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Many contractor accountants plan to ‘run away’ from profession

Many contractor accountants plan to ‘run away’ from profession

According to a recent study by accountancy software company E-conomic, nearly 50% of contractor accountants are planning on changing careers at some point in the next five years.

Why? Because they believe that the regulations surrounding tax and financial reporting will become tougher, which in turn will lead to an increasingly stressful workload.

The accountancy profession is already at breaking point following a surge of onerous and complex regulations brought in by the current government to control inflation and to give greater powers to HMRC.

Of the people that took part in the survey, most said that they were looking forward to retirement from the profession in the next five years.

Slightly less than 90% of respondents said that it was becoming increasingly more difficult to keep abreast of financial reporting and taxation requirements, while 57% believe that HMRC will soon enjoy much more of a direct involvement in areas such as compliance.

More than 25% of accountants said that they are keen to explore the possibility of outsourcing, with 75 per cent suggesting that their roles will change beyond recognition over the coming years.

According to the study, accountants feel that they will be used in an advisory capacity in the future with over 80% believing that this will be an integral part of the services they provide to clients.

Over 33% think  that a paperless office will become the norm over the next five years and slightly less than 50% see themselves accessing clients’ records via cloud based systems and working remotely.

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Image: I’m still running away by Vincepal

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