Paul Young’s Post

New insights have been released on talent retention in the accounting field! 📈💯 A new report on talent retention from the Pennsylvania Institute of Certified Public Accountants (PICPA) aimed at informing accounting firms is live, but many of its insights are relevant to other companies employing CPAs. 📌 Key Takeaways from the Survey to Retain Talent: ☑️ No quick fixes, but a holistic approach is key. ☑️ Most accountants want to stay in their profession. ☑️ Workload management is crucial for retention. 📌 Bonus Takeaway from Blue Onion to Retain Talent: ☑️ Keep up with the latest technology that allows teams to eliminate manual work and do more with less! 🛎️ If this rings a bell, check out more below 👇 https://hubs.ly/Q02wrkl90 🔍To learn more about how CFOs can better retain their accountants on staff, check out the full article here 👉 https://hubs.ly/Q02wrsS90 #CPA #AccountingInsights #FinanceTips

Accountancy industry face talent shortage challenges The accounting profession is grappling with a significant talent shortage, exacerbated by stagnant wages and a lack of career education. Erin Andrews, owner of Level Accounting & Advisory, commented that "Tuition costing six figures . . . just isn't going to get most younger people out of bed." As firms like EY invest $1bn to improve early-career compensation, organizations are also developing training programs to attract new talent. AICPA, in collaboration with the National Association of State Auditors, has published a report addressing the need for a robust talent pipeline. Susan S. Coffey, CPA, CGMA, AICPA's chief executive of public accounting, stated: "We have a talent shortage in accounting that affects business as a whole." The profession must adapt to changing perceptions and work-life balance demands to retain younger professionals. Subscribe to Accountancy Slice to get your daily slice of Accountancy intelligence direct to your inbox ➡️ https://lnkd.in/emfepVdu #Accounting #TalentShortages #Accountants #AccountancyIndustry

The Benefits of Working in a Public Practice Accounting Firm   Here are some of the reasons why it is better to grow your career here:   ✅ In public accounting, the rate at which you gain experience is much faster compared to other accounting sectors, with one year of experience being equivalent to several years elsewhere.   ✅ Public accounting firms typically evaluate employees annually based on their performance, assigning ratings ranging from 1 to 5. One of the advantages of this procedure is that you can have some influence on the amount of compensation you receive and have the opportunity for a significant increase. If you are among the highest-rated individuals, you can expect a yearly pay raise and bonus ranging from 10-15%! Moreover, during promotion years, the benefits are even greater.   ✅ Your performance is evaluated through a rating system, which takes into account the feedback provided for each client or job you handle. This feedback is documented in your file and serves as a valuable tool for self-improvement. By understanding what aspects people appreciate and areas for improvement, you can enhance your contributions effectively.   ✅ Public accounting firms offer numerous surprising opportunities, such as providing a credit card with a $50,000 limit on the first day, entrusting employees with sensitive client documents and confidential information, and relying on them to complete tasks efficiently.   📩 Should this catch your interest or if you know someone seeking employment, kindly forward your resume to mmariano@leadgrp.com.au   📌 Strictly for Australian citizens and Permanent Residents only! You can read more here: https://lnkd.in/gfarckZH   #peoplefirst #leadgroup #accounting #publicpractice #accountant #CPA #CA

🌟 The AFR Released The 2024 Top 100 Australian Accounting Firms 🌟 😮 The Top Firms GROWING Revenue Looks VERY Different 😮 👀 Hiring Secrets Behind These Top Billers 👇 📊 It's one thing to be the biggest biller in a year, but who is GROWING revenue year-on-year? 🚀 The chart shows the mid-tier firms with the biggest increases in revenue since 2021. Yellow highlights the firms GROWING revenue from the previous years as reported by the AFR. Having analysed job ads from these firms in that time, here’s what was uncovered about the hiring trends driving their year-on-year revenue growth... 5 Key Hiring Trends That Power Revenue Growth 👇 1️⃣ Senior Talent, Big Impact: Top firms are doubling down on hiring experienced professionals like Senior Accountants and Audit Managers. Why? Senior roles are the backbone of high-value services, ensuring client satisfaction and robust leadership. 2️⃣ Audit and Tax are King: From Senior Auditors to Corporate Tax Managers, the focus on these roles reveals where the money flows. Compliance, assurance, and taxation are vital revenue streams for firms staying ahead in a competitive market. 3️⃣ Investing in Future Stars: Graduate programs are booming! These firms are not just filling today’s seats, they’re grooming tomorrow’s leaders. 🌱💼 4️⃣ Comprehensive Service Offerings: Roles range from Bookkeepers to Tax Consultants, showing a shared strategy of offering end-to-end accounting solutions to meet diverse client needs. 5️⃣ Strategic Growth Through Talent: Advertising patterns suggest a focus on scaling operations and capturing new opportunities by hiring specialised and managerial talent. What Does This Mean for You? ✅ Job Seekers: These trends highlight where the hottest opportunities are. Whether you’re an aspiring graduate or an experienced professional, you can't go wrong working for a rising star. ✅ Employers: Aligning with these trends can help you stay competitive in hiring the right talent. 💬 Do these trends surprise you? Which accounting roles do YOU think will dominate in 2025? Let me know in the comments! 👇 🔗 #AccountingCareers #Leadership #AustralianAccounting #Taxation #FutureOfWork

Navigating a career in accounting has never been more daunting for young professionals. Those just starting their careers have a host of decisions to make, and perhaps the two most important are picking a firm and choosing a path between tax, audit and bookkeeping. Experts says culture is one of the most important considerations when joining a firm, and flexibility is a key part of that. The accounting profession is notorious for its long hours, especially during the grind of tax season. Unsurprisingly, burnout and the need for work-life balance are among the top reasons accountants leave their employers. But Sonia Freeman, chief culture officer at PKF Texas, says flexibility is one of the reasons she has stayed at the Houston-based firm for 39 years: "If you need to do something personal, it's not an act of Congress to go do it." Read the full Accounting Today article here: https://lnkd.in/e4v4qZCa

With fewer young professionals choosing careers in public accounting, it's time for a strategic shift. ↪ Our CEO Tim Brackney recently addressed this crisis head-on in his article for CFO.com, "4 Ways to Save the CPA." Tim offers a roadmap for revitalizing the profession by reinventing how firms can attract the next generation of talent through innovative ways such as: 💰 Creative & competitive comp plans 🧠 Continuous learning & career development 💻 Investing in cutting-edge technologies (providing new tools for efficiency while becoming a magnet for top talent) ⏰ The urgency for change is here - and the time is now - for the accounting industry to undergo a radical transformation to avoid becoming outdated and understaffed. 🗣 Tell us what solutions your firm is implementing to tackle today's CPA shortage. Read the article: https://lnkd.in/e2rayZbn #accountingservices #CFO #innovation #talent #CPA #ScaleWithSoul

The problem of talent shortage in the accounting industry is a known affair. There are many arguments on the declining number of accountants, and how to tackle them. But just like any other issue, it is important to dig deeper before we conclude. This problem is even prominent in the public accounting sector. So, why is it that so many public accountants are quitting and either moving to corporate accounting or changing their profession altogether? Find it in the blog: https://lnkd.in/dSefY9B7 #finsmartaccounting #accountingandaccountants #publicaccounting #talentshortage #capacitychallenge #outsourcing

How to effectively retain accounting talent in 2024 ⬇️ Research from the Pennsylvania Institute of Certified Public Accountants (PICPA) indicates a rising need for nuanced retention strategies. After surveying both current and former CPAs and other accounting professionals, researchers found: - It's not just about the money 💵: Employees tended to depart from their roles due to a combination of factors including work-life balance, benefits, and recognition from management. - Many professionals are here to stay 🤝: Plenty of the professionals that were surveyed wanted to stay in their profession and with their employer. - Compensation and workload management are key 📍: Professionals want more flexibility over location and working hours. Read the full article here: https://buff.ly/4bj2IJl #compensation #CFO #accounting

Finding great team members is one thing, keeping them engaged and motivated to stick with your #accounting #firm is a whole other story with its own set of #challenges. "There is no one-size-fits-all solution to the profession's ongoing retention problem, according to the report, which was released Thursday and shows that retaining employees will require a multilayered strategy and a business model transformation to afford the high cost of retention. The report surveyed 449 accounting professionals in Pennsylvania and 300 accounting professionals nationwide. 'The expectations are changing. They're not going to go backward," Jen Cryder, CEO of the PICPA, told Accounting Today. "That's going to make for a better profession because the needs of clients are complicated and diverse. The more that our profession can reflect that, the better.' " #employeeretention #cpa #practicemanagement #hr #humanresources #accountants #cpafirms #bookkeeping

This article highlights the current shortage of accountants in the industry. If you are facing challenges in finding good talent, BDO's AAO practice is here to assist. Our Strategic Resources team can provide temporary CFO or Controller support, while our OF&A practice offers ongoing outsourced solutions. For technical accounting matters, our ARAS team is ready to help. Rest assured, at BDO, we have a dedicated team to support your needs. #Accounting #Finance #BDO #Accountants