This international panel discussion explores where the accounting profession is headed and what it needs to do to remain relevant. The all-star panel includes influencers Daniel Dronsfield, Amy Vetter, Jasen Stine and Andrew Harding.

The experts agree the profession is at an inflection point, with a divide between those embracing change and those resistant to it. Firms unwilling to adapt face potential irrelevance as the workforce ages and talent becomes scarce. Persistent myths like accountants being stuck in the past need debunking.

Successful future accountants will need skills beyond number-crunching, such as communication, strategic thinking, and an entrepreneurial mindset. The panelists urge learning from other industries' client-centric and innovative approaches.

Bold predictions include the rise of accounting for virtual economies, more cross-disciplinary education, the demise of the partnership model, and globalized services delivery.

If granted a magic wand, the panelists wish for raising financial literacy, closing the public's expectation gap on audit failures, and fostering a culture of technology integration.

While tumultuous times loom, the profession's future brims with opportunities for the adaptive. As Stein states: "It's the best and worst time" for accounting.

Key Takeaways:

• The accounting profession is at an inflection point, with significant changes happening due to technology, changing workforce dynamics, and evolving client needs.
• Firms and individuals who embrace change and upskill in areas like communication, strategic thinking, and advisory services will thrive, while those resistant to change may struggle.
• The traditional partnership model and accounting qualifications may undergo significant transformations to adapt to the changing landscape.
• Increasing financial literacy and understanding the true value of accountants beyond compliance work is crucial for the profession's future.

"If your business model is serving people in volume and you want the 100, 1040 or the 50 a month bookkeeping client, I mean, you're in for a rude awakening because frankly, nobody really does want that." - Jason Stine

"We'll see the emergence of cross-disciplinary accounting degrees, certifications that lend finance and technology with traditional accounting education. The accountants of tomorrow, they'll need to have a very broad knowledge base to navigate the complexities of modern business." - Daniel Dronsfield

Watch in video format on youtube here: https://youtu.be/NsYHJu8dRTo

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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

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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.com

ACCOUNTEX. Join us at Accountex London, the pinnacle of fintech innovation, May 15-16, 2024! Discover ground-breaking solutions from 295+ brands and gain invaluable insights at our...

Jeremy Clopton is a governance and leadership expert who works extensively with accounting firms.

Jeremy and Rob delve into the critical topic of governance best practices for successful accounting firms. Jeremy emphasizes the importance of separating governance (strategic decision-making) from operations (day-to-day management). He shares insights on streamlining decision-making processes, delegating authority, and fostering effective communication within partner groups.

Clopton's insights shed light on the common challenges firms face as they grow, including the need for partners to relinquish autonomy and embrace a more structured, business-like approach to governance.

He stresses the importance of clearly defining decision-making authority at different levels within the firm and ensuring that partners understand and buy into the governance model.

Key Takeaways:

• Differentiate between governance (strategic decisions) and operations (day-to-day management)
• Clearly define decision-making authority at partner, management committee, and managing partner levels
• Foster effective communication to keep partners informed and engaged
• Embrace a business-like approach to governance while maintaining a people-focused culture
• Align partner compensation with desired behaviors and contributions to firm success

"You can either be running your firm like a business, or you can be running it as nine different firms that all sit under the same roof."

View this episode in video on YouTube here: https://youtu.be/QYUCukwNwQs

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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.com

ACCOUNTEX. Join us at Accountex London, the pinnacle of fintech innovation, May 15-16, 2024! Discover ground-breaking solutions from 295+ brands and gain invaluable insights at our CPD-accredited sessions. Connect with 10,000+ finance professionals. Elevate your practice – attendance is free, plus earn up to 16 CPD points! https://www.accountex.co.uk/london

If 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/therobbrown

You can also check out all shows on the Accounting Influencers YouTube Channel

https://bit.ly/AI-youtube

This episode features a panel discussion on the challenges and future of the accounting profession. Panelists include Ed Kless, Michael Turner (Validis), Steve Cox (IRIS), and Dan McMahon (Integrated Growth Advisors). They delve into issues like the billable hour model, talent shortages, resistance to change, the role of technology like AI, client advisory services, private equity's impact, and more. The conversation offers insightful perspectives on where accounting is stuck and what kind of transformation is needed.

Panelists:

- Ed Kless, Former Senior Director of Partner Development and Strategy at Sage

- Michael Turner, CEO of Validis

- Steve Cox, Business Intelligence Director at IRIS

- Dan McMahon, Management Consultant at Integrated Growth Advisors

Key Topics:

- The billable hour as the "cancer" holding back accounting

- Need to transition to selling knowledge/value instead of time

- Talent shortage and struggles to attract newcomers

- Importance of purpose, values, and accountability for great firms

- Role of change management to drive transformation

- Predictions on multidisciplinary teams, data-driven audits, advisory services

"Stuck. In a word, stuck...The cancer of the accounting profession is the billable hour and the timesheet." - Ed Kless

"Let's eliminate the annual performance review and instead institute after action reviews...that is the replacement for the timesheet." - Ed Kless

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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.com

ACCOUNTEX. Join us at Accountex London, the pinnacle of fintech innovation, May 15-16, 2024! Discover ground-breaking solutions from 295+ brands and gain invaluable insights at our CPD-accredited sessions. Connect with 10,000+ finance professionals. Elevate your practice – attendance is free, plus earn up to 16 CPD points! https://www.accountex.co.uk/london

If 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/therobbrown

You can also check out all shows on the Accounting Influencers YouTube Channel

https://bit.ly/AI-youtube

Rob Brown discusses the future of accounting with special guests Davis Bell, Geni Whitehouse, Geoffrey Brown and Jason Blumer. The panel provides insights into the key challenges and opportunities facing accountants, from talent retention and technology adoption to redefining the role of the modern accountant.

The conversation delves into the accounting profession's image problem, with the panel highlighting the need to better communicate the diverse career paths and meaningful work available to aspiring accountants. They also explore the shifts in firm ownership models, the rise of entrepreneurial mindsets, and the importance of accountants embracing a more advisory and future-focused role.

The guests share their predictions for the profession, including the changing talent pool, the commoditization of certain services, and the critical need for firms to integrate technology and business analysis skills. Overall, the episode paints a picture of an industry in flux, but one that holds immense potential for those willing to adapt and lead the charge towards a more dynamic and impactful future for the accounting profession.

Key Takeaways:

1. The accounting profession is facing a talent pipeline challenge, with a need to better retain and attract the next generation of accountants.

2. Embracing a more advisory and insight-driven approach is crucial for accountants to remain relevant and add value to clients.

3. Firms must adapt their ownership models and business structures to meet the needs and expectations of the incoming generation of leaders.

4. Technology and automation will continue to disrupt the profession, presenting both threats and opportunities for accountants.

5. Accounting firms should actively seek to integrate business analysis and technology skills into their teams to stay ahead of the curve.

Quotes:

"We need to start talking about what it means to be a finance and accounting professional much earlier, high school, junior high even, because there's a lot of opportunity there." - Geoffrey Brown

"If we can convince some people to keep coming into the profession, I mean, we're going to kill it. We're going to kill it over the next 30 years, I think." - Jason Blumer

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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.com

ACCOUNTEX. Join us at Accountex London, the pinnacle of fintech innovation, May 15-16, 2024! Discover ground-breaking solutions from 295+ brands and gain invaluable insights at our CPD-accredited sessions. Connect with 10,000+ finance professionals. Elevate your practice – attendance is free, plus earn up to 16 CPD points! https://www.accountex.co.uk/london

DEXT. Streamline your accounting practice with...

Jeff Seibert is the co-founder and CEO of Digits, a modern accounting platform. Jeff and Rob delve into the impact of AI on the accounting profession, exploring its potential to revolutionize the industry while also addressing concerns and misconceptions surrounding this emerging technology.

Jeff explains the fundamental concepts of machine learning and artificial intelligence in layman's terms, emphasizing that AI is not aimed at replacing accountants but rather augmenting their capabilities and freeing them from tedious tasks. He discusses the two main branches of machine learning – generative models like ChatGPT and predictive models – and how Digits is leveraging the latter to automate bookkeeping with an 87% accuracy rate.

The conversation also touches on the importance of data security, collaborative finance, real-time accounting, and the need for accountants to embrace technology to stay relevant and competitive. Jeff's message is one of hope, encouraging accountants to experiment with AI and adopt these tools to enhance their practices and better serve their clients.

5 Key Takeaways:

• AI is not going to replace accountants; it will elevate the profession by automating tedious tasks and allowing accountants to focus on higher-value activities.
• Digits is developing AI bookkeeping models that can accurately classify transactions with 87% accuracy, significantly reducing manual labor.
• Data security is crucial when integrating AI into accounting software, and firms should scrutinize vendors' security measures.
• Collaborative finance and real-time accounting are the future, enabling accountants and clients to work together seamlessly and access up-to-date financial data.
• Embracing AI and new technologies is essential for accountants to remain competitive and grow their practices.

"AI is not going to be the death of accounting. Just like the calculator wasn't the death of accounting, the computer wasn't the death of accounting." - Jeff Seibert

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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.com

ACCOUNTEX. Join us at Accountex London, the pinnacle of fintech innovation, May 15-16, 2024! Discover ground-breaking solutions from 295+ brands and gain invaluable insights at our CPD-accredited sessions. Connect with 10,000+ finance professionals. Elevate your practice – attendance is free, plus earn up to 16 CPD points! https://www.accountex.co.uk/london

DEXT. Streamline your accounting practice with Dext! Our cutting-edge tools, Dext Prepare, Commerce, and Precision, revolutionize data handling, saving you precious time and ensuring accuracy. Connect seamlessly with leading software like Xero and QBO. Join 500,000+ customers transforming...

This engaging panel discussion explored the rapidly evolving landscape of the accounting profession, addressing the challenges, opportunities, and pivotal factors shaping its future. The panelists delved into topics such as technological disruption, changing workforce dynamics, the erosion of public trust, and the critical skills and mindsets required for accountants to stay relevant and indispensable in an era of unprecedented change.

The conversation highlighted the shared responsibility among various stakeholders, including individuals, firms, professional bodies, and technology providers, to drive the profession forward and maintain its ethical integrity. The panelists emphasized the importance of continuous learning, specialization, problem-solving, agility, and client-centricity as key competencies for accountants to cultivate in this transformative period.

Important Takeaways:

• Continuous learning, specialization, and the ability to adapt to rapid change are essential for accounting professionals to stay relevant and competitive.
• Fostering a culture of generosity, humility, and curiosity within firms is crucial for driving innovation and empowering the next generation of accountants.
• Technology, particularly AI and automation, will profoundly impact the accounting profession, necessitating a mindset shift and a willingness to embrace these advancements.
• Accountants and professional bodies must collaborate to uphold the ethical standards and financial integrity of the profession, regaining public trust through transparency and accountability.
• Remote work and globalized teams present both opportunities and challenges, requiring a balanced approach that prioritizes talent development, mentorship, and fostering a sense of connection and belonging.

"Innovate or perish. Because honestly, at the end of the day, the reality is we're all consultants, and what's our mindset? How do we adapt to this changing world? We either innovate or we retire." - David Cieslak

"Time is going to become so much less relevant. The minute they offshored and outsourced and didn't put people's time into their time system for that work, pricing on time is ridiculous." - Jennifer Wilson

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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.com

ACCOUNTEX. Join us at Accountex London, the pinnacle of fintech innovation, May 15-16, 2024! Discover ground-breaking solutions from 295+ brands and gain invaluable insights at our CPD-accredited sessions. Connect with 10,000+ finance professionals. Elevate your practice – attendance is free, plus earn up to 16 CPD points! https://www.accountex.co.uk/london

DEXT. Streamline your accounting practice with Dext! Our cutting-edge

This is an insightful discussion on the future of the accounting profession, featuring an esteemed panel of accounting industry leaders and experts - Gary Boomer, Val Steed, Sarah Beale, and Bob Lewis.

They delve into the current state of accounting, the need for change, potential threats like AI and automation, the importance of rebranding and improving the profession's perception, the relevance of accounting qualifications, predictions for the profession's future, and more.

The panel acknowledges that while accounting has historically been stable, it's currently facing the most profound changes from all angles - economic shifts, regulatory uncertainties, technological disruptions like AI, and a severe talent shortage.

They emphasize that to remain relevant, the profession must adapt, innovate, improve processes, diversify talent, focus on advisory services, leverage technology intelligently, and most importantly, change its perception among the youth to attract the required talent.

Key Takeaways:

- The accounting profession is amid a transformative period driven by the accelerated pace of change, AI/automation, increased private equity investments, and changing workforce dynamics. Firms that fail to adapt will struggle to survive.

- The biggest threat is from entrepreneurs and firms that don't change their mindset from just providing compliance services to becoming strategic advisors understanding and solving clients' core business challenges.

- Rebranding the profession is crucial to attract diverse, younger talent by changing the perception that it's just number-crunching to showcasing it as an exciting, entrepreneurial career with varied opportunities.

- Accounting qualifications must continuously evolve with changing business needs, emphasizing skills like communication, ethics, sustainability, and digital proficiency along with technical expertise.

- Key predictions include greater advisory services adoption, private equity/consolidation, AI-driven automation of routine tasks, and the rise of accounting "big-box" firms offering integrated professional services.

- It's an opportune time in accounting, presenting transformative prospects for those willing to develop required skills, embrace technology, focus on advisory/consulting services, and be part of steering the profession's narrative.

"There is so much change out there, which means so much opportunity. And I think we've got the opportunity to carve out our profession in a really different way that adds massive value to business, economy, and society, if we get it right." - Sarah Beale

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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.com

ACCOUNTEX. Join us at Accountex London, the pinnacle of fintech innovation, May 15-16, 2024! Discover ground-breaking solutions...

Rob Brown and Jeremy Clopton discuss work-life balance and productivity in the accounting profession.

Jeremy, a thought leader in the industry, shares his candid views on why traditional work-life balance is a flawed concept and offers a fresh perspective on prioritizing life over work. He emphasizes the importance of defining personal success, setting boundaries, and identifying the right work to focus on rather than falling into the hustle culture trap of merely doing more.

Jeremy's wisdom challenges the notion that more hours equate to greater productivity and encourages professionals to shift their mindset towards quality over quantity. He provides practical tips for leaders and individuals alike to recalibrate their priorities, acknowledge their contributions to the current situation, and make meaningful changes to improve their work-life harmony.

Key Takeaways:

• Traditional "work-life balance" is a broken concept; it should be viewed as an action verb, "balancing life and work," not a destination.
• Prioritize life over work; we are replaceable in our vocations but irreplaceable in our individual lives.
• Define personal success and near-non-negotiables rather than letting others dictate your priorities.
• Strive for excellence, not perfection, as perfection is unattainable in professional services.
• Leverage technology to increase efficiency, not just speed, and redefine success beyond merely doing more.

"If you model a life that nobody else wants, then you can't figure out why people don't want to be a partner." Jeremy Clopton

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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.com

ACCOUNTEX. Join us at Accountex London, the pinnacle of fintech innovation, May 15-16, 2024! Discover ground-breaking solutions from 295+ brands and gain invaluable insights at our CPD-accredited sessions. Connect with 10,000+ finance professionals. Elevate your practice – attendance is free, plus earn up to 16 CPD points! https://www.accountex.co.uk/london

DEXT. Streamline your accounting practice with Dext! Our cutting-edge tools, Dext Prepare, Commerce, and Precision, revolutionize data handling, saving you precious time and ensuring accuracy. Connect seamlessly with leading software like Xero and QBO. Join 500,000+ customers transforming their practices. Start your free trial and embrace efficiency today! https://dext.com

If 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.