Global Panel: Experts Debate the Future of Accounting

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 While the panelists acknowledge the existence of challenges, such as talent shortages and outdated business models, they also recognize the immense opportunities arising from technological advancements, changing client expectations, and the influx of capital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clients.Key Takeaways:The accounting profession is at a crossroads, with firms facing an existential crisis due to outdated business models and a talent shortage.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)View this episode in video on YouTube here:https://youtu.be/PF0h65LzTAY◣━━━━━━━━━━━━━━━━━━━━◢The Accounting Influencers Podcast, hosted by Rob Brown, is one of the world's leading shows for accounting leaders, professionals, finance specialists, software vendors, tech providers and influencers. To participate in our international virtual speed networking events for the accounting community, book your place at the next gathering. Great for building your personal brand and making valuable industry connections in return for a small donation to charity: https://accountinginfluencers.com/events◣━━━━━━━━━━━━━━━━━━━━◢Thanks to our sponsors:ADVANCETRACK OUTSOURCING. Transform your accounting firm with AdvanceTrack. Our top-tier offshoring solutions free your team from mundane tasks, allowing you to focus on...