next-gen talent, technology, rebranding, business models, private equity.
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accounting influencers
with rob brown
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 profession’s challenges and opportunities.
the panelists share their thoughts on various topics, including the talent shortage, the impact of technology, the changing business model, and the need to rebrand 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.
5 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
about today’s guests:
samantha louis is the chief executive officer of praxity global alliance. she joined praxity in june 2021 from the association of international certified professional accountants, where she was vice president in charge of international advocacy. before this, she was regional vice president for africa at the chartered institute of management accountants (cima). samantha is a fellow of cima and a chartered global management accountant. she is a university of the witwatersrand graduate and has completed post-graduate public relations and management courses. she completed a masters degree in business administration, with distinction, through the gordon institute of business science (gibs) at the university of pretoria in 2002.
jeff phillips is the ceo of padgett, one of north america’s largest tax and accounting firms. jeff founded accountingfly in 2012, the recruitment platform that “practically single-handedly awakened the profession to the enormous potential of hiring staff remotely,” according to accounting today. jeff has been named to the top 100 most influential people list five times for helping solve the hiring challenges of cpa firms. his team has been making remote hires since 2015, and he works directly with firms to help them transform their processes and culture to embrace remote talent.
maureen dillmore is executive director – americas for the primeglobal accounting firm alliance. based in denver, she leads all north american regional management efforts to efficiently and effectively enable members to maximize the value they receive from primeglobal. she works collaboratively with the executive team and board of directors to successfully lead global efforts.
sandra wiley, shareholder and president of boomer consulting, inc., is a leader in the accounting profession with a passion for helping firms grow, adapt and thrive. she is regularly recognized by accounting today as one of the 100 most influential people in accounting due to her expertise in leadership, management, collaboration, culture building, talent and training. sandra focuses her expertise on clients in strategic planning, facilitation and teaching. her role includes serving as co-director of many boomer communities, including the boomer managing partner circle, the boomer talent circle, the boomer technology circles and the boomer caas circle.
highlights
samantha louis
1. esg (environmental, social, and governance) will be a major challenge and opportunity for the accounting profession in the coming years. firms must navigate how they advise clients on esg and how it impacts their audit and assurance models.
2. accounting firms need to view technology as an overall innovation strategy rather than just a tech strategy. firms should consider how technology can fundamentally change how they work and serve clients in the future.
3. rebranding the accounting profession is crucial to attract new generations. this should highlight accountants’ meaningful, problem-solving work and the profession’s lifestyle and culture.
4. accounting firms in emerging markets need significant investment and development of their professional accounting organizations. this will help build strong local accounting talent and improve reporting and access to capital in those regions.
5. the landscape of accounting firms is likely to change dramatically in the coming years due to the influence of private equity. this will drive consolidation and reshape the traditional firm model.
jeff phillips
1. tech companies are incentivized to optimize for short-term gains rather than taking a long-term strategic view. this leads to issues with software integration and connectivity.
2. firms need to be more strategic in their technology investments, focusing on solutions that work together seamlessly rather than piecing together disparate tools.
3. remote and distributed work models offer firms a great opportunity to access top talent beyond their local market. however, firms must update their management approaches to lead remote teams effectively.
4. firms need to be courageous enough to raise their prices to better reflect the value they provide. this will enable them to invest in top talent and deliver high-quality services.
5. the traditional partnership model is a barrier to attracting and retaining the next generation of accountants. firms need to rethink this model to make it more appealing.
maureen dilmore
1. the public perception of accounting as a boring, number-crunching profession must be changed. firms need to better highlight the exciting, advisory-focused work that accountants do and the impact they can have.
2. firms must diversify the types of personalities and backgrounds they attract into the accounting profession. it’s about technical skills, relationship management, and forward-thinking abilities.
3. accounting firms’ traditional partnership model is a barrier to attracting and retaining the next generation of talent. firms need to rethink this model to make it more appealing.
4. firms must be strategic and thoughtful when investing in technology, ensuring integration between software tools and platforms. piecemeal technology purchases often lead to more frustration than solutions.
5. firm leadership must set the right example by embracing flexibility, work-life balance, and a continuous learning and development culture. this will trickle down and influence the perceptions of younger talent.
sandra wiley
1. the traditional business model and compensation structure in accounting firms is outdated, holding the profession back. firms must focus on changing this model to attract and retain young talent.
2. accounting firm leaders must take a more proactive approach to driving change and creating a vision for the future. firms resistant to change will either go out of business or be acquired.
3. accounting firms must better market and promote the profession to attract young talent. this includes highlighting the exciting, advisory-focused work that accountants can do and the flexibility and growth opportunities available.
4. firms must invest in developing strategic technology plans and ensuring their staff are properly trained on new technologies, especially in areas like ai. this will be critical for firms to remain competitive.
5. for firms to share best practices and innovative ideas, peer interaction and cross-generational learning within professional circles and networks are crucial.