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Accounting in Crisis: Croatian Accountants Face Retirement Wave and Mounting Challenges Canva

Accounting in Crisis: Croatian Accountants Face Retirement Wave and Mounting Challenges

Written by  Oct 28, 2024

The Croatian accounting profession is on the brink of a significant shift, with a retirement wave and escalating workload raising concerns for the future. At the 2nd Meeting of Accountants of the Croatian Chamber of Trades and Crafts (HOK), over 200 professionals gathered in Trakošćan to discuss these pressing issues and propose solutions for improvement.

Retirement Wave Looms Over Accounting Sector

In the coming decade, 28 percent of accountants plan to retire, with an additional 24 percent set to follow in the next five years. This trend is set to create a significant shortage of qualified professionals in the field, putting added pressure on remaining accountants and potentially affecting businesses that rely heavily on their expertise.The meeting highlighted the urgent need for a dedicated curriculum for bookkeeping qualifications. One major proposal was to implement a "one piece of data once" reporting principle, where once-submitted data would be shared among government institutions to avoid redundant paperwork. This change aims to reduce the administrative burden on accounting firms and improve efficiency across the board.

Accountants Advocate for Early Adoption of Legal Changes

Legal amendments due to take effect on January 1 are causing concern within the industry. Accountants are calling for these changes to be implemented earlier to give their offices, as well as businesses, ample time to adjust. A survey presented by Đurđica Mostarčić, President of the HOK Accountants Section, revealed that 76 percent of accountants feel legal updates reduce their family time, while half reported that the changes increase the time needed for client consultations.

Rising Job Demand and Professional Burnout

Accounting, bookkeeping, auditing, and tax advisory services continue to see robust growth, with nearly 4,000 firms actively operating in September. The demand for accounting professionals is surging, with a 21 percent increase in job listings for accountants, bookkeepers, and finance managers in the first half of the year compared to the same period last year. However, the increased workload is taking a toll, as 46 percent of accountants reported a loss of enthusiasm and job satisfaction.

The Backbone of Business

"Without accountants, things don’t add up," the HOK stated, emphasizing the profession's essential role in bridging the gap between entrepreneurs and government institutions. As the industry faces a wave of retirements and mounting pressure, the need for structural reforms and support for accounting professionals is clearer than ever.

The Voice of Dubrovnik

THE VOICE OF DUBROVNIK


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