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?
Paperwork.
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.
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