The Scots accounting sector is struggling to recruit accountants with high-level expertise in blockchain and artificial intelligence (AI) tech.

Advances in the automation of financial planning and analysis using these technologies has now become an important part of modern business finance.

However, a lack of high-level expertise is pushing businesses to consider applicants with the right skills set outside of financial services.

Findings were highlighted in the seventh Annual Salary Guide into Scotland’s crucial financial service sector from Core-Asset Consulting.

The accounting and finance section underlines the crucial contribution that blockchain, AI, and Business Intelligence can make in meeting expectations of internal and external stakeholders.

Commenting on the research, Rachael O’Neill, Associate Director, Accounting & Finance at Core-Asset, said: “Businesses run on information and the faster the information is received and the more accurate it is, the better.

“What started out as a daring experiment, blockchains now operate with accounting technology at their core, centring on the transfer of assets while maintaining a ledger on financial information.

“The technology is now making a significant impact on the sector – and being able to react nimbly to increased automation of financial information and market trends gives companies an edge.”

She added: “The results give both employees and managers the power to accelerate and improve decision making, increasing operational efficiency, pinpointing new revenue potential and identifying market trends, providing real time analytics and financial metrics to internal shareholders or external clients at the click of a button.”

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The report questions whether accountancy professionals are staying ahead of advances in technology.

Data also indicated that the Scots accounting sector will require individuals that can “think internationally, understand complex technical accounting issues, and have sound industry reporting standards knowledge,” with business analytics and automation skills.

Additionally, the report acknowledges a “perennial demand” for newly qualified accountants to five years post-qualified experience with skill sets in this cohort transferable across sectors.

O’Neill continued: “Tax, financial reporting and audit can be relied upon to be hiring pressure points in most years, and in 2022 this will be no different. A small number of professional practice firms are now offering retention bonuses to staff in these areas with the aim of reducing attrition levels.

“Many firms will struggle to attract applicants with the desired level of technical expertise, and therefore, strategically focused recruitment strategies will be critical to successfully navigate the candidate-driven market.

“Businesses which operate in financial services will benefit from considering applicants with skill sets outside of financial services, assuming they can demonstrate exposure to a strong generic accountancy background.”

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