Accounting Voices Podcast

How are the most successful accountants navigating the rapid changes in technology, regulation, and talent shortages? What secrets are the top industry leaders using to stay ahead in this ever-evolving landscape?Rob Brown leads a dynamic panel discussion with industry leaders Randy Johnston, Harry Blum, Jennifer O'Carroll, and Trevor Greenway. They discuss the profound shifts happening in the accounting profession today, from the impact of private equity to the essential role of technology and the future of talent management. The conversation explores through the challenges and opportunities presented by AI, regulatory changes, and the evolving role of accountants as trusted advisors. The panelists provide actionable advice on how firms can embrace change, enhance their value propositions, and future-proof their businesses. They also discuss the critical importance of upskilling, the integration of technology, and the need for accountants to adapt to a rapidly changing environment. Whether you're a firm owner, a practicing accountant, or someone interested in the future of the profession, this episode is packed with valuable takeaways.Key Takeaways:✓ AI is transforming how accountants operate by automating routine tasks and providing deeper insights through data analysis.✓ As technology continues to advance, accountants must develop new skills to keep pace. This includes learning to use advanced software tools, understanding data security, and becoming proficient in data analysis. ✓ The growing involvement of private equity in the accounting sector is changing traditional business models. Private equity firms bring significant capital and a focus on efficiency, which can lead to innovations but also challenges to established practices.✓ The accounting industry is experiencing a shift from compliance-based services to advisory roles. This change is driven by the decreasing profitability of compliance work due to automation and regulatory changes. Firms that want to thrive must pivot towards offering more value-added advisory services, where they can provide strategic insights and guidance to their clients, rather than just focusing on routine tasks.✓ A firm’s culture and sense of purpose are key to attracting and retaining top talent. In an environment where competition for skilled accountants is fierce, organizations that clearly define their mission and foster a positive, inclusive culture will stand out. Quotes:"Different is not always better, but better is always different." - Harry Blum"Accountants aren't just number crunchers; they're the key to unlocking business success." - Rob Brown"The future of accounting isn't about compliance, it's about being a proactive, trusted advisor." - Trevor Greenway"If you're not leveraging AI, you're already behind the curve." - Randy JohnstonView this episode in video on YouTube here: https://youtu.be/g0ewmI109bE◣━━━━━━━━━━━━━━━━━━━━◢The Accounting Influencers Podcast, hosted by Rob Brown, is one of the world's leading shows for accounting leaders, professionals, finance specialists, software vendors, tech providers and influencers. Thanks to our sponsors:ADVANCETRACK OUTSOURCING. Transform your accounting firm with AdvanceTrack. Our top-tier offshoring solutions free your team from mundane tasks, allowing you to focus on growth and client engagement. Experience seamless scalability and expert support. Visit advancetrack.com and elevate your practice today. https://www.advancetrack.comACCOUNTEX. Bringing the accounting world together with UK and international events for the accounting and tech world. https://www.accountex.co.ukIf you'd like to sponsor the show and elevate your brand with our audience, reach out to show host Rob Brown on LinkedIn and his team will reach out to fix up a chat to explore. https://www.linkedin.com/in/therobbrownYou can also check out all shows on the Accounting Influencers YouTube Channel:https://bit.ly/AI-youtube

Are AI and ChatGPT revolutionizing business advisory services? How can accountants leverage these tools to deliver more value to their clients?Rob Brown and Mark Wickersham, an expert in value pricing and AI applications for accountants, tackles the world of ChatGPT and artificial intelligence, exploring how these technologies are transforming the accounting profession, particularly in the realm of business advisory services.Mark shares his insights on how AI can help accountants overcome time constraints and boost confidence in providing strategic advice. He discusses the potential of ChatGPT for ideation, research, and strategy development, emphasizing that while AI is a powerful tool, it won't replace human expertise. The conversation covers practical applications, best practices, and ethical considerations for integrating AI into accounting workflows.Key Takeaways:✓ ChatGPT excels at ideation, research, and strategy development for business advisory ✓ AI can help accountants overcome time constraints and confidence issues in providing advisory services ✓ Accountants need to adapt to AI to stay relevant and maintain a competitive edge ✓ ChatGPT can analyze financial data and provide insights for client meetings ✓ The value is in the conversation with clients, not just in AI-generated reports Quotes:"AI is not going to replace us. It's how our competitors are going to use AI that's going to replace us."View this episode in video on YouTube here: https://youtu.be/jFQfxfl1W7A◣━━━━━━━━━━━━━━━━━━━━◢The Accounting Influencers Podcast, hosted by Rob Brown, is one of the world's leading shows for accounting leaders, professionals, finance specialists, software vendors, tech providers and influencers. Thanks to our sponsors:ADVANCETRACK OUTSOURCING. Transform your accounting firm with AdvanceTrack. Our top-tier offshoring solutions free your team from mundane tasks, allowing you to focus on growth and client engagement. Experience seamless scalability and expert support. Visit advancetrack.com and elevate your practice today. https://www.advancetrack.comACCOUNTEX. Bringing the accounting world together with UK and international events for the accounting and tech world. https://www.accountex.co.ukIf you'd like to sponsor the show and elevate your brand with our audience, reach out to show host Rob Brown on LinkedIn and his team will reach out to fix up a chat to explore. https://www.linkedin.com/in/therobbrownYou can also check out all shows on the Accounting Influencers YouTube Channel:https://bit.ly/AI-youtube

Is accounting really a dying profession? Or is it on the cusp of an exciting revolution?Rob Brown brings together a panel of industry experts to debate the future of accounting. Despite current challenges, the panelists paint a picture of a profession ripe with opportunity for those willing to embrace change and innovation.The discussion covers critical issues facing the accounting world, including talent shortages, technological disruption, and the need to rebrand the profession to attract new generations. The panelists offer insightful perspectives on how firms can adapt their business models, leverage technology, and create more fulfilling career paths. While acknowledging the hurdles, there's a strong sense of optimism about accounting's vital role in helping businesses succeed and the diverse opportunities available to those entering the field.Key Takeaways:✓ The accounting profession needs to rebrand itself to attract new talent ✓ Firms should move away from the "minnow management" business model to improve profitability and work-life balance ✓ Technology vendors need to work more closely with accountants to develop truly useful solutions✓ Involving next-gen talent in technology decisions can help drive innovation in firms ✓ There's a need to make the profession more inclusive and representative of the community Quotable Moments: "Accountants are the superheroes of the economy." - Renee Moelders "The only thing that's consistent in our firm is change." - Andrew Berg "We need to celebrate the successes and focus on the good things about the profession." - Sona AkmakjianView this episode in video on YouTube here: https://youtu.be/QjI8E_kI8Z4◣━━━━━━━━━━━━━━━━━━━━◢The Accounting Influencers Podcast, hosted by Rob Brown, is one of the world's leading shows for accounting leaders, professionals, finance specialists, software vendors, tech providers and influencers. Thanks to our sponsors:ADVANCETRACK OUTSOURCING. Transform your accounting firm with AdvanceTrack. Our top-tier offshoring solutions free your team from mundane tasks, allowing you to focus on growth and client engagement. Experience seamless scalability and expert support. Visit advancetrack.com and elevate your practice today. https://www.advancetrack.comACCOUNTEX. Bringing the accounting world together with UK and international events for the accounting and tech world. https://www.accountex.co.ukIf you'd like to sponsor the show and elevate your brand with our audience, reach out to show host Rob Brown on LinkedIn and his team will reach out to fix up a chat to explore. https://www.linkedin.com/in/therobbrownYou can also check out all shows on the Accounting Influencers YouTube Channel:https://bit.ly/AI-youtube

In this insightful episode, Rob Brown delves into the world of accounting firm valuations and sales with Brannon Poe. They discuss the current trend of consolidation within the industry, driven by the influx of private equity money and the large number of accounting professionals nearing retirement age.Brannon shares his expertise on the key factors that make an accounting practice valuable and sellable, including profitability, owner hours, location, and specialization.The conversation explores the various types of buyers for accounting firms, such as individual buyers, private equity firms, and strategic acquisitions by other firms. Brannon emphasizes the importance of understanding a buyer's motivations and ensuring a good fit, as selling a firm involves more than just financial considerations – it's about preserving client relationships and taking care of staff.In addition, he also offers practical advice for firm owners looking to maximize their firm's value before a sale, including purging unprofitable clients, raising prices, and focusing on specific service lines. He encourages accountants with an entrepreneurial spirit to consider starting their own niche boutique firm, as it can provide greater control over building a sellable asset.Key Takeaways:Location, profitability, and owner hours are crucial factors in determining an accounting firm's value and saleability.Specialization and avoiding being a generalist firm increase efficiency and profitability, making a firm more attractive to buyers.Understanding the motivations and fit of potential buyers (individual, private equity, or strategic acquisition) is essential for a successful sale.Purging unprofitable clients, raising prices, and focusing on specific service lines can significantly increase a firm's value before a sale.Starting a niche boutique firm can be a viable option for entrepreneurial accountants, allowing them to build a sellable asset tailored to their vision.Quotes:"If you've got low owner hours and high profitability, you're going to command a more premium price for your firm, and it's probably going to sell faster." - Brannon Poe"If you're wired a certain way, you're going to do (DO WHAT?)it anyway. So just go ahead and do it sooner rather than later." - Brannon PoeView this episode in video on YouTube here:https://youtu.be/MZwyyxsbkUs◣━━━━━━━━━━━━━━━━━━━━◢The Accounting Influencers Podcast, hosted by Rob Brown, is one of the world's leading shows for accounting leaders, professionals, finance specialists, software vendors, tech providers and influencers. To participate in our international virtual speed networking events for the accounting community, book your place at the next gathering. Great for building your personal brand and making valuable industry connections in return for a small donation to charity: https://accountinginfluencers.com/events◣━━━━━━━━━━━━━━━━━━━━◢Thanks to our sponsors:ADVANCETRACK OUTSOURCING. Transform your accounting firm with AdvanceTrack. Our top-tier offshoring solutions free your team from mundane tasks, allowing you to focus on growth and client engagement. Experience seamless scalability and expert support. Visit advancetrack.com and elevate your practice today. https://www.advancetrack.comACCOUNTEX. Bringing the accounting world together with UK and international events for the accounting and tech world. https://www.accountex.co.ukIf you'd like to sponsor the show and elevate your brand with our audience, reach out to show host Rob Brown on LinkedIn and his team will reach out to fix up a chat to explore. https://www.linkedin.com/in/therobbrownYou can also check out all shows on the Accounting Influencers YouTube Channel:https://bit.ly/AI-youtube

Is the accounting profession facing extinction or evolution? What does the future hold for accountants in a world of AI and rapid technological change?Rob Brown engages in a lively discussion with industry experts David Osborne, Katie Thomas, and Tom Hood about the current state and future of the accounting profession. The panel share their thoughts about the challenges that accountants are facing today, including talent shortages, technological disruption, and changing client expectations.The conversation covers a wide range of topics, from the impact of AI and cloud technology on accounting practices to the need for a cultural shift in how firms treat their employees. The experts share insights on attracting and retaining talent, the importance of embracing change, and why, despite challenges, this is an exciting time to be in the accounting profession. They also discuss the role of marketing, the evolution of accounting education, and the need to rebrand the profession to appeal to a new generation of professionals.Key Takeaways:✓ AI and technology are not threats but tools to enhance accounting practices ✓ The talent pipeline issue is complex, involving culture, pay, and industry perception ✓ Firms need to adapt their business models and culture to attract and retain talent✓ Marketing is essential for attracting better clients and staying relevant in a changing market ✓ The accounting profession is undergoing a transformative period, offering exciting opportunities for those who embrace change Quotes:"Human capital is an asset, not an expense." - Tom Hood"We're not tied to a physical location. We have tools and resources that allow us to work from wherever." - Katie ThomasView this episode in video on YouTube here: https://youtu.be/dOQqmlHZsLI◣━━━━━━━━━━━━━━━━━━━━◢The Accounting Influencers Podcast, hosted by Rob Brown, is one of the world's leading shows for accounting leaders, professionals, finance specialists, software vendors, tech providers and influencers. Thanks to our sponsors:ADVANCETRACK OUTSOURCING. Transform your accounting firm with AdvanceTrack. Our top-tier offshoring solutions free your team from mundane tasks, allowing you to focus on growth and client engagement. Experience seamless scalability and expert support. Visit advancetrack.com and elevate your practice today. https://www.advancetrack.comACCOUNTEX. Bringing the accounting world together with UK and international events for the accounting and tech world. https://www.accountex.co.ukIf you'd like to sponsor the show and elevate your brand with our audience, reach out to show host Rob Brown on LinkedIn and his team will reach out to fix up a chat to explore. https://www.linkedin.com/in/therobbrownYou can also check out all shows on the Accounting Influencers YouTube Channel:https://bit.ly/AI-youtube

Are you ready to unlock the full potential of AI in accounting and finance? How can Azure OpenAI revolutionize the way financial professionals work?In this special bonus episode of the Accounting Influencers podcast, Rob Brown explores the world of artificial intelligence with Microsoft experts Jas Brar and Matt Quinn. The conversation explores how AI, particularly Azure OpenAI, is transforming the accounting and finance sector, offering new opportunities for efficiency, insight, and value creation.Jas and Matt discuss the evolution of AI from traditional rule-based systems to more sophisticated generative AI, emphasizing how these technologies can augment human capabilities rather than replace them. They address common concerns about data security and privacy, explaining how Azure OpenAI provides a secure environment for businesses to leverage AI while maintaining control over their sensitive information. The experts also offer practical advice on how accounting professionals can start incorporating AI into their work, from using productivity tools like Copilot to partnering with IT teams for more complex implementations.Key Takeaways:✓ AI is evolving from rule-based systems to more sophisticated, context-aware models ✓ Azure OpenAI offers secure, private AI capabilities for businesses ✓ AI can help accountants shift from data crunching to more strategic, value-added activities ✓ Starting with productivity tools like Copilot can help professionals become comfortable with AI ✓ Successful AI implementation requires considering technology, processes, and people Quotes: "I'd rather flip that on its head and that way, you know, I'm more confident in the decision we would want to make based on spending more time getting to the roots of different scenarios on the table." - Jas Brar "Always start with why, right? How do you think about what, why would I use this technology? It's not technology for technology's sake." - Matt QuinnView this episode in video on YouTube here: https://youtu.be/gPru_OoGQSY◣━━━━━━━━━━━━━━━━━━━━◢The Accounting Influencers Podcast, hosted by Rob Brown, is one of the world's leading shows for accounting leaders, professionals, finance specialists, software vendors, tech providers and influencers. Thanks to our sponsors:ADVANCETRACK OUTSOURCING. Transform your accounting firm with AdvanceTrack. Our top-tier offshoring solutions free your team from mundane tasks, allowing you to focus on growth and client engagement. Experience seamless scalability and expert support. Visit advancetrack.com and elevate your practice today. https://www.advancetrack.comACCOUNTEX. Bringing the accounting world together with UK and international events for the accounting and tech world. https://www.accountex.co.ukIf you'd like to sponsor the show and elevate your brand with our audience, reach out to show host Rob Brown on LinkedIn and his team will reach out to fix up a chat to explore. https://www.linkedin.com/in/therobbrownYou can also check out all shows on the Accounting Influencers YouTube Channel:https://bit.ly/AI-youtube

Is your accounting firm struggling to keep up with technology? Are you curious about how tech adoption could impact your bottom line?Rob Brown sits down with Joel Hughes of Rightworks to discuss the findings of their 2024 Accounting Firm Technology Survey. They delve into the current state of technology adoption in accounting firms, exploring the challenges and opportunities that come with embracing cloud-based, connected, and collaborative technologies.Joel shares key insights from the survey, including the surprising statistic that firms on the technology-mature side of the spectrum reported 39% higher revenue per employee than average. The conversation covers topics such as the obstacles to tech adoption, the importance of cybersecurity, and the potential impact of AI on the accounting profession. Joel also emphasizes the need for firms to modernize their practices to gain a competitive advantage and improve client relationships.Key Takeaways:✓ Firms that are technology mature reported 39% higher revenue per employee than average✓ The biggest challenges to tech adoption are lack of expertise, resources, and budget ✓ Cloud adoption can address cybersecurity concerns by providing managed security services ✓ Only 22% of firms reported a high percentage (75%+) of their clients using cloud technologies ✓ Firms need to align their technology adoption with their evolving business models to stay relevant Quotes:"The shared vision of what you want your firm to be and how you want it to work needs to be enabled by technology." - Joel HughesView this episode in video on YouTube here: https://youtu.be/opSSeLuwCZk ◣━━━━━━━━━━━━━━━━━━━━◢The Accounting Influencers Podcast, hosted by Rob Brown, is one of the world's leading shows for accounting leaders, professionals, finance specialists, software vendors, tech providers and influencers. Thanks to our sponsors:ADVANCETRACK OUTSOURCING. Transform your accounting firm with AdvanceTrack. Our top-tier offshoring solutions free your team from mundane tasks, allowing you to focus on growth and client engagement. Experience seamless scalability and expert support. Visit advancetrack.com and elevate your practice today. https://www.advancetrack.comACCOUNTEX. Bringing the accounting world together with UK and international events for the accounting and tech world. https://www.accountex.co.ukIf you'd like to sponsor the show and elevate your brand with our audience, reach out to show host Rob Brown on LinkedIn and his team will reach out to fix up a chat to explore. https://www.linkedin.com/in/therobbrownYou can also check out all shows on the Accounting Influencers YouTube Channel:https://bit.ly/AI-youtube

Is the accounting profession facing an identity crisis? Can it adapt to meet the demands of a rapidly changing business landscape?Rob Brown brings together a panel of industry experts to discuss the future of accounting. Jeff Phillips, Maureen Dillmore, Samantha Louis, and Sandra Wiley share their perspectives on the challenges and opportunities facing the profession.The panelists share their thoughts with various topics, including the talent shortage, the impact of technology, the changing business model, and the need for a rebrand of the accounting profession. They discuss the importance of work-life balance, the role of private equity, and the need for firms to adapt to survive in a competitive landscape. The conversation also touches on the potential of AI, the importance of strategic technology adoption, and the need for better compensation models to attract and retain talent.Key Takeaways:✓ The accounting profession needs to rebrand itself to attract new talent ✓ Firms need to adapt their business models and embrace change to survive ✓ Technology integration and strategic adoption are crucial for future success ✓ Work-life balance and flexible work arrangements are becoming increasingly important ✓ Private equity is reshaping the accounting firm landscape Quotes:"Remote work is a great thing for our profession." - Jeff Phillips"We need to get over the idea that you can't have a work-life balance if you work for an accounting firm." - Samantha LouisView this episode in video on YouTube here: https://youtu.be/ZHg0IIw-wyU◣━━━━━━━━━━━━━━━━━━━━◢The Accounting Influencers Podcast, hosted by Rob Brown, is one of the world's leading shows for accounting leaders, professionals, finance specialists, software vendors, tech providers and influencers. Thanks to our sponsors:ADVANCETRACK OUTSOURCING. Transform your accounting firm with AdvanceTrack. Our top-tier offshoring solutions free your team from mundane tasks, allowing you to focus on growth and client engagement. Experience seamless scalability and expert support. Visit advancetrack.com and elevate your practice today. https://www.advancetrack.comACCOUNTEX. Bringing the accounting world together with UK and international events for the accounting and tech world. https://www.accountex.co.ukIf you'd like to sponsor the show and elevate your brand with our audience, reach out to show host Rob Brown on LinkedIn and his team will reach out to fix up a chat to explore. https://www.linkedin.com/in/therobbrownYou can also check out all shows on the Accounting Influencers YouTube Channel:https://bit.ly/AI-youtube

Is AI reshaping the accounting world? How can accountants harness the power of ChatGPT through prompt engineering?Rob Brown sits down with Mark Wickersham, an expert in prompt engineering and AI applications for the accounting industry. They discussed the world of ChatGPT, exploring its potential to revolutionize accounting practices and the crucial skill of prompt engineering.Mark Wickersham shares his journey with ChatGPT, emphasizing the importance of asking better questions to get better answers. He introduces the concept of prompt engineering as a vital communication skill in the AI era. The discussion covers various aspects of crafting effective prompts, from specifying roles and formats to considering the intended audience. Wickersham also provides practical examples of how accountants can leverage ChatGPT for tasks ranging from financial analysis to content creation, highlighting the tool's potential to dramatically increase productivity and enhance client services.Key Takeaways:Prompt engineering is essentially communication with AI systems Good prompts include specifying roles, response formats, and audience considerations ChatGPT can be used for financial analysis, research, and business advisory in accounting firms Mastering prompt engineering can save hours of work and open new opportunities for accountants It's not AI that will replace accountants, but how competitors use AI that may make others irrelevantView this episode in video on YouTube here: https://youtu.be/KTS58DjGvsg◣━━━━━━━━━━━━━━━━━━━━◢The Accounting Influencers Podcast, hosted by Rob Brown, is one of the world's leading shows for accounting leaders, professionals, finance specialists, software vendors, tech providers and influencers. Thanks to our sponsors:ADVANCETRACK OUTSOURCING. Transform your accounting firm with AdvanceTrack. Our top-tier offshoring solutions free your team from mundane tasks, allowing you to focus on growth and client engagement. Experience seamless scalability and expert support. Visit advancetrack.com and elevate your practice today. https://www.advancetrack.comACCOUNTEX. Bringing the accounting world together with UK and international events for the accounting and tech world. https://www.accountex.co.ukIf you'd like to sponsor the show and elevate your brand with our audience, reach out to show host Rob Brown on LinkedIn and his team will reach out to fix up a chat to explore. https://www.linkedin.com/in/therobbrownYou can also check out all shows on the Accounting Influencers YouTube Channel:https://bit.ly/AI-youtube

Is the accounting profession facing an existential crisis? How can accountants stay relevant in a rapidly changing world?Rob Brown brings together three industry experts to discuss the future of accounting and the challenges facing the profession. Laura Day-Henderson, Michael Hsu, and Alan Morgan share their insights on the threats to accounting, the resistance to change within the industry, and the need for a shift in focus from compliance to advisory services.The panel explores the role of technology, talent acquisition, and education in shaping the future of accounting. They discuss the importance of soft skills, the need for a more entrepreneurial mindset, and the potential for accountants to provide tremendous value to businesses. The conversation also touches on the role of professional bodies, the impact of AI, and the opportunities for specialization within the field.Key Takeaways:Relevancy is a major challenge for the accounting profession Resistance to change is holding accountants back from embracing new technologies and practices There's a need to shift focus from compliance to advisory services and providing value to business owners Education and training in technology, including AI and coding, will be crucial for accountants in the future The accounting profession offers diverse opportunities for specialization and passion-driven careers Quotes:"I think the biggest threat to us is ourselves. We have a resistance to change." - Laura Day-Henderson"We need to start seeing the application of accounting to achieve dreams, aspirations of businesses, or even personal lives." - Michael HsuYou can watch this episode and more on our YouTube Channelhttps://youtu.be/piLILTD0rncJoin the Accounting Influencers community and get invitations to our international speed networking events to build your personal brand and network in the accounting, finance and tech world: https://www.linkedin.com/company/accountinginfluencers◣━━━━━━━━━━━━━━━━━━━━◢The Accounting Influencers Podcast, hosted by Rob Brown, is one of the world's leading shows for accounting leaders, professionals, finance specialists, software vendors, tech providers and influencers. To participate in our international virtual speed networking events for the accounting community, book your place at the next gathering. Great for building your personal brand and making valuable industry connections in return for a small donation to charity: https://accountinginfluencers.com/events◣━━━━━━━━━━━━━━━━━━━━◢Thanks to our sponsors:ADVANCETRACK OUTSOURCING. Transform your accounting firm with AdvanceTrack. Our top-tier offshoring solutions free your team from mundane tasks, allowing you to focus on growth and client engagement. Experience seamless scalability and expert support. Visit advancetrack.com and elevate your practice today. https://www.advancetrack.comACCOUNTEX. Bringing the accounting world together with UK and international events for the accounting and tech world. https://www.accountex.co.ukIf you'd like to sponsor the show and elevate your brand with our audience, reach out to show host Rob Brown on LinkedIn and his team will reach out to fix up a chat to explore. https://www.linkedin.com/in/therobbrownYou can also check out all shows on the Accounting Influencers YouTube Channel:https://bit.ly/AI-youtube