Will Anyone Need an Accountant When There’s Nothing Left to Count?

The current recession has had wide-spread implications across all industries, with very few businesses being unaffected.  But as a vocation, accountants and technicians seem to be bearing the brunt of some very stormy times.

Accountancy personnel are often perceived as a necessary evil.  Bosses know they need them, but look upon them as an overhead, not contributing to the profitability of the business.  Anyone with a financial brain resents this view.  Accurate financial reporting is essential in any market, especially a depressed one.

Bob Hipstaff is well placed to comment on the current situation.  He’s an Accounting Technician within a recruitment agency.  In 2008, the agency’s expansion came to an abrupt halt and the business is now half the size it was in October 2008.  A workforce of 80 has been reduced to just over 40.

Hardest hit have been the construction industry.  With contacts being cancelled and the property market freezing, there’s little prospect of improvement this year.  Ironically, builders merchants are experiencing a boom.  Their client base of small to medium sized builders has low overheads and often gain work by recommendation.  In a competitive market, quality will always win.

Chris Curry hoped to move from website design to accountancy but is now finding he needs to keep both skills active, “Companies know they still need to promote themselves, with websites becoming one of the most popular means of advertising.  However, they do not have the funds for re-launches and are relying on the maintenance skills of people like me.”

Retail and associated businesses are struggling.  Patsy Smith worked in the accounts department of manufacturer of leather goods.  The company ceased trading at the end of April.  Cheap imports made it impossible for the firm to compete and when two high street chains went into administration there was no hope of recovery.

Frustratingly those two chains re-opened with new names – and no debts.  Patsy is trying to remain positive and has sought self-employed work, but there’s little of that available to her.

Training for any profession takes commitment and by the time current students are qualified it’s hoped the recession will be in the past – but it will be some time before their job opportunities increase.