Announcing On-Demand CPE Webinars | Start Learning

How to Keep Your Accounting Team Happy in 2023

by | Jan 13, 2023

According to a recent article from the Wall Street Journal, over 300,000 U.S. accountants and auditors have left their jobs in the past two years. The number of college students coming into the field isn’t enough to fill the missing positions.

January is a tough time for accountants, in general. Working long hours due to year-end close, they often go to work and return home in the dark. It’s easy for accountants to lose their focus and momentum under the strained workload.

As the year progresses, the sun will stay out later. Spring is on its way, and with it, new changes are on the horizon for accountants. Implement some of the suggestions below to help your accounting team avoid burnout and ease their workload throughout 2023.

Accounting Challenges

LeaseQuery conducted an Annual Accountants Survey at the end of 2022 to gauge the top challenges accountants are facing. Addressing these challenges can provide a better working environment and help retain accountants in the field.

Internal change management, adoption, and training

When asked about the top challenges facing accountants, internal change management, adoption, and training was the top answer. Responsibilities are often spread too thin to buy into new technology.

Cybersecurity threats

Cybersecurity threats are on the rise. Accounting firms and other financial institutions are the perfect target for hackers, as they provide access to tons of data. Prioritizing cybersecurity risk is critical. Moving data to the cloud is a reliable solution to protect data.

Automation can simplify accounting

Automation is at the top of everyone’s accounting wishlist. Using automated software saves accountants time, reduces errors, and generates reports faster. Automation gives accountants more flexibility so they can respond to the increased demands of their role without overexerting themselves.

Save time

According to the Wall Street Journal, overtime hours and heavy workloads are straining the accounting profession. The pay for the amount of work just doesn’t add up for many upcoming accountants. Automation can help solve this issue.

Manual data entry is time-consuming. With the right software, the amount of time spent logging data is reduced drastically. With quicker reconciliations, automation simplifies and speeds up the entire accounting process.

Reduce errors

Along with the amount of time saved, automation also reduces the number of errors, leading to quicker calculations and reports. Accountants won’t have to go back and find where they made mistakes and fix them manually.

Automation of data entry and other mundane, repetitive tasks opens up more time for ad hoc reporting and research. Anomalies in the data can be looked into uncovering larger errors/uncovering errors before they become significant issues.

Invest in technology

Our survey shows that over half of companies have invested in technology to support:

  • Accounts payable and/or expenses
  • Financial reporting
  • Accounts receivable and/or billing
  • Month-end close

However, the functions of lease accounting, inventory, and auditing are still being done without the aid of technology for over half of accountants.

Summary

The accounting field is undergoing a lot of change as technology advances and older methods of working are left behind. For more information about accounting technology and current challenges, check out our Annual Accountants Survey: Top Challenges & Tech Wishlist.

Request a Free Demo & Consultation

ASC 842 Lease Accounting Guide