A new report by accounting software company Sage has found nearly all (90%) of Britain’s accounts believe upskilling would help them in their job, with the same number of respondents acknowledging the importance of team skill development.
With nine in 10 global accountants also recognizing the value of upskilling, Sage found reliability (74%) and problem-solving (72%) to be the most desired abilities.
However, concerns around heavy workloads are leaving them without enough time to invest in their skill development efforts. That said, all hope is not lost, with accountants also eager to deploy automation to free up valuable time.
Accountants want more time for training
Most (88%) of the respondents agreed that automating routine tasks could help free up time that could be spent on upskilling, with more than half (56%) of UK accountants now actively seeking to implement more automation across their practices.
“By gaining valuable insights from data, accountants can ultimately free up time to focus on developing the critical skills needed for the future, such as advisory services, strategic thinking, and building deeper client relationships,” noted Sage’s SVP for Accountants, Karen Ainley.
Despite the widespread recognition of the importance of upskilling, with 90% agreeing that it would improve job performance, three in five admit to not spending any time upskilling during a typical month, placing the UK several percentage points behind the global average.
More than two-thirds (68%) stated their current workload makes it difficult to prioritize both professional development and mental health.
As artificial intelligence’s presence begins to be felt more broadly among regulated industries like the financial sector, it’s clear accountants need to get on board with the time-saving tech in order for them to arm themselves with more skills and knowledge.