Accountants are leaving the profession—rapidly. For a 12-month period ending in September 2022, the attrition rates for Big Four and non-Big Four accounting firms were 39% and 49% respectively, up dramatically from 24% and 31% in the previous period*. Of course, not everyone stays in one career their whole life, but the jump must mean something.
In our experience, accounting can be extremely demanding of time, and not just being in a room, but time spent alert and focused. This sacrifice applies market pressure to what constitutes satisfactory remuneration, but even money sometimes can’t compensate for time lost, and people leave regardless. Time is of the essence.
Backbone believes that a lot of this time can be saved through automation. Data entry, invoice processing, and month end closing are all repetitive tasks that lend themselves to automation. Far from replacing accountants, technology can free accountants up to make more engaging analyses and judgements. Removing the burden of manually arranging data allows professionals more time to interpret data, offering more valuable financial insights to stakeholders with less effort. Automation is more bang for your buck.
The efficiency that automation brings relieves the market pressure to bribe accountants to work late into the night, provides room to charge more for more sophisticated services, and gives everyone more time to stop and smell the roses.
Want to know more? Visit us at Backbone.sg to learn more about integrating efficient accounting tools into your practice.
