Accounting's Challenges: Today's Top Concerns!

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 Thomas Chapters and Timestamps: 03:00 - Current challenges in the accounting profession 07:00 - Talent attraction and retention issues 15:00 - Rebranding the accounting profession 24:30 - The role of technology in accounting's future 29:40 - Myths and faulty thinking in accounting 35:30 - Wishes for the accounting profession 39:40 - The role of governing bodies and qualifications 42:40 - The importance of marketing for accounting firms 44:30 - Why it's a great time to be in accounting _________ The Accounting Influencers Podcast is for accountants, bookkeepers, finance professionals and those who lead, work in, and serve them. Hosted by Rob Brown and special guests who are influential within their field, the podcast covers topics such as leadership, business growth, technology and automation, diversity and career development. Join the accounting Influencers conversation at one of our virtual speed networking events for influential leaders and professionals in the accounting, finance and tech world: accountinginfluencers.com/events