Whilst the dawn of a New Year often brings with it a sense of hope, accountants will be bracing for a challenging 2024. I established my practice about a decade ago, having earned my stripes for more than fifteen years before that, but in all that time I’ve never experienced such volatility. I commend my peers for powering through and continuing to do their best for their clients, and their own teams, writes Ross Boyd, founder and director of Belfast-based chartered accountancy, RBCA.
“Growth challenges aside, the accountancy sector poses additional hurdles – a skills shortage, retention issues, the continued rise of artificial intelligence and digital tools, and ongoing consolidations – to name just a few. Often, we’re so focused on our clients’ businesses and their success, that we don’t focus enough on the resilience of our own, but it’s crucial we harness the passion and commitment that exists across the sector to thrive in the new year. Change is coming relentlessly and we must pause, embrace and adapt to remain relevant.
“Labour shortages, paired with the capacity pressures these shortages cause, are likely to be the most pressing challenges restricting growth across many sectors next year. Unfortunately, the war on talent is a trend our own sector will continue to battle too. To put it bluntly, the sector’s image needs reinvention if it’s to continue to attract and retain talent. And to put it even more bluntly, investing in human capital is non-negotiable – after all, talent and growth are entirely correlated.
“As employers our role should be two-pronged – firstly we should invest in our existing employees to support their continued contribution to the sector. I’d advise any practice that doesn’t to objectively assess their employees’ skill sets and put the necessary plans in place to help them develop. These development plans should look beyond the number crunching and financial recording and include a broader set of responsibilities such as analysing forecasts, identifying emerging trends and networking to ensure that the role of the accountant isn’t limited or constrained and is positioned as a strategic advisor.
“Secondly, we should focus on creating the type of organisations, and being the type of leaders, that people want to work for. After all, organisations that prioritise diversity, inclusion, and flexibility have higher retention, and this is becoming clearer post-pandemic as Gen Z become more present in the workplace. Now aged between 11 and 26, this generation will account for 27 percent of the workforce by 2025.
“My team and I spent significant time developing and introducing our RBCA Graduate Programme to ensure that we have a strategic approach to accommodate talent entering the workforce. Last year we’ve welcomed seven bright individuals at the very start of their careers into the fold. I’m proud to be in the position to offer local talent a setting where they can thrive, not only enhancing their technical skills and providing the opportunity to achieve Chartered status, but also supporting their interpersonal development.
“We also recently invested in a new Belfast office that provides the physical environment needed for productivity and learning, and our annual Away Days continue to be invaluable to the culture of RBCA. Now in its tenth year, the initiative is rooted in team building and sees us come together to share experiences and reflect on our goals.
“We’ve all come to understand the importance of digital tools in recent years, and it’s crucial that in 2024 we continue to make necessary changes and investments. Some ill-advised pundits would argue that accountancy’s future is limited in this increasingly digital world, but our retort is that new accounting technologies are complementary to our work – but will never replace it. Why? Well, in my experience people will always buy into people. Relationships are a secret weapon of the modern-day accountant and can be the point of difference that gives that crucial competitive edge.”
For more information visit rbca.co
