Embrace Change or Risk Obsolescence | Accounting Influencers

Innovation, AI, and next-gen leaders must successfully adapt to constantly changing landscapes.

Accounting Influencers

with Rob Brown

The accounting profession stands at a crossroads, faced with technological disruption, shifting business models, and an evolving workforce. In a recent episode of the Accounting Influencers podcast, industry leaders Bobby Lane, CEO of Factotum; Tony Szczepaniak, CEO of LEA Global; and Rick Richardson, CEO & Founder of Richardson Media & Technologies, engaged in a dynamic discussion about the state of accounting, the biggest threats facing the profession, and the opportunities ahead.

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Szczepaniak emphasizes the pressing issue of talent shortages, noting that regulatory bodies are exploring new ways to accelerate certifications and attract non-traditional candidates. He acknowledges that while some firms are innovating, others remain stagnant. "The firms that can clearly articulate their value proposition and adapt to strategic conversations internally will thrive," he asserts.

Richardson paints a stark picture of a divided profession, describing it as a "sandwich" where younger professionals are innovating on one side while senior partners near retirement show little interest in transformative change. He warns that attracting young talent requires a shift in perception: "We need to do a better job of selling what accounting really is and what it offers to young professionals. Right now, they see better financial incentives and career growth elsewhere."

Lane echoes this concern but offers a different perspective, citing that young professionals are still entering the profession but are more likely to view it as a short-term stepping stone rather than a long-term career path. "They want to gain qualifications, move into financial planning and analysis, corporate finance, or even start their own businesses," he explains.

The panel agrees that technology, particularly AI and automation, will significantly impact the profession but not in the way many fear. "People panicked that cloud accounting would eliminate accountants. It didn’t. Instead, it shifted the value from processing to advisory services," Lane argues. He sees a similar transition with AI: "The challenge now is for accountants to become translators of numbers, helping businesses interpret and act on financial insights."