Making Accounting Future-Proof: Key Strategies!

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
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This episode features a panel discussion on the challenges and future of the accounting profession. Panelists include Ed Kless (Sage), Michael Turner (Aladis), 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, Senior Director of Partner Development and Strategy at Sage
- Michael Turner, CEO of Aladis
- 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
Timestamps:
[00:03:43] Ed's critique of billable hours
[00:07:36] Steve on accounting's mindset shift
[00:16:38] Michael's outdated house analogy
[00:37:03] Ed's proposal for after-action reviews
[00:46:53] Predictions on accounting's future
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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

[@Camxlare]

This was a great interview. The ending was a bit of a cliffhanger lol. I do believe the industry need a facelift and will get an upgrade with newcomers such as myself. As the world becomes more digital, We will shift into the world of A.I. agents working alongside new fresh accountants.

[@accountinginfluencers]

It's going to be an interesting time @camxlare!

[@JMoIII-gq9rn]

Great stuff! Keep up the great content.

[@accountinginfluencers]

Thanks - building well!

[@ContadoresPensantes]

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