Can you risk losing one of your audit team?

Staff turnaround is at an all-time high in the accountancy profession.

In fact, we are currently going through a full-blown staffing shortage, with very few qualified, skilled, and experienced individuals able to fill the many roles available in the UK.

So, I ask again, can you afford to lose even one of your skilled staff members? Because you might not be able to get a replacement in today’s job market.

Yes, you could invest in a coffee machine for the office, bring in doughnuts on a Friday or offer other incentives to stay, but do they outweigh the frustration created by inefficiency?

Can a doughnut really make up for the hours wasted waiting on client emails and slow, clunky document management systems?

Your staff might appreciate the time saved by the coffee machine, but if they only use it to kill time, waiting for loading screens, is it worth it?

Inefficient technology in auditing is driving staff mad

A study by Sharp found that employees typically spend more time waiting for outdated technology to respond than they do on annual leave.

(If you’re a manager of people, that statistic is truly shocking).

It is estimated that up to 167 hours are lost just waiting for technology to operate properly, watching webpages load and printers heat up.

Just imagine how stressful and frustrating that must be for your staff – especially if they know how valuable their rare and sought-after skills are.

Some auditors find themselves spending an inordinate amount of time collecting and organising data rather than actually analysing the information contained within, a task that should ideally take a fraction of this time when you’re using efficient systems.

Then, just think about what happens if they accidentally input an error during manual data entry.

The most common consequence of inefficient tech is an increase in the risk of errors.

In a field where precision is paramount, these errors can have far-reaching consequences, including compliance issues and damaged client trust.

But aside from those risks, let’s come back to the frustration stemming from grappling with inefficient systems.

The effect of frustration on the auditor’s mind

When auditors are bogged down by tedious, manual processes, it diminishes their job satisfaction and leads to burnout.

Research indicates that 42 per cent of employees say they lose 15 to 30 minutes of their day to stress and frustration. Meanwhile, 34 per cent lose one hour or more.

The same study found that 54 per cent of employees missed one or two days due to stress, 31 per cent lost three to six days, and 15 per cent missed more than six days a year.

These stats should speak for themselves – if your audit processes are causing frustration and stress, they need to be fixed!

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