As the accounting profession continues to evolve, staying ahead of the curve is not just a competitive advantage for firms — it's a necessity.
BILL recently hosted our sixth annual Accountant Partner Council, which brought together industry leaders from accounting firms across the U.S. to discuss how the profession is changing and share strategies for adapting to meet changing client needs.
Throughout our discussions, a number of significant trends stood out that are shaping our current practices and paving the way for the future of accounting.
Think outside the box on talent
The ongoing talent shortage is a pain point that resonates with many firms. At the heart of this issue are two challenges: How can firms maintain (and even exceed) the level of service their clients have come to expect, while also keeping their employees safe from burnout?
We discussed innovative approaches to help address the talent shortage. One idea was looking beyond traditional accounting roles to ensure critical positions are filled. Rather than expecting accounting teams to handle every aspect of client service, some firms are considering additional support from subject matter experts with customer success expertise.
An approach like this not only helps to bridge the immediate talent gap but also introduces fresh skills and perspectives that can drive innovation within a firm.
"The shortage of incoming talent isn't a new problem, and it isn't going away any time soon," said Matt Gardner, CEO and co-founder of Hiline. "We can either wring our hands and hope something changes, or we can actively work to find firm- and industry-wide solutions."
Key takeaway: Thinking about creative retention and recruitment strategies can be a game-changer. The right strategy can go beyond just solving a problem and become a valuable part of a firm's competitive advantage.
The power of partnerships
Clients benefit from a strong, cooperative relationship between accountants and technology companies. Their accounting firms bring deep industry knowledge and a nuanced understanding of client needs — which are then met most effectively when paired with the tools and innovation that tech companies provide.
Many companies in the accounting tech space prioritize feedback from the firms they work with when they develop their innovation roadmaps. This approach ensures that new features and tools remain aligned with the real-world needs of accounting firms and their clients.
"Having a technology partner that asks for feedback is a great first step," said Heidi Pelczar, COO of Your Part Time Controller. "But what we value even more is a partner that demonstrates they are listening to our feedback and acting on it."
Key takeaway: The future of accounting lies in collaboration. Firms can stay at the forefront of innovation and focus on providing valuable insights and services to clients when they work closely with their technology partners. Find technology partners that solicit and respond to your feedback — strong partnerships require ongoing engagement and dialogue focused on firm and client needs.
Evolving your tech stacks
The critical importance of a well-planned technology stack was one of the most prominent themes that emerged from our discussions. As technology continues to advance, especially with the increasing use of AI solutions, staying current is no longer enough. Now is the time to be forward-thinking and tactical when determining your approach to tech adoption.
Industry leaders know they cannot afford stagnation within their tech stacks — there is a constant need to be aware of new technologies and to find opportunities for innovation in areas where clients need it most.
"The conversation around technology has shifted. We're no longer asking if a tech solution can help enhance a process, because the answer is going to be yes. Instead, we're asking which solution would be best and how it interplays with the rest of our tech stack," explained Becky Munson, CPA, CITP, a partner at EisnerAmper.
Key takeaway: A dynamic, adaptable tech stack is crucial to thrive in the modern accounting landscape. It's not just about having the latest tools but making sure they remain aligned with your firm's goals and your client's evolving needs.
The future of the profession: AI and CAS
There is a bright future ahead for the accounting profession, and accountants are excited to see it come to fruition as they continue transitioning from traditional back-office roles and becoming true strategic advisors.
This includes the potential of AI to transform accounting practices. While there are still some reservations, AI is gradually becoming viewed as a powerful tool that will allow accountants to automate their more manual tasks in order to focus on value-added services.
Directly related to the rise in AI and automation tools is the growth of client advisory services at accounting firms. Clients are looking for firms that can go beyond their original remit and also advise on strategies for building and maintaining their financial health. For firms that lean into AI and automation, this expanded role is achievable.
"The appetite for and understanding of AI has exploded," said Sharon Bernman, CPA, CGMA, a principal at Rehmann. "Clients recognize the significance of this technology and want to see that we're using all the tools at our disposal to maximize the value. AI brings new possibilities to help us increase efficiency, providing additional bandwidth for our teams, resulting in higher-value work for our clients."
Key takeaway: AI represents a significant opportunity for accounting firms to evolve their services and create more value for clients with CAS offerings. Firms that embrace this new technology and the growth potential it provides will be well positioned to achieve success alongside their clients.
Embracing change and driving innovation
The challenges that accountants face are significant, but they also present tremendous opportunities for growth and innovation for firms that embrace adaptability and collaboration.
By embracing new technologies, fostering strong partnerships and continuously evolving services, accountants can meet the changing needs of their clients and shape the future of the accounting industry.
