Conquer the accounting talent gap with no-code solutions

The accounting profession is undeniably experiencing a talent shortage that’s driven by a range of contributing factors. From high education costs, lack of enrollment, competitive pay within other sectors and more, current accounting professionals are increasingly expected to shoulder heavier workloads that ultimately lead to burnout and decreased job satisfaction. In fact, an estimated third of accountants make multiple errors each week according to a recent Gartner survey. Although there are many reasons why accounting errors occur, this Gartner survey found that errors were closely linked to low capacity and high workload. According to Mallory Barg Bulman, senior director of research in the Gartner Finance practice, these issues aren’t new to accounting teams. Demands on accounting staff capacity continue to rise as:

• 73% report workload increases over the last 3 years
• 82% say economic volatility has increased demands for their work.

With fewer skilled professionals available, finance teams face increasing pressure that ultimately results in a higher likelihood of errors and diminished morale.

You may be wondering at this point, “How can my business address this issue? I don’t control market volatility or student enrollment.” While companies may lack the direct influence to drive increased enrollments in accounting programs or market conditions, they possess powerful leverage in shaping workplace satisfaction and retention through the tools they provide their teams. By equipping your team with configurable, intuitive, user-friendly technology, you cultivate an environment that not only enhances productivity but also boosts morale and loyalty. Let's delve into the significant impact these choices can have on retention rates and explore strategies to keep your valuable talent engaged and committed.

Meaningful work: What is it? Why does it matter?

The pursuit of meaningful work has become a cornerstone of successful and progressive organizations. But what exactly constitutes meaningful work, and why should your business prioritize it?

At its core, meaningful work is a combination of purpose, fulfillment, and alignment with personal values, allowing individuals to feel that their contributions resonate beyond just financial rewards. Put simply, “it describes a job where [workers] feel fulfilled and valuable.” It fosters a sense of pride and satisfaction that transcends the routine tasks, embedding a deeper sense of purpose in every team member. This not only elevates personal well-being but also significantly enhances organizational efficiency and success.

The impact of meaningful work manifests in numerous ways. Studies from leading advisory firms like Deloitte consistently show that employees engaged in meaningful work demonstrate higher productivity, increased motivation, and a stronger commitment to their roles. These factors culminate in reduced turnover rates and enhanced creativity, as individuals become more willing to innovate and invest their best efforts.

Moreover, organizations known for providing meaningful work are more attractive to top talent, enhancing their competitive edge in the recruitment landscape. They cultivate a work culture rich in trust and collaboration, enabling them to swiftly adapt to challenges and seize opportunities. By valuing and integrating purpose-driven work, organizations not only nurture their employees' growth but also pave the way for sustainable, long-term achievement. Prioritizing meaningful work is an investment that yields exponential returns for both individuals and organizations alike.

Meaningful work for accountants

It's one thing to acknowledge that meaningful work helps retain top talent, but what does this look like for finance and accounting professionals?

No team member looks forward to the arduous task of spending long hours manually handling reconciliations, crafting cash flow statements, wrestling with disconnected spreadsheets across multiple ERPs, or scrambling to make last-minute changes to financial reports. Consequently, meaningful work for finance and accounting teams often stems from tasks that go beyond repetitive, manual processes and allow them to focus on activities that drive strategic value.

More specifically, meaningful work for your team could involve:

• Analyzing financial trends to inform business decisions
• Collaborating with cross-functional teams to develop growth strategies
• Advising on mergers, acquisitions, or other major corporate transactions
• Uncovering opportunities for cost savings and efficiency

However, this level of meaningful work is only achievable if your team isn’t bogged down by time-consuming manual tasks like those mentioned earlier.

Reclaiming precious hours for your team with a self-serve close, consolidation, and reporting solution

Investing in financial software that gives precious time back to your team so that they can focus on meaningful work is only the first step. Not all software is created equal, and so not just any software will suffice. You need a solution that not only automates those mundane, time-consuming tasks, but one that is also embraced and accepted by your team.

The real key to effectively tackling manual errors and giving time back to your team for meaningful tasks is by leveraging technology that is accepted by accounting staff. Gartner experts found that when users showed high adoption and acceptance of the technology they were using, they exhibited greater efficiency, realized capacity improvements, and made significantly fewer errors.

Technology acceptance, as defined by Gartner, is comprised of four essential elements:

• Ease of use
• Ease of learning
• Customization capabilities
• Comprehensive information availability 

Companies prioritizing technology acceptance witness a remarkable 75% reduction in financial errors.

Anaplan has heard from thousands of accounting professionals over the years, and it’s clear from Gartner survey findings that technology doesn’t (and frankly, shouldn’t) require a 1,000-page coding manual for your team. It’s no secret that finance and accounting professionals love and rely on Excel to support them throughout their close process – so who are we to break that sentimental and reliable bond?!

Anaplan’s cloud-native Financial Close and Consolidation application embraces this approach by touting Excel at the front helm, making the tool user-friendly with a short learning curve. In addition to being out-of-the-box, our customers can configure templates and dashboards with ease so that only information they deem relevant is visible. Plus, it’s finance-owned and maintained, meaning you’ll need zero assistance from your IT team when completing tasks like onboarding new entities, adding or removing time-dimension criteria, or even currency adjustments.

Explore our resource library or reserve some time with our team to learn how our customers navigate the Anaplan Financial Close and Consolidation application so easily.