Partner Article

Accounting firms waste money on ineffective research

New study reveals accounting firms waste over £1.2 billion a year on ineffective research

Over 45 million hours are wasted a year on research 70% of accountants feel their research is unreliable or wasted

InsightBee, the cloud based knowledge platform, has released a survey looking at the amount of time and money accounting firms in the UK spend on sourcing unproductive research each year. The study found that accounting firms waste over £1.2 billion a year on research that does not yield effective business insights. The survey also revealed that over 45 million hours are lost each year to the sourcing of ineffective research.

The business case for streamlining the research process is supported by the fact that over three quarters (70%) of accountants feel as though the research they find is unreliable and their time spent researching is wasted. The scale of employee dissatisfaction illustrates the need for accounting firms to alter their approach to research, not just to improve productivity, but also to support greater staff wellbeing.

Manoj Madhusudanan, Managing Director of InsightBee comments: “This research shows that the amount of hours and revenue being wasted by accounting firms is a real problem in the UK. Accountants are being held back as a result of sourcing research that does not provide any meaningful insight into their marketplace, clients or even their fiercest competitors. As the economy expands and more business opportunities emerge, having a productive and efficient business research model will be an essential tool in gaining a competitive advantage.”

This was posted in Bdaily's Members' News section by Manoj Madhusudanan .