Debating Accounting's Future: Global Expert Views!

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 international panel discussion explores the current state and future trajectory of the accounting profession. The distinguished panel includes influential leaders and innovators in the field such as Arun Mehra, Chase Birky, Eric Gregg, and Jody Padar to share their diverse perspectives on the challenges and opportunities facing the industry.
The conversation kicks off with an assessment of the profession's current shape. While the panelists acknowledge the existence of challenges, such as talent shortages and outdated business models, they also recognize the immense opportunities arising from technological advancements, changing client expectations, and the influx of capital from private equity and venture capital firms.
The discussion highlights the importance of embracing change, prioritizing culture and purpose, upskilling in areas like technology and advisory services, and positioning accountants as trusted business advisors rather than mere compliance providers.
As the dialogue progresses, the guests underscore the immense potential for accountants to thrive in the evolving business landscape by embracing innovation, redefining their value proposition, and becoming trusted advisors to their clients.
Key Takeaways:
- The accounting profession is at a crossroads, with firms facing an existential crisis due to outdated business models and a talent shortage. (00:05:00)
- Money pouring into the industry from private equity and venture capital firms is forcing change and disrupting traditional firm structures. (00:18:00)
- The ability to work with technology, including AI, will be more important than accounting experience or subject matter knowledge in the near future. (00:40:00)
- Firms must prioritize culture, purpose, and agency for their employees to attract and retain top talent in the face of better career alternatives. (00:27:00)
- Referrals alone will no longer be sufficient for acquiring new business; firms must embrace transparency and deliver remarkable client experiences. (00:36:00)
Quotes:
"There are some real pioneers in this space who are doing things differently, who are trying things differently, sometimes not always working, but I think we should support them and encourage them because if we have those pioneers, other people will follow and ultimately do things differently and innovate." - Arun Mehra (00:44:00)
"The best accountants are going to be more technologists than classic accountants." - Chase Birky (00:40:00 - 00:41:00)
"We're going to self-serve a lot more of this relationship with a lot more visibility into the steps that are happening behind the scenes." - Eric Gregg (00:45:00)
"The technology that's here today, and the technology that's coming in the future, is going to allow us to be more human and help our clients better and faster, and still get to go home on time." - Jody Padar (00:52:00 - 00:53:00)
Chapters and Timestamps:
5:00 - Assessing the Profession's Current State
15:00 - Drivers of Disruption and Change
25:00 - Distinguishing Good Firms from Great Ones
35:00 - Myths, Misconceptions, and Course Corrections
40:00 - Bold Predictions for the Future
45:00 - Embracing Change and Redefining Value
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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

[@jorgefigueroa2231]

Currently in school and worried about my future prospects...

[@accountinginfluencers]

The world will open up to good accountants who embrace new skills and technology!

[@user-fs8tl7ni1w]

Chase, take your hat off. Be a professional! It’s not all about you. You’re representing a profession.