Accountancy Jobs Sector battered by Brexit and Cloud Accountancy Services

Bottom drops out of public practice accountants job market as rapid growth of cloud computing and Brexit uncertainty serves up double whammy of gloom to the accountancy sector.
By: TP Recruitment Limited
CHANCERY LANE, U.K. - July 16, 2019 - PRLog -- The future of accountancy in public practice is looking threatened by the increased automation of tasks traditionally undertaken by accountancy firms on the high street. Reports in by a specialist accountancy practice recruiter are showing up a large decline in the number of jobs posted and recruitment undertaken by high street accountancy practices.

Jonathan Fagan, Director of TP Recruitment Limited comments as follows: "Accountancy practice recruitment seems to have hit the buffers this year so far. We have seen a dramatic decline in the number of jobs advertised, interviews conducted, and offers made. Even when candidates have attended interviews, they have been extremely reluctant to commit to making a move. The usual recruitment rule of thumb of 1 placement per 7 interviews has gone out of the window. We are not sure whether the current slowdown is a result of political uncertainty around Brexit, the dramatic changes to the work of public practice accountants with the advent of cloud accounting, or simply a downturn generally. Our company also works in the legal industry and recruitment remains buoyant amongst solicitors' firms, both for permanent and locum."

This analysis is also added to by the KPMG and REC UK Report on Jobs, compiled by IHS Markit from responses to questionnaires sent to a panel of around 400 UK recruitment and employment consultancies (including the Ten Percent Group).

Key Findings in June:
Permanent placements decline for fifth time in six months
Temp billings expand only slightly
Vacancy growth holds close to multi-year low

KPMG Comment: "Brexit stagnation continues to seize up the jobs market as the slowdown in recruitment activity continues. Permanent staff appointments fell again in June, the fourth month in a row, while subdued confidence ensured that growth in temporary billings remained historically weak. As we approach the summer holidays, the worry is that vacancy growth – which held close to a multiyear low in June – is unlikely to bounce back as firms take a relatively cautious approach to hiring. Uncertainty is also likely to further dampen staff availability, as candidates are reluctant to change roles at this time. Looking ahead, conditions across the labour market are likely to remain restrained against a backdrop of political and economic uncertainty before companies can start to make more informed decisions on
their long-term hiring."

Recruitment & Employment Confederation (REC) Comment: "The jobs market has slowed a little, but one issue which shows no sign of relenting is the shortage of qualified candidates in some areas.

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Jonathan Fagan
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Tags:Accountant Jobs
Location:Chancery Lane - London, Greater - England
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Page Updated Last on: Jul 18, 2019
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