is done and the clients are happy that is all that matters, there are no set hours or days. I would like to see this model rolled out elsewhere. It would show that our industry is more inclusive than people think.

Diversity and inclusion

Historically, the accountancy profession has faced challenges related to diversity and inclusion. The industry has been criticised for a lack of representation of women and minority groups in leadership roles. This lack of diversity can impact the industry’s image and hinder its ability to adapt to a changing global business landscape.

The working landscape in general has changed, it is no longer as formal and is much more flexible as we see in other industries, specifically the tech industry.

The accountancy industry is not necessarily keeping up with this and it is putting people off joining the profession. Many accountants are getting disillusioned with current employers, especially those not embracing technology and flexibility. The resistance to technological change is a problem.

Many firms say they have fully adopted technology but in reality, they haven’t and it shows. The industry generally has an outside perception of being slow to embrace technological change. With the rise of artificial intelligence (AI), there is a need for accountants to adapt and acquire new skills.

The recruitment issues are also down to the slowness in reacting to technological change. As a remote company, we recruit online and sometimes this puts talent off. I think many are scared to apply for a role as they don’t think they are good enough, but it is not all about skills, we look for attitude and a culture match too. Skills can be taught, attitude cannot.

Social media and technology can be taught and are great skills to accrue in terms of career development. Generally, though, this resistance to change contributes to people thinking the industry is outdated.

Recruitment challenges

Recruitment is tough at the moment with the major reason being that bigger firms are able to outprice the smaller independents by offering bigger pay packages, sometimes regardless of ability, which is driving salaries up.

By doing this the industry remains at the mercy of traditional accountancy firms, some of whom are allowing the old-fashioned image of accountancy to remain, putting many people off coming into the industry.

Many smaller firms cannot compete with salary but what they can compete with is a work/life balance. It is heartening to see that many of the independent and smaller firms are enveloping modern working practices. Many smaller practices are embracing change, flexible working, and are putting clients first, but these firms are just small fish in a big pond. 

People from outside will look to the bigger firms as an example and see them as reflective of the industry. Some of the bigger accountancy firms still act like men’s clubs it has to be said, therefore change must come from the top.

About the author

Cheryl Sharp is founder and CEO of Pink Pig Financials