The Profession’s Future Amid Talent Gaps, Tech Disruption, and Evolving Business Models | Accounting Influencers
May 10, 2025
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Join accounting trailblazers Randy Johnston, a veteran tech strategist, Trevor Greenway, CEO of Interval who reveals real-time advisory opportunities, Harry Blum from RSM Canada discussing change management challenges, and Jennifer O’Carroll of HansaWorld sharing tech insights. They tackle talent shortages and the urgency for firms to shift from compliance to advisory roles. With the impact of AI and private equity in spotlight, they emphasize the need for a mindset change to thrive in a competitive landscape.
The accounting profession must embrace a mindset shift, recognizing the importance of advisory roles over traditional compliance tasks to meet client needs.
Technological advancements like AI and quantum computing are set to revolutionize the industry, enhancing efficiency and enabling accountants to provide proactive services.
Talent attraction and retention challenges necessitate a focus on upskilling existing staff and creating engaging career paths within accounting firms to retain skilled professionals.
Deep dives
Changing Perceptions in Accounting
Traditionally, there has been a stigma associated with sales in the accounting profession, often seen as a 'dirty word.' However, the reality is that people do not buy services; they buy the outcomes that those services deliver. Accountants must break this myth and embrace a mindset shift, recognizing their roles as advisors who help clients achieve their goals. This transformation is vital as it enables professionals to focus on providing solutions rather than solely performing compliance tasks.
The Impact of Technology and AI
Technology, particularly artificial intelligence (AI) and quantum computing, is set to revolutionize the accounting profession. AI can enhance efficiency and the quality of service firms provide, enabling them to transition from traditional compliance roles to advisory functions that address client needs proactively. Quantum computing promises to exponentially improve data processing and analysis capabilities, which could fundamentally change the landscape of financial services. Accountants who embrace these technologies will likely find themselves better positioned to compete and offer value in an evolving marketplace.
Talent Challenges and Opportunities
The accounting profession faces significant challenges in attracting and retaining talent, with many individuals opting for careers outside of public accounting. This talent shortage presents a pressing issue for firms as they transition to advisory services, which require a diverse skill set. Training and upskilling existing staff is crucial to meet the demands of a changing landscape where technology plays a central role. Hence, firms need to focus on creating engaging work environments and career paths that motivate professionals to stay and grow within the industry.
The Role of Private Equity in Transformation
Private equity is increasingly penetrating the accounting industry, leading to shifts in business models and operational structures. This influx of capital is helping firms innovate and adapt to the rapidly changing market while fostering competition and transformation. However, the disruption raises questions about the sustainability of traditional partnership models as firms seek efficiency and integration. As accounting firms respond to these challenges, they must balance maintaining their core values with the need to evolve in a competitive landscape.
Future Skills for Accountants
To thrive in the changing accounting environment, professionals need to develop a diverse set of skills that extend beyond traditional accounting expertise. Emphasizing presentation and communication skills is essential for accountants to facilitate advisory roles effectively and foster client relationships. Additionally, embracing a collaborative mindset and gaining sales acumen will enable accountants to position themselves as trusted advisors rather than mere number crunchers. This holistic approach is imperative for accounting professionals wishing to differentiate themselves and adapt successfully to future demands.
Global accounting leaders call for mindset shifts, better storytelling, and a redefined brand.
Accounting Influencers with Rob Brown
In this edition of Accounting Influencers, four of the profession’s most prominent voices gather for a candid discussion on the challenges and opportunities facing the accounting world. From evolving business models to deep talent shortages, the conversation explores how firms must adapt—or risk irrelevance.
The panel includes Randy Johnston, co-founder of K2 Enterprises and a long-time tech strategist for CPAs; Trevor Greenway, CEO of Interval, a software firm helping accountants uncover real-time advisory opportunities; Harry Blum, managing partner at RSM Canada; and Jennifer O’Carroll, CEO of ERP vendor HansaWorld and former tax advisor.
“The knowledge is there,” says Greenway. “The question is—do firms have the people and bandwidth to act on it?” He warns that while accountants understand the changes required—like the shift to advisory services and the adoption of AI—the labor shortage is the primary obstacle.
Blum agrees, calling today’s environment “an experiment in change management,” where firms have never had more opportunity but also never faced more complexity. “The mindset shift needed to transform is the biggest challenge,” he says.
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