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Accounting automation and modern working held back by management

The outdated attitude of UK accounting bosses is now the biggest barrier to practices adopting modern working methods like accounting automation and flexible working, according to our new industry survey. 

With technology changing the accounting and finance industries at a rapid pace, 29% of employees blame senior decision makers for any lack of progress. 

This is in stark contrast to a similar survey conducted in 2016 when 29% of employees cited that lack of technology and the nature of their service offering was holding their company back from modernising its operation. 

Today, only 18% say that the lack of available technology and their company’s service offering is the reason they fail to move forward. 

It is clear that accounting professionals are becoming savvier about new technology like automated accounting software and cloud platforms as well as more aware of the benefits this kind of technology can offer. 

This is especially true when it comes to how accounting professionals work, with flexible working and increased collaboration becoming the new order of the day. 

Considering that remote and flexible working options are now among the top things accountants look for in a new role (just below salary and career progression) practices and businesses should take note if they want to remain competitive and attract new talent. 

But it is not just staff retention and recruitment that is putting technology adoption at the forefront of the industry in 2020 and beyond. 

With new regulations and reporting requirements putting more pressure on firms and organisations to become “digital first” it is becoming more vital that they understand the importance of automated accounting software or cloud accounting solutions. 

Those which fail to get to grips with the consequences of falling behind could easily find themselves unable to catch-up. 

Our “Understanding Technology Attitudes within UK Finance Professionals” report is based on the opinions of 1,000 UK accounting and finance professionals and highlights the thoughts, concerns and predictions for technology in the industry. 

To read the full report, click here