New research from global small business platform Xero reveals almost one in two accountants and bookkeepers (45%) believe their industry has an ‘image problem’ [1]. In response, Xero has announced the launch of Xero Mentor Match, a peer-to-peer mentoring program for its Australian accounting and bookkeeping partners.
The report, Reshaping accounting and bookkeeping: Image, talent and the way forward, is based on a survey of almost 400 accountants and bookkeepers in Australia and New Zealand and examines how the professions are generally perceived, and the impact this is having on the industry-wide talent problem. In a second survey of 155 university students from Australia and New Zealand studying a Bachelor degree (or above) in accounting [2], 41% agreed the industry has an image problem.
When asked why they believe this image problem exists, 81% of accountants and bookkeepers said that people generally think their professions are boring, while 63% of students said there’s a lack of awareness about the full scope of what accountants do.
With fewer people choosing to study accounting [3], and almost two-thirds of employing practices (65%) experienced challenges in finding and keeping the right staff in recent years, a need to communicate the opportunities and satisfaction that comes with a career in accounting and bookkeeping – both internally and externally – has been brought to the fore.
Theo Konstantas, Sales Director for Xero Australia and champion for the Mentor Match program, said: “The talent and skills shortage has – and continues to be – one of the most significant challenges facing practices today. This report is the first time we’ve explored the perception problem to understand the reasons why firms are battling this issue, and really thought about how Xero can level up to help.
“Xero Mentor Match is a direct result of this. Any accountant or bookkeeper – from those just starting out in their careers to tenured professionals – who work in a practice that’s part of the Xero partner program can join the platform. We want them to connect, transfer skills, and show each other all the dynamic, innovative and exciting aspects of their professions. The calibre of talent we already have on board in our foundation mentors is exciting. These partners have the opportunity to inspire, and be inspired by, the next generation of talent to reignite the industry from within,” Konstantas said.
Xero is working with Australian-founded Mentorloop to bring the Mentor Match initiative to life. The two companies have a long-standing partnership, with Xero having used the mentoring software internally for several years.
Mentorloop uses an equitable matching algorithm to pair program participants based on complementary interests and skills.
Advocating for the industry through purposeful work
Despite the perceived image problem, one in two accountants (50%) and bookkeepers (49%) surveyed would recommend their profession to a family member, friend, or the next generation. When asked why, ‘The opportunity to do purposeful work that makes a genuine difference,’ was one of the top responses (for 69% of accountants and 64% of bookkeepers). This was also the most popular option among students (52%) when asked what aspect of the industry they are most interested in.
Meeting the needs of today’s – and tomorrow’s – talent
When it comes to the most effective things employing practices have done to combat the talent problem, offering benefits like remote or flexible working (61%), providing part-time or job share opportunities (52%), and creating a culture that promotes inclusiveness and wellbeing (45%) were the most common responses.
There are clear parallels between these initiatives and what emerging talent are looking for in a practice-based role or workplace, with one in two students surveyed citing ‘Benefits like flexible and remote working,’ as a key motivator. However, almost one in three students (32%) said the most important factor is having clear development pathways and career progression – something that only 29% of practices currently have in place to train staff in non-compliance.
Shannon Feeney, an Undergraduate Accountant at Yield Advisory, said: “My firm appealed to me because it focuses heavily on training and development. There’s a perception that accounting can be quite boring; but having the opportunity to learn from people with different responsibilities and expertise showed me how dynamic the profession can be. Everyone is open about their work, and I’m learning what steps I need to take to build up my skills. The development pathways are clear, which I really appreciate as I’m so new to the field.”
Discover more insights from the Reshaping accounting and bookkeeping: Image, talent and the way forward report, including its full methodology, here. Learn more about Mentor Match here.
[1] ‘Image problem’ refers to how accounting and/or bookkeeping is generally perceived as a profession, and the impact this is having on the skills shortage, industry-wide talent shortage, and the declining number of both new entrants and students choosing Bachelor-level and above programs in accounting.
[2] Students refers to those currently studying a Bachelor degree (or above) in Accounting and Finance, Business Management, Business (Accounting) or Commerce (Accounting) at a tertiary institution.
[3] Reported by CA ANZ in November 2022.
