FloQast Releases Latest Survey Results Detailing Root Causes of Burnout in Accounting Industry
This second chapter of the Controller’s Guidebook survey program pinpoints the relationship between accountants and technology as key, and elevates potential solutions to encourage synergy
October 26, 2022 (LOS ANGELES) – Today, FloQast, a provider of accounting workflow automation software created by accountants for accountants, released the results of its latest survey, Controller’s Guidebook: Is Your Relationship with Technology a Solution to Burnout or a Source of Stress?
The new survey is a follow up to chapter one of the survey series, Controller’s Guidebook: Burnout in Accounting – Understanding the Problem, Leveraging Solutions, which highlighted the experience of burnout among finance and accounting professionals and the impact it has not only on the accountant, but the organization as a whole. Looking deeper into what is causing burnout in accounting and finance communities, this second installation of Controller’s Guidebook reveals how these issues impact accounting professionals differently both at home and in the workplace, and potential solutions to overcome these challenges.
Conducted in partnership with the University of Georgia Consumer Analytics Program, the survey includes the perspectives of 217 accounting and finance professionals. Casting a wide net, FloQast looked for individuals and organizations that varied in title, tenure, company size, and IPO status, as well as the various reasons they entered the profession, the characteristics of their job and company, the tools and training they had received, and the psychographic and demographic characteristics of the accountant.
The findings revealed one factor that plays a significant role in determining the level of burnout accounting professionals are experiencing: the relationship between the employee and their tools or technology. Key insights include:
The relationship an accountant has with their technology matters at least as much as the technology itself.
- There are three types of accountant-technology relationships that exist: Adversarial, where the tech is seen as more of a hindrance than a resource, Routine, where the tech works but the value added is minimal, and Synergistic, where the tech becomes an extension of the accountant.
- Only 36% of the accountants surveyed enjoy a Synergistic relationship with their technology. A majority characterize their relationship as Routine (29%) and Adversarial (35%).
Burnout is lower for accountants who have a Synergistic relationship with their technology.
- The report found that accounting professionals with a Synergistic technology relationship had burnout scores that were 15 points lower than those who had an Adversarial relationship and 11 points lower than those with a Routine technology relationship.
The relationship an accountant has with their technology has implications for the degree to which their job disrupts their personal life.
- Accountants with a Synergistic relationship to technology avoid negative impact to their personal lives more so than those with other forms of technology relationship. Specifically, their personal life is negatively impacted in 1.5 fewer months than those with an Adversarial relationship and 1.2 fewer months than those who have a Routine relationship.
- Even further, when personal life disruptions are reduced, companies see higher productivity at work and greater life satisfaction for the accountant.
The relationship an accountant has with their technology has implications for their organization as well.
- For accountants with a Synergistic relationship, the books were reopened 1.4 fewer months than an accountant with an Adversarial relationship and 0.7 fewer months than an accountant who has a Routine relationship.
With a more concrete understanding of what impacts accounting professionals day-to-day, FloQast also uncovered two key insights that can help create and encourage a synergistic relationship with technology amongst employees: utilizing an integrated technology solution and ensuring employees understand the purpose and goals of the technology. When these steps are taken, employees believe in their ability to complete their work, see greater personal competence, career potential, and income, and maintain a more positive work-life balance.
“As a company founded with an accountant-first mindset, we’re dedicated to creating intuitive systems that empower a synergistic technology relationship to both mitigate burnout and encourage finance and accounting professionals to collaborate and innovate,” says Mike Whitmire, CEO and co-founder of FloQast, inactive CPA. “These latest survey findings make it clear that we’re on the right track – an accounting professional’s relationship with their technology is of the utmost importance, as anything less than a synergistic relationship can have dire consequences around burnout, personal well-being, and the organization as a whole.”
This survey marks the second chapter of FloQast’s Controller’s Guidebook series, with more results to be released in 2023. FloQast will expand on the findings from past Controller’s Guidebook surveys, developing deeper analysis into the future of the accounting and finance industry.
For additional findings, an eBook with more detailed survey results as well as an infographic can be found on FloQast’s website here. Additional resources on how to manage burnout among accountants are available as well.
FloQast delivers workflow automation software enabling organizations to operationalize accounting excellence. Trusted by more than 1,900 accounting teams – including Twilio, Los Angeles Lakers, Zoom, and Snowflake – FloQast was built by accountants, for accountants to enhance the way accounting teams work. FloQast enables customers to streamline processes such as automated reconciliations, documentation requests, and other workflows that impact the month-end close, financial reporting, and payroll, and is consistently rated #1 across all user review sites. Learn more at FloQast.com.
FloQast Director of Corporate Communications
Email: [email protected]