Survey Shows Impact of COVID-19 on the Accounting Profession

Covid has brought about significant changes in the accounting profession, forcing accountants to adapt to new challenges. The shift to remote work has become a permanent fixture, with 75% of accountants now working from home at least one day a week. As for the technologies related to how has covid affected the accounting profession working from home, many accountants stated that working remotely was not new to them. Several CPA firms among our respondents were able to adjust to working virtually very quickly. “We utilized Microsoft Teams and VPN prior to COVID,” one spokesman reported, “and our Teams usage has skyrocketed during COVID for both video calls and document sharing.” Zoom and Skype are also popular choices for video conferencing.

• Communication is key in a crisis, and timely updates can help prevent misinformation and panic.
• This is another trend that started pre-pandemic and was greatly accelerated in the last year.
• Chris from Generation CFO feels that working from home has been the biggest shift.
• We asked 250 accountancy professionals a series of questions to understand the scale and impact of COVID-19 on the finance and accountancy sector and on their career progression plans.
• Examples listed by survey respondents included embracing technology, providing more flexibility of work schedules, working remotely in different regions, and accepting clients from other areas.
• Client cancellations due to the pandemic have been a concern for many accounting firms.

Accountancy Skills Evolution: Impact of COVID-19 & the Path Forward

Less tied by geographical location (and with a pressing urge to constantly be more law firm chart of accounts competitive), the pandemic has presented a great chance to specialise. For instance, accountants may decide to target start-up businesses, or partner with R&D tax consultants. Hybrid working offers flexibility for both businesses and their employees the ultimate flexibility. It has typically meant a better, more balanced homelife for staff and reduced absenteeism. Firms are also finding they don’t need large, expensive offices in urban locations, instead choosing smaller, cheaper spots and hotdesking.

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Accountants are worried about the impact of COVID-19 on their profession, with three-quarters of respondents concerned about the economic impact on their industry. A crisis response plan should include a communication strategy to inform and reassure affected parties. Communication is key in a crisis, and timely updates can help prevent misinformation and panic. However, the pandemic has also highlighted existing inequalities in the accounting profession, particularly for those with limited access to technology or remote work arrangements. Temporary changes can be a great opportunity for growth and learning, as they allow us to adapt to new situations and develop new skills. Remote work has also led to a shift in work-life balance, with 60% of accountants reporting an improvement in work-life balance since transitioning to remote work.

The Accounting Profession and the Pandemic

This is another trend that started pre-COVID-19 and was greatly accelerated in the last year. Many firms are actively working on a permanent flex-work policy by giving employees 2-3 day work-from-anywhere options. Through it all, the pandemic highlighted the importance of future-proofed skills that can anticipate and are agile in a new world—a world where professional accountants are established as strategic leaders. Crises inevitably demand difficult decisions be made, yet the preferred conditions for making such decisions—time to deliberate, a clear sense of focus—are in short supply. Countless small business owners, CEOs, government leaders and more confronted this reality in 2020. For many of them, professional accountants were there as trusted advisors when there was no semblance of certainty.

Firms that proactively introduce AI discussions, training, and strategy will position themselves as industry pioneers—while those who hesitate risk falling contra asset account behind. At the same time, the number of students majoring in accounting kept dwindling, resulting in a double whammy. From an increase in outsourcing/offshoring, the threat of artificial intelligence and a rapidly changing employment market, accounting has been in the hot seat, but not a good one.

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