As 2022 comes to an end, we would like to take a second look back at some of the articles that our readers found most insightful in 2022.
1. Growing Shortage of Accountants and CPAs
The accounting, CPA, and corporate finance industry is facing an accountant shortage. While the job market has been growing steadily since the recession of the 2000s, many accounting departments and CPA firms have struggled to find qualified talent to fill their ranks.
This disparity could spell trouble for the industry, where even advanced technology has yet to replace the decision-making power of the human mind.
What is the reason for this accountant shortage? What can be done to remedy the situation? In this post, we’ll address these two questions, while also offering practical strategies for retaining qualified staff.
2. Top 10 Accounting Trends That You Should Know
Technological advancements and changes in consumer attitude herald a shift in the accounting industry. These changes have been long in coming as reports revealed that 99% of accountants felt the industry was experiencing a shift towards technology dependence.
The COVID-19 pandemic has served as a major catalyst for the swift adaptive changes in transaction processes. In the last couple of years, we have seen several changes disrupt financial markets. And more changes are on the way. Here are the 10 futuristic trends in accounting that you should know.
3. Understanding the Role of the Corporate Treasurer
Businesses face a lot of financial risks that can potentially put them out of business. That’s why risk management is such an important factor for a business to succeed. The responsibility of managing this risk rest significantly on the shoulders of the corporate treasury.
The treasurer not only helps businesses manage risks. It helps firms establish a cash culture without relying completely on spreadsheets and numerous bank accounts. The corporate treasurer has gone beyond a nice to have to a must-have.
4. Accounting Crisis – CPA Firms Face 75% Retirement
CPA firms are facing an upcoming severe staffing challenge. Almost 75% of the CPA workforce met the retirement age in 2020, (check stat I referenced said 75% retirement in the next 15 years), as estimated by the American Institute of Certified Public Accountants (AICPA).
What’s more, the number of CPA exam candidates has drifted steadily downward over the past ten years. While there were almost 50,000 exam candidates in 2010, that number dropped to just a little over 32,000 in 2021.
With an expected exodus of experienced, qualified CPAs in the upcoming years, what can be done to solve the issue and build up the CPA workforce?
5. The Newest Role of Controllers: HR
Controllers have historically supervised accounting and financial operations, but increasingly they are being asked to provide oversight on the company’s entire Human Resources (HR) department.
Prospective job-seekers may be surprised at the number of financial positions that expect applicants to have some HR background on their resumes. Others may be concerned that their company’s management is shifting more HR responsibilities to their financial team.
Whichever category you find yourself in, we’ll help you navigate this growing trend and improve your understanding of what this might mean for your career path.
Happy Holidays and a Success in the New Year from Controllers Council
As the fastest growing network of corporate finance professionals, we have a lot of exciting things planned in 2023 and hope to see you along for the ride. Be sure to subscribe for all the latest and take advantage of our holiday membership discount before the year ends. Learn more about joining here.
