Survey Finds Accountants Want Financial Transformation But Lack Confidence

Controller’s Guidebook

FloQast, a company specializing in the development of accounting workflow automation software, has recently published the findings of its most recent study titled “Controller’s Guidebook – When Accountants Dare to Dream.” In this iteration of FloQast’s research series, accountants were prompted to envision potential alterations to the profession under their authority.

The poll, which was carried out in collaboration with the University of Georgia Consumer Analytics Programme, encompasses the viewpoints of 284 experts specializing in accounting and finance. FloQast conducted a comprehensive search for individuals and organizations with diverse characteristics, including variations in job titles, length of employment, firm size, and IPO status.

The present study undertook an examination of survey data to provide insights into the optimal professional condition of accountants, the prospective impact of technology on their future, and suggestions for their employers. The research conducted by FloQast indicates that a majority of accountants acknowledge the necessity for financial transformation within their organizations in order to enhance strategic business performance.

However, it is often observed that a lack of job satisfaction hinders the realization of this objective. Additionally, FloQast examined the level of job satisfaction among these individuals and organizations, as well as the tools and training they had received.

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The primary findings of this study encompass:

• There is a positive correlation between job fulfillment and confidence levels among accountants. Regrettably, the attainment of this ideal condition of relationships remains an aspiration for a significant number of individuals.
• A majority of individuals (58%) have a high level of confidence in their work. Nevertheless, it is concerning to note that a significant proportion, specifically 42%, of accountants do not possess a high level of confidence. This is particularly worrisome considering the fact that accountants are entrusted with the management of delicate financial matters on a regular basis.
• According to empirical research, a significant proportion of accountants, specifically 60%, express a level of satisfaction with their professional fulfillment that falls inside the C or lower range. Merely 5% of accountants would evaluate their level of job satisfaction as being at the highest possible rating of A+.
• When ascertaining the factors that contribute to the sense of fulfillment experienced by accountants, a consensus emerged among many respondents.
• This consensus highlighted the importance of engaging in problem-solving activities that arise in the workplace, actively participating in organizational decision-making processes, and receiving recognition for their valuable contributions and innovative ideas.
• The prevailing viewpoint among accountants is that there exist more effective methods to carry out their professional duties.

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Potential resolutions

• The allocation of time in accountants’ employment primarily involves the management of finance and accounting tasks, accounting for around 16% of their time.
• Additionally, a significant portion of their time is dedicated to collecting and classifying transactions, accounting for approximately 14% of their time. Another important aspect of their job is the preparation and issuance of financial reports, which accounts for approximately 12% of their time.
• Lastly, a notable portion of their time is devoted to executing the Financial Close, which accounts for approximately 13% of their time.
• Nevertheless, the participants express a desire to assume a more strategic role, providing valuable insights to the organization’s planning and project implementation processes, limiting potential risks, and establishing effective control mechanisms to safeguard the organization’s interests.
• Regrettably, a significant proportion, specifically one-third or fewer, of accountants hold the belief that their organization’s leadership sees them as a beneficial strategic partner.

Utilization of appropriate technology

• Accountants have the belief that the utilization of appropriate technology will result in improved integration of upstream and downstream processes with their job (76%), as well as enhance the execution of their tasks (75%).
• Furthermore, the use of technology is expected to have a positive influence on company performance, with a majority of respondents (75%) expressing this viewpoint.
• Additionally, the integration of technology is anticipated to enhance the ability of companies to make more informed and strategic decisions, as indicated by 74% of the participants.
• Moreover, the company’s organisational culture would have a higher level of strength, namely by 67%.

Potential modifications

• When queried about potential modifications to their work approach, accountants expressed a desire to assume responsibility for establishing the strategic trajectory of projects (83%) and exert a greater influence on the overall prosperity of their respective organisations (78%).
• Accountants posit that the aforementioned actions, among others, might potentially be facilitated through the implementation of enhanced systems characterised by increased reliability, heightened automation, and more transparent processes that are comprehensible and adhered to by all stakeholders.

Conclusion

In essence, the evaluation conducted by accountants regarding their surroundings, difficulties, prospects, and ambitions aligns with the notion of financial transformation. This concept involves restructuring the organization in order to unlock the potential of employees and attain expedited and precise insights that contribute to strategic business success. Within this context, a notable disparity and potential for advancement can be observed – a significant majority of accountants, over 70%, have expressed that their respective organizations are currently experiencing a pressing requirement for financial reform.

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