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Last updated Sep 26, 2023

Don’t be hurt by the shortage of accountants. Give them what they need.

Written by Laura Slauson
3 minute read
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Is your finance team getting the love and attention they deserve? Typically overworked and underappreciated, finance teams are a serious flight risk. In fact, the Wall Street Journal reports that more than 300,000 accountants and auditors quit over the last two years, and the effects of those losses can be significant. 

Staffing problems in the finance department can impact an entire company. Businesses rely on finance to provide accurate, timely data as the basis for strategic planning and much more. However, the work that goes into creating that data isn’t always acknowledged. Highly educated and often credentialed finance teams have trained and are prepared to make important contributions to their companies. And yet, most finance teams still spend an inordinate amount of time on manual tasks. According to a recent PYMTS survey of 225 finance leaders, AP departments alone spend 18% of their time on manual tasks per month. 

To focus on retention, give them the tools they need.

The WSJ article cited a reputation for long hours and tedious work as a deterrent for pursuing a career in accounting. Our SaaS customers frequently comment on the irony of companies that develop cutting-edge technology that are continuing to rely on disjointed and archaic finance tech stacks. And, with those cobbled-together tech stacks, talented, well-qualified professionals end up having to do mundane tasks such as:

  • Manually coding entries to the GL.
  • Fixing errors on expense reports.
  • Reconciling corporate card spending with credit card statements. 
  • Transferring information between multiple systems.
  • Asking employees for required documentation — often repeatedly.
  • Running cross-system mid-month reports.

Not only are these manual processes a waste of a significant investment in education, but they’re also more likely to result in mistakes. Manual work is inherently prone to errors, and the need to fix those errors just creates more manual work, resulting in what can feel like a seemingly endless and unsatisfying vicious circle. 

It’s not surprising, therefore, that up-to-date technology can improve employee job satisfaction. According to a PWC report, this is particularly true of millennials in the finance sector. About two-thirds of the millennials surveyed said technology is an important factor when it comes to deciding on an employer. 

At Airbase, we’ve heard stories about the problems that our customers used to have when closing the books, with entries for spend flooding in from all areas on corporate cards, via purchase orders, and from expense reimbursement requests. To solve these problems and free up time for more meaningful work, we’re focused on automating and consolidating the full AP process. When all payment methods are brought together in a single platform, accounts payable work is transformed. A few of the benefits include: 

  • No more long hours at a frantic pace every month since the month-end close becomes much faster.
  • No more manual reconciliations.
  • No more CSV data transfers.
  • No more chasing after receipts and other documentation.
  • No more nasty surprises when the credit card bills arrive. 

Recognize the importance of a fulfilling role. 

When time-consuming manual work is eliminated, finance pros can turn their attention to more strategic projects and value-added work that makes a difference, both to the company and their own sense of purpose. Instead of tasks like matching POs to invoices, they can play an active role in improving revenue, finding ways to eliminate wasted spend, and participating in FP&A functions

Diana Ngo, Senior Director of Finance at YourMechanic, noticed this dynamic after her team adopted Airbase’s spend management platform. 

“Our staff accountant is now doing more FP&A work. He’s working more closely with the VP of Finance instead of spending all his time on manual tasks he was way too smart for.”

Diana Ngo

Senior Director of Finance, YourMechanic

Let’s face it: People rarely acknowledge the ongoing work of the finance department unless something goes wrong. But now is the time to show them some appreciation. Take the first steps to ensure a happy team. Schedule a demo with Airbase to see how a spend management platform makes a difference.

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