The accountancy industry is facing an ‘existential’ global crisis as firms are stricken by a skills shortages.
The Accounting Talent Index, a new study from Advancetrack, has revealed 74% of accountancy firms have been ‘significantly’ or ‘severely’ affected by a lack of accountants on the market.
The report found that the reasons for the shortages ranged from more competition for talent from commerce to fewer people attending and graduating from university, You can add the Covid pandemic and an ageing workforce into the mix too.
Advancetrack’s Vipul Sheth said: “Our Accounting Talent Index shows how the acute lack of accountants has emerged as a critical bottleneck, and its impact has been nothing short of severe, impacting businesses, institutions and economies on a global scale.
“While the solutions are not exhaustive, or all yet identified, significant strides can be made by investing in the development of accounting talent, rethinking recruitment approaches, and promoting the essential role of accountants in supporting economic stability.”
