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The Future of Public Accounting

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For generations, the goal of accountancy culture was to mold the desires of younger talent into partner aspirations.

For many, the ‘partner’ label was the real aim of the career path. And because of that, there’s little wonder why big accounting firms essentially became accounting partner training camps.

But gone are the days when those who were drawn to the field dreamed of having a shiny nameplate with the word “partner” carved after their name.

With ever increasing workloads, due largely to a lack of upcoming talent, and a disproportionate work/life balance, fewer accountants want the responsibility of a partnership role in a company. And younger staff aren’t sticking around to get their name on the door.

Accounting firms are beginning to realize they will only retain young accountants if, and when, those younger staff members can envision a future with the company.

With roughly 3 percent of those who enter accountancy ever achieving partner status, many firms are missing out on the remaining 97 percent; many of whom are millennials.

Studies report that millennials make up a whopping one-third of the current workforce. And contrary to prevailing thought, they aren’t hopping from one job to the next with a greater frequency than previous generations. In fact, according to a report released by the White House in 2015, millennials tended to remain with employers at a rate equal to previous generations. But as a demographic, they aren’t interested in hanging around big firms who hold on too tightly to the old ways, opting instead for the newest technology or app to enhance their day’s workload.

“Technological Disruption”

The so-called ‘technological disruption’ is really doing more good than some firms realize and embracing technology can not only lead to increased productivity levels, but higher staff retention numbers as well.

Lighten Workload

Technology can make a significant difference to the workload carried by relationship managers. By expanding administrative roles to handle more of the organizational aspects of the job with the use of technology, you’re freeing up more time for managers and partners to focus on meeting client needs and creating solutions.

Cloud Technology

When clients have access to cloud accounting technology software, you’re increasing the timeliness and accuracy of financial data. While it does require a little extra effort at the start to ensure everyone is properly trained, that effort will save you time and money in the long run.

Individualized E-Learning

Self-paced, individualized learning programs allow staff to keep their skills honed while keeping them in circulation. With training programs that can be completed in short burst modules, junior staff are still able to make vital contributions to your company and stay on top of industry trends and best practices.

The future of accounting lies with the next generation of accountants bringing the field forward – a generation of millennials.

If you’re wondering how you can incorporate new technology to meet productivity goals, turn to the technology productivity specialists at Kortivity. By delivering targeted knowledge, we’ll help you find new ways to grow your company.

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