On this episode of The Accounting Talent Podcast, host Rob Brown is joined by Jeff Phillips, CEO of Padgett Business Services and founder of AccountingFly, wherein they delve into the concept of "talent stacks" for accounting firms. Jeff explains how a talent stack is an integrated system that firms can use to efficiently and reliably deliver value to their clients by creatively combining different types of talent assets.

The discussion revolves around the ongoing talent crisis in the accounting industry, characterized by more job opportunities than qualified candidates. Jeff posits that the traditional approach to hiring is no longer sufficient and advocates for firms to embrace creative staffing solutions, including remote hiring, freelancers, and outsourcing.

Jeff highlights the significant advantages of remote hiring, citing statistics from his company, AccountingFly, which specializes in placing remote CPAs in firms across the United States. He emphasizes the cost-effectiveness, faster hiring timelines, and access to a broader talent pool that remote hiring offers.

Additionally, Jeff stresses the importance of incorporating freelance and interim talent into the talent stack, enabling firms to tap into the growing gig economy and address specific project needs or busy seasons without committing to full-time hires.

Lastly, Jeff explores the concept of outsourcing and offshoring, particularly leveraging talent from countries like India, the Philippines, and Mexico, where firms can access skilled and trained talent at a significantly lower cost.

5 Key Takeaways:

• The talent crisis in accounting is real, with more job opportunities than qualified candidates, forcing firms to explore creative staffing solutions. [03:30]
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• Building a "talent stack" by combining different types of talent assets, such as remote hires, freelancers, and outsourced teams, can help firms deliver value efficiently and reliably. [01:00]

• Remote hiring offers significant advantages, including faster hiring timelines, access to a broader talent pool, and potential cost savings. [06:00]

• Incorporating freelance and interim talent into the talent stack allows firms to address specific project needs or busy seasons without committing to full-time hires. [11:00]

• Outsourcing and offshoring to countries like India, the Philippines, and Mexico can provide firms with access to skilled and trained talent at a lower cost. [16:30]

Quotes:

"The war for talent is over, and the talent won." "If you're not addressing freelance and interim as part of your recruitment strategy, you can't win the race for talent because you're leaving candidates an opportunity on the table."

You can watch this episode and more on our YouTube Channel

https://www.youtube.com/@accountinginfluencers

Join 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

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ACCOUNTINGFLY. Connecting employers with top U.S.-based accounting talent through a variety of services including dedicated searches, Always-On Recruiting, and freelance placements for seasonal or temporary needs. They specialize in remote accounting recruitment, recognizing early on the significant advantages that remote work offers to employers, job-seekers, and their own operations. They pride themselves on their track record of matching the right candidates with the right opportunities and building a robust team of industry experts. Additionally, their partnership with Going...

Host Rob Brown is joined by Sue Coffey, CEO of Public Accounting at the American Institute of CPAs (AICPA), and Lexy Kessler, Partner at Aprio and Chair of the AICPA's National Pipeline Advisory Group (NPAG). They look into the alarming talent shortage facing the accounting profession and the potential solutions proposed by the NPAG.

Lexy and Sue discuss the overwhelming evidence pointing to a significant talent pipeline issue in accounting, including declining enrolment in accounting programs, fewer students pursuing the CPA credential, and challenges in retaining young professionals in their first five years of employment. But can the profession overcome this challenge? Rob, Sue, and Lexy explore the root causes, such as the profession's perceived image, the cost and time commitment of education, and the need for evolving business models at accounting firms.

The NPAG's findings underscore the urgency of addressing the talent pipeline issue collaboratively, involving stakeholders from academia, regulators, state societies, and the profession itself. Sue and Lexy share their optimism that by implementing the recommended solutions, the accounting profession can overcome this challenge and attract the talent required to thrive in an ever-evolving business landscape.

"We are a profession that communities, businesses, and economies need, and we just need to address our talent shortages and adapt." - Sue Coffey, [00:40]

"It's not just Debits and credits to that point. It's really about the business person piece of it and the different scenarios and the strategy behind the numbers as well. So there's much more to it than, than processing or, or producing a product and that's it. It's much, much more than that." - Lexy Kessler, [16:47]

Key Takeaways:

The accounting profession is struggling with a talent pipeline shortage, but it's not "withering on the vine" as some suggest. - Sue Coffey, [00:31]

Improving storytelling and celebrating the profession's impact is crucial to attract younger generations. - Lexy Kessler, [01:44]

The cost and time commitment of education, especially for socioeconomically disadvantaged students, is a significant barrier to entry. - Sue Coffey, 10:58]

Firms need to evolve their business models to provide a better experience for young professionals in their first five years, addressing issues like excessive hours and meaningful work assignments. - Sue Coffey, [11:46]

Modernizing the CPA licensure process is a long-term goal to ensure the profession remains sustainable and relevant in the future. - Lexy Kessler, [27:53]

You can watch this episode and more on our YouTube Channel

https://youtu.be/JaLe1nq9lk4

Join 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

Thanks to our sponsors:

ACCOUNTINGFLY. Connecting employers with top U.S.-based accounting talent through a variety of services including dedicated searches, Always-On Recruiting, and freelance placements for seasonal or temporary needs. They specialize in remote accounting recruitment, recognizing early on the significant advantages that remote work offers to employers, job-seekers, and their own operations. They pride themselves on their track record of matching the right candidates with the right opportunities and building a robust team of industry experts. Additionally, their partnership with Going Concern—an esteemed source for accounting news and insights—further enhances their ability to stay on the cutting edge of remote recruiting by tapping into a natural pipeline of job seekers.

If you'd like to sponsor the show and...

Welcome to the Accounting Talent Podcast, dropping every Thursday to accounting professionals, finance specialists, software vendors, tech providers and influencers in the accountancy, CPA and bookkeeping space. To participate in our international virtual speed networking events for the accounting community, go to https://accountinginfluencers.com/events and book your place at the next gathering. Great to build your personal brand and make valuable industry connections.

On this episode of The Accounting Talent Podcast, host Rob Brown is joined by Jeff Phillips, CEO of Padgett Tax & Accounting Franchise and founder of AccountingFly, sharing thoughts about the alarming talent shortage facing the accounting profession and Jeff's concept of the "talent stack" as a potential solution.

The concept of a "talent stack" as the new organizational model for accounting firms. With accounting talent becoming increasingly scarce, firms need to rethink how they acquire, manage, and retain top talent. The talent stack philosophy focuses on sourcing talent globally, leveraging remote workers, freelancers, and offshore resources to fill essential roles predictably and reliably.

By adopting a talent stack mindset, accounting firms can overcome hiring challenges, access global talent pools cost-effectively, and build sustainable operations for the future. Don't miss this insightful discussion providing innovative strategies for firms to attract and retain the skilled professionals they need to drive growth and success in a rapidly evolving industry landscape.

“Culture, process, systems, and excellence are absolutely available inside companies where some of the people work in the headquarters. And some of the people don't, it's not easy, but the case I'll make to you is this. If you make this adjustment, you can win.” - Jeff Phillips

Key Takeaways:

1. The accounting profession was complacent in how it dealt with talent, and there's a reckoning happening now due to hiring challenges. [01:55]

2. College students are comparing accounting to fields like investment banking, consulting, and tech companies, which are outcompeting accounting for talent. [02:45]

3. The "talent stack" reimagines the organizational chart by identifying diverse talent sources (local, remote, freelance, offshore) at every level. [04:10]

4. Firms can tap into global talent pools, increase profit margins through cost arbitrage, and fill critical roles faster by finding the best fit. [07:20]

5. Integrating remote teams requires building a strong culture, values, processes and systems, supplemented with in-person engagement. [14:30]

You can watch this episode and more on our YouTube Channel

https://www.youtube.com/watch?v=EN5xAzK9cW8

Join 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

Thanks to our sponsors:

ACCOUNTINGFLY. Accountingfly connects employers with top U.S.-based accounting talent through a variety of services including dedicated searches, Always-On Recruiting, and freelance placements for seasonal or temporary needs. They specialize in remote accounting recruitment, recognizing early on the significant advantages that remote work offers to employers, job-seekers, and their own operations. They pride themselves on their track record of matching the right candidates with the right opportunities and building a robust team of industry experts. Additionally, their partnership with Going Concern—an esteemed source for accounting news and...

Welcome to the Accounting Talent Podcast, dropping every Thursday to accounting professionals, finance specialists, software vendors, tech providers and influencers in the accountancy, CPA and bookkeeping space. To participate in our international virtual speed networking events for the accounting community, go to https://accountinginfluencers.com/events and book your place at the next gathering. Great to build your personal brand and make valuable industry connections.

On this episode of The Accounting Talent Podcast, host Rob Brown is joined by Jeff Phillips, CEO of Padgett Business Services and founder of AccountingFly, to dive into the alarming talent shortage facing the accounting profession. Statistics reveal around 300,000 fewer accountants and auditors in the US over the past two years, a staggering 17% drop. The root cause? A weak value proposition from the profession, offering less attractive compensation, flexibility, and work-life balance compared to industries like tech. This perception is driving college students away from accounting towards seemingly greener pastures in investment banking, consulting, and tech firms.

Accounting firms face intense competition for talent, not just from each other but from aggressive employers in other sectors with enticing perks and career paths. However, there is hope. By rethinking their value propositions, exploring untapped talent pools like offshoring, remote work, freelancers, and developing innovative hiring/training approaches, firms can regain their appeal to the next generation of accountants. The profession's future hinges on its ability to revamp its employer branding and talent strategies.

"The accounting profession is not going to die. It's not going to wither on the vine. There is lots of talent out there and there are options and hope." - Jeff Phillips

Key Takeaways:

1. There is a shortage of accounting talent, with around 300,000 fewer accountants and auditors in the United States over the last two years, representing a 17% loss. [00:11:50]

2. The accounting profession is facing a brand and value proposition problem, as the compensation, flexibility, and work-life balance are perceived as weak compared to other industries like tech. [00:04:30]

3. College students are choosing alternative career paths like investment banking, consulting, and tech companies, which are seen as more attractive than "boring old accounting." [00:14:55]

4. Accounting firms are not just competing with each other for talent but also with more aggressive employers in other industries, offering better perks and career paths. [00:16:50]

5. There are solutions and untapped talent pools that accounting firms can explore, such as offshoring, remote work, freelancers, and non-traditional hiring and training approaches. [00:20:30]

You can watch this episode and more on our YouTube Channel

https://www.youtube.com/watch?v=6SRPUQ5V_18

Join 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

Thanks to our sponsors:

ACCOUNTINGFLY. Accountingfly connects employers with top U.S.-based accounting talent through a variety of services including dedicated searches, Always-On Recruiting, and freelance placements for seasonal or temporary needs. They specialize in remote accounting recruitment, recognizing early on the significant advantages that remote work offers to employers, job-seekers, and their own operations. They pride themselves on their track record of matching the right candidates with the right...

Welcome to the Accounting Talent Podcast, dropping every Thursday to accounting professionals, finance specialists, software vendors, tech providers and influencers in the accountancy, CPA and bookkeeping space. To participate in our international virtual speed networking events for the accounting community, go to https://accountinginfluencers.com/events and book your place at the next gathering. Great to build your personal brand and make valuable industry connections.

Rob Brown talks to Jen Surtees, former Director of People Experience at Xero, on some of the biggest challenges facing employers in the current recruitment landscape.

Jen shares her insights on how companies can differentiate themselves as employers to attract and retain talent in a highly competitive market. She also provides valuable tips on hiring for culture fit and identifying values that drive the organisation's culture.

The conversation then shifts to the "great resignation," where many employees are quitting their jobs in search of better opportunities or work-life balance. Jen discusses what companies can do to retain talent, including creating a culture that values employee well-being, development, and growth.

Finally, the discussion turns to remote and hybrid working, which has become increasingly popular after the pandemic. Jen shares her views on how companies can make this work with their culture and the benefits of providing employees with more flexible work arrangements.

Overall, this episode provides valuable insights and practical advice for employers navigating the challenges of recruitment and the work landscape. Jen's extensive experience in coaching and developing high-performing teams and cultures provides a unique perspective on how organisations can thrive in these challenges.

Key takeaways

➤ In today's challenging recruitment landscape, it's essential to differentiate yourself by being clear on your employer's brand and values and offering competitive benefits and career development opportunities.

➤ Hiring for culture fit is critical to building a cohesive and high-performing team. To do this, it's essential to define your company's values and behaviours, ask behavioural interview questions and involve multiple team members in the hiring process.

➤ The "Great Resignation" is a genuine concern for many businesses, and it's important to focus on employee retention. This can be achieved through several strategies, including offering flexible working arrangements, investing in employee development and training, and prioritising employee well-being and work-life balance.

➤ Remote and hybrid working is becoming increasingly popular, but some businesses must be convinced whether it can work with their company culture. To make remote or hybrid working successful, it's essential to communicate effectively, build trust, and offer the right tools and technology to support remote workers.

You can watch this episode and more on our YouTube Channel:

https://youtu.be/mh3VYv0TQds

https://www.youtube.com/@accountinginfluencers

Join 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

Thanks to our sponsors:

ACCOUNTINGFLY....

Welcome to the Accounting Talent Podcast, dropping every Thursday to accounting professionals, finance specialists, software vendors, tech providers and influencers in the accountancy, CPA and bookkeeping space. To participate in our international virtual speed networking events for the accounting community, go to https://accountinginfluencers.com/events and book your place at the next gathering. Great to build your personal brand and make valuable industry connections.

Mark Fritz focuses on the vital topic of saying no and setting boundaries. Mark highlights the significance of being assertive and maintaining focus to say no to various demands and requests effectively. He emphasises the value of listening and understanding the perspective of others when communicating a refusal. Mark also discusses the challenges busy professionals face, particularly accountants, who often feel overwhelmed by the multitude of tasks and responsibilities they have to handle.

He shares his observations on the current era of information overload and the need for individuals to prioritise and do less to achieve more. Mark suggests learning from other sectors can provide valuable insights and strategies for managing workload and avoiding burnout. The episode further delves into the psychological factors behind saying no, such as fear of disappointing others, fear of missing out (FOMO), and the pressure to fit in or be seen as a team player.

Mark offers practical advice on overcoming these fears and setting personal boundaries. He advocates for open communication and understanding between colleagues and leaders and the importance of aligning personal and professional priorities. In addition, the episode explores the role of scripts or prepared responses in navigating difficult conversations and saying no clearly and concisely. Mark highlights the importance of staying true to one's boundaries and goals and avoiding over-commitment. Throughout the interview, Mark provides examples, personal anecdotes, and practical tips on developing the confidence and assertiveness needed to say no effectively.

Mark Fritz is an accomplished leader who focuses on driving change across diverse cultures and distances. With a rich international career spanning numerous countries, including Egypt, Netherlands, Italy, and Japan, Mark has successfully spearheaded enterprise-level change initiatives. His expertise lies in leading transformation and reengineering efforts, effectively managing virtual teams, and fostering the growth of diverse, resilient groups.

Mark has left an indelible mark on executives and organisations worldwide as a renowned leadership specialist. He has been instrumental in helping them reshape their leadership approaches, resulting in improved outcomes and lasting impact. Mark's influence extends to prestigious business schools like IE Business School and HEC, where he imparts his wisdom through enlightening courses on leadership and influence.

Within organisations, Mark crafts tailored leadership programs that fortify leaders and equip them with the tools necessary for growth and triumph. His journey has taken him around the globe, where he's lived in various countries and worked in over 50 nations. Currently residing in London with his Japanese wife, Mark enjoys playing golf and cherishes collaborating with individuals from diverse cultural backgrounds, recognising the invaluable lessons such experiences offer.

Mark Fritz is renowned for his commitment to empowering leaders to shift away from micromanagement and embrace a culture of ownership and achievement. His expertise lies in unlocking the full potential of teams. Through impactful keynotes and masterclasses, he delivers inspirational experiences brimming with practical advice and actionable steps.

With a steadfast dedication to...

Welcome to the Accounting Talent Podcast, dropping every Thursday to accounting professionals, finance specialists, software vendors, tech providers and influencers in the accountancy, CPA and bookkeeping space. To participate in our international virtual speed networking events for the accounting community, go to https://accountinginfluencers.com/events and book your place at the next gathering. Great to build your personal brand and make valuable industry connections.

Rob Brown sits down with Calvin Harris, the CEO of the New York State Society of CPAs. Calvin discusses his role in leading the organization that represents CPAs in New York State and beyond. He shares his perspective on being a CPA and the importance of the credential.

Calvin talks about the challenges and opportunities facing the accounting profession today, emphasizing the need for CPAs to demonstrate their relevance in a changing landscape. He highlights the role of technology, communication, and storytelling in showcasing the value of the accounting profession to younger generations.

The conversation also touches on the impact of the COVID-19 pandemic on the profession and the lessons learned from it. Calvin shares insights into the evolving role of CPAs and the importance of adaptability.

Tune in to gain valuable insights from Calvin Harris on the state of the accounting profession and the path forward for CPAs in a dynamic world.

Calvin Harris Jr., CPA (MD), is the CEO of the New York State Society of CPAs, the oldest state accounting association in the U.S. With 30+ years of executive experience, he's been a CFO, auditor, forensic accountant, consultant, and entrepreneur.

A Morehouse College graduate, Calvin previously served as the SVP & CFO of the National Urban League in NYC and CFO of Baltimore City Community College. He's held leadership roles at organizations like the United Nations Foundation, NeighborWorks America, Legal Services Corporation, and Aeras Global TB Vaccine Foundation. His career began as an auditor at Arthur Andersen.

Calvin, the 24th Chairman of the Board and National President of the National Association of Black Accountants, has a deep passion for the accounting profession, inspired by his mother, a high school bookkeeping teacher. A Maryland native, he now calls Brooklyn, New York, home.

You can watch this episode and more on our YouTube Channel:

https://youtu.be/mv_mbBXSQm0

https://www.youtube.com/@accountinginfluencers

Join 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

Thanks to our sponsors:

ACCOUNTINGFLY. Accountingfly connects employers with top U.S.-based accounting talent through a variety of services including dedicated searches, Always-On Recruiting, and freelance placements for seasonal or temporary needs. They specialize in remote accounting recruitment, recognizing early on the significant advantages that remote work offers to employers, job-seekers, and their own operations. They pride themselves on their track record of matching the right candidates with the right opportunities and building a robust team of industry experts. Additionally, their partnership with Going Concern—an esteemed source for accounting news and insights—further enhances their ability to stay on the cutting edge of remote recruiting by tapping into a natural pipeline of job seekers.

If you'd like to sponsor the show and elevate your brand...

Welcome to the Accounting Talent Podcast, dropping every Thursday to accounting professionals, finance specialists, software vendors, tech providers and influencers in the accountancy, CPA and bookkeeping space. To participate in our international virtual speed networking events for the accounting community, go to https://accountinginfluencers.com/events and book your place at the next gathering. Great to build your personal brand and make valuable industry connections.

In this episode, Jen Cryder, the CEO of the Pennsylvania Institute of CPAs (PICPA), shares her journey from an English major to a successful career in accounting. Representing around 20,000 accounting and finance professionals in Pennsylvania, PICPA serves as a unique state society dedicated to empowering bookkeepers and CPAs alike. Jen emphasizes the importance of diversity within the profession, where PICPA's membership includes college and high school students exploring accounting careers, practitioners in public accounting firms, and educators in corporate finance. With a strong focus on shaping the future of the profession, Jen discusses the challenges and opportunities of staying ahead in the ever-evolving landscape of accounting, driven by technology, changing standards, and human capital needs. Collaboration among state societies and stakeholders becomes paramount as they work together to address common challenges and share innovative solutions.

Jen Cryder is a trailblazing leader serving as the CEO of the Pennsylvania Institute of Certified Public Accountants (PICPA). As a CPA with practical experience, she brings a valuable perspective to her role, adeptly solving problems and creating opportunities to benefit PICPA's members. Jen's leadership is characterized by transparency, integrity, and a diverse skill set that spans Finance, Accounting, M&A, Operations, Business Development, Change Management, Stakeholder Relations, and Nonprofit Organization Management. With a keen understanding of the evolving landscape of technology and capital markets, Jen navigates as an agile and collaborative executive, addressing disruptions and prioritizing the growth of the organization. She places equal emphasis on empowering diverse teams, ensuring all individuals have access to professional development opportunities to achieve their goals. Committed to member value, Jen fosters strong connections and engagement to tailor PICPA's programs, products, and services accordingly. Notably, as the first female CEO in PICPA's 125-year history, Jen is dedicated to honoring the organization's legacy while strategically shaping the future of accounting and finance with an unwavering focus on member success.

You can watch this episode and more on our YouTube Channel:

https://youtu.be/Bt7ezS3NPaMM

https://www.youtube.com/@accountinginfluencers

Join 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

Thanks to our sponsors:

ACCOUNTINGFLY. Accountingfly connects employers with top U.S.-based accounting talent through a variety of services including dedicated searches, Always-On Recruiting, and freelance placements for seasonal or temporary needs. They specialize in remote accounting recruitment, recognizing early on the significant advantages that remote work offers to employers, job-seekers, and their own operations. They pride themselves on their track record of matching the right candidates with the right...