The accounting industry is in crisis – but with one simple software tweak it could become a fun, rewarding job once more
According to research from FloQast, 99% of accountants experience some level of burnout. So unless you’re that lucky 1 in 100, there’s something seriously wrong with your accountancy firm.
We’ve known things haven’t been (ahem) adding up in the accountancy world for some time now. According to research firm Spotlight, the accounting industry is rapidly evolving, and firms that don't adapt risk being left behind. And according to Accountancy Age, legislative changes, the after-effects of the pandemic and the worsening economic climate are compounding an already demanding accountancy profession, causing levels of stress, depression and burnout in the sector to rise, according to market participants.
The frequent technical developments combined with the considerable workload and “critical nature” of the work itself are largely responsible for exacerbating the “burnout crisis”, says Androulla Soteri, global director of people at Baker Tilly International.
The link between the economic downturn and accountants’ mental health is supported by new research conducted by caba, a mental health charity for the ICAEW community. The study found that more than two in five (42%) working accountants and students are struggling financially.
But there’s an even bigger issue than constant change and increasing critical demand. The number one source of stress for accountants?
Nearly 40% of accountants spend half their day on manual tasks according to data from pre-accounting platform Dext. It also found that around 30% of respondents did not have the tools to automate processes to save time.
And one of the biggest contributors to paperwork is Anti-Money Laundering and KYC compliance regulations. Having to manually onboard and verify customers takes time, pages of forms, and hassle – whether it’s constantly harassing clients to bring the right documentation or constantly having to photocopy and input the documentation into your workflow systems.
But this is so easily rectified.
APLYiD is the best ID verification and onboarding software on the market today. It’s easy to implement into your existing workflow, and it takes all the pain and hassle out of onboarding customers. We use biometric technology to verify customers in seconds right on their own smartphones, with no formfilling, no hassles, and no data entry. We even use OCR technology to capture the data from customer IDs, so you don’t even have to type anything in. Jobs that used to take hours, days, sometimes weeks, can now be done in seconds.
Debbie Tuddenham, Head of Wealth at Select Wealth Management, says:
“from a business perspective APLYiD has saved us time and money. It’s just so straightforward and easy.”
And as well as being easy to use and implement, our checks – with multiple credit bureaus around the world – ensure that every customer you onboard is 100% compliance with AML and KYC regulations, as well as performing PEP & sanction checks. So you know that all that cumbersome paperwork and data entry is done for you, perfectly, every time.
The Dext survey accountants revealed that 43% of accountants feel that technology can make accounting easier and 40% believe that the use of technology in the profession is going to increase.
With APLYiD, they’re absolutely right.
To find out more about what we do, click here.
The cost of living crisis, competitive landscape and ongoing war in Ukraine are causing major headaches for the legal industryRead more
The new 2023 plate change will come in a volatile, ultra-competitive market. Here’s how to win over those harder-to-reach customersRead more
There are some tiny, fragile signs that the UK Property market is recoveringRead more
The accounting industry is in crisis – but with one simple software tweak it could become a fun, rewarding job once moreRead more
As interest rates continue to rise, so too do abandonment rates. By creating a better customer experience, you can cut those rates while protecting your business from fraudRead more
The entire accounting industry is changing. For some that means new opportunities for growth and diversification; but for others the change can be traumatic.Read more
Watch and learn with our pick of the 14 best YouTube channels to follow if you’re serious about cyber securityRead more
Passwords are hacked with ease, and MFAs are not the answer. Isn’t it time the biggest companies protect their clients and workforce with an identity-based perimeter?Read more
New to KYC? Here’s your at-a-glance guide to the ins and outs of Knowing Your Customer.Read more
The FCA reports that the UK’s top challenger banks still don’t do enough to eliminate identity theft and cyber fraud – but there’s nothing but silence from the companies that are supposed to be protecting them.Read more
The next year is going to be a tough one, with fewer car registrations than ever. Follow our tips to make the most of every customer and drive ahead of the competition.Read more
Some predict a bumper year for consumer finance; other suggest the industry will suffer. Either way recessions can wreak havoc – but here are some ways you can navigate the choppy waters ahead.Read more
Wherever you look the experts are predicting an annus horribilis for Estate Agents next year. But we’ve unearthed some ways you can beat the property market slump and thrive next yearRead more
Conventional wisdom predicts that legal firms do well in a recession. But that’s not always the case – unless you follow our top five tips for 2023Read more
Well, 2022 was a bit of a hellscape, wasn’t it? Recessions, political merry-go-rounds, Royal dramas, problematic world cups, and the ever-present ghost at the feast that is Brexit have all left their mark on theRead more
There are many reasons why elite sports stars can end up poor and homeless. Drug habits, concussions, bad investments, you name it. But Cindy Brown is different.Read more
The safest, fastest and most trustworthy onboarding process to verify your customer’s identity.Read more
The best customer onboarding experience… and the best defence against digital fraud.Read more
Digital-first banks attract customers with no-fee accounts and simple, seamless setups. But their appeal to fraudsters means the more seamless they get, the more dangerous they become.Read more
The myth persists that identity theft is a relatively harmless, victimless crime aimed mostly at the elderly and vulnerable… but the data doesn’t agree.Read more
Our complex world and its resultant threats to businesses mean General Counsel and legal firms are getting less sleep than ever. But there’s more to it than just risk: finding the right balance can give in-houseRead more
So much of the world is under threat from scammers, bad actors – and governments that give them shelter. But we can defeat the bad guys if the good guys band together.Read more
KYC is an important part of protecting yourself – and your customers – from fraud, regulatory breaches and bad actors. Luckily APLYiD makes KYC compliance quick, seamless and effective.Read more
Imagine returning from a well-earned holiday and putting your key in your front door only to find the locks have been changed…. then a stranger opens the door and asks who you are.Read more