From the struggle to find good talent, to complex and evolving tax regulations, the constant drive to innovate and grow, and finding that elusive work-life balance, accountants in 2025 face a myriad of challenges that can lead to sleepless nights.
“Every business owner has their challenges, and partners in accounting firms may have more than most; being an accountant isn’t easy these days,” says Vipul Sheth, managing director of Advancetrack, which provides outsourcing solutions to accountants.
Here are some concerns that might be keeping you up in the wee hours — and what you can do about them.
1. Finding or keeping talent
In recent years, the accounting industry has experienced a talent drain, with older workers retiring and insufficient new accountants entering the profession to fill the gaps. Attracting and retaining talent is tough.
“Young people today have many options and we haven’t been effective at highlighting the development opportunities in accounting,” says Sheth.
The stagnation in salary growth is another issue.
“While graduate salaries have risen with inflation, they haven’t matched the earnings growth within the profession.”
What can you do?
Sheth suggests sharing business profitability with junior workers through increased salaries, bonuses and benefits.
The industry and professional bodies also need to better promote the potential for career growth, he adds.
“Accounting is diverse; we don’t just conduct audits for 40 years. We acquire skills that enable us to become the trusted advisors that business owners rely on.”
Historically, many CEOs started out as qualified accountants, Sheth says.
“With the capability to swiftly analyse data, accountants can contribute at board level, offering insights into business performance.”
With the fear around AI, it’s also important people understand that it won’t replace all accountants, Sheth adds.
“AI may take some roles, particularly those focused on processing, but it won’t replace partners or managers who have a deep understanding of businesses and can guide business owners.”
2. Pressure to innovate
Technology has opened up incredible opportunities for accountants, but it’s also made the field more competitive.
Some accountants and firms are embracing innovations like AI, while others are getting by with unreliable software and feeling the pressure to update their systems, especially with cybersecurity threats on the rise, but aren’t quite sure how.
What can you do?
Accountants have no choice but to educate themselves and keep up with changes, Sheth advises.
This might mean swapping tips with fellow accountants and firms, taking advantage of learning resources from your professional bodies, or diving into industry publications. To keep things simple, start by identifying a problem and then focus on finding a solution that can save time or boost efficiency, Sheth says.
And consider outsourcing when possible.
“The offshore outsourcing industry for accountants has grown massively, allowing you to transfer parts of your business to people who already have the technical know-how.”
3. Compliance
Accountants have always faced the stress of making mistakes, but today’s regulations are more numerous and complex than ever.
“We’re living in a more litigious world now. One wrong move, and everything you’ve worked for could be at risk,” warns Sheth.
What can you do?
Reach out for support, he says.
“Professional bodies offer technical assistance and helplines, whether they’re included in your membership or are additional services that you might need to pay for.”
“Young people today have many options and we haven’t been effective at highlighting the development opportunities in accounting.”
Vipul Sheth, Managing Director, AdvanceTrack
And don’t hesitate to connect with experts.
“Seek out experts who can review your work. It might cost a small fee, but the peace of mind is definitely worth it.”
4. Lack of clients
Finding new business isn’t always a walk in the park for accountants.
“Some people are introverted and hesitant to step out of their comfort zone. But it’s crucial; every successful business owner has ventured into uncomfortable territory,” says Sheth.
What can you do?
There’s no need to start cold-calling potential customers, which is often ineffective. Instead, reach out to your existing clients, especially those you enjoy working with, and ask for referrals, says Sheth.
“The easiest win for any professional comes from engaging more with your current clients. And remember, not every interaction needs to be timed. Sometimes, a quick five-minute call just to say you found something that might interest them can lead to paid opportunities.
“It’s also a chance to check if they’re happy with your service and, if they are, ask them to recommend you to their friends.
“This way, you can hopefully attract more clients you enjoy working with.”
5. Lack of work-life balance
The labour shortage can create a vicious circle — a hefty workload for junior accountants, who may also be studying, which can lead to burnout and departures from the profession.
This places even more pressure on business owners, who are often working around the clock.
What can you do?
Flexible working arrangements, designated mental health days and support where needed are all ways to take care of your staff — and yourself, says Sheth.
“And, once again, consider how technology and outsourcing can ease your load.”
6. Boredom or unfulfillment
Some accounting tasks might feel a bit monotonous at times, so keeping you and your staff inspired and satisfied can feel like a challenge.
What can you do?
There are plenty of opportunities to learn new skills and explore new fields as an accountant, says Sheth.
Plus it’s important to remember the impact you’re having.
“We have a saying: ‘Accountants can change lives, but not just by producing a set of accounts’.
“Engage with your clients and ask how you’re making a difference in their lives — whether it’s helping them pay off a mortgage or grow their business — and enjoy sharing these stories.
“We have the power to help people become more successful and fulfil their dreams.”
Hear from experts on how to attract more advisory clients without the stress of high costs and complex marketing strategies in this IFA webinar happening on 22 May.
