Is technology the saviour or the grim reaper of accounting?

In this episode of the Accounting Influencers podcast, Rob Brown and Steve Cox delve into the transformative role of technology in the accounting profession. They discuss the historical evolution of accounting technology, the current state of AI, and its implications for the future. Steve shares insights from Gartner's technology trends report, highlighting the rapid adoption of AI and the importance of accountants evolving with these changes. The conversation emphasizes the need for accounting professionals to embrace technology to remain relevant and competitive in a rapidly changing landscape.

Curious about how accountants can harness AI to boost efficiency?

Takeaways

• Technology is a backup and driver of change for accounting firms.
• Excel was a major disruptor in accounting technology.
• Many firms are still reliant on outdated spreadsheet technology.
• Digital transformation is essential for accounting firms to thrive.
• AI is not replacing accountants, but those who don't use it will be left behind.
• Accountants have access to vast amounts of data, making them well-positioned for AI adoption.
• The hype around AI is beginning to settle as firms find their niche uses.
• AI can enhance communication and task automation in accounting practices.
• The accounting profession is ahead of many other industries in AI adoption.
• Future success in accounting will depend on embracing technology and innovation.

Chapters

00:00 The Role of Technology in Accounting

07:09 The Evolution of AI in Accounting

12:54 The Hype Cycle of AI

22:24 Future Predictions for Accounting and AI

View the video version with all visuals on Youtube; https://youtu.be/DaaqrXoIabU

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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.

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 growth and client engagement. Experience seamless scalability and expert support. Visit advancetrack.com and elevate your practice today. https://www.advancetrack.com

ACCOUNTEX. Bringing the accounting world together with UK and international events for the accounting and tech world. https://www.accountex.co.uk

If you'd like to sponsor the show and elevate your brand with our audience, reach out to show host Rob Brown on LinkedIn and his team will reach out to fix up a chat to explore.

https://www.linkedin.com/in/therobbrown

You can also check out all shows on the Accounting Influencers YouTube Channel:

https://bit.ly/AI-youtube

In this episode of the Accounting Influencers podcast, Rob Brown discusses the alarming statistic that 65% of current accounting firm partners will be considered digitally obsolete within three years. He emphasizes the transformative impact of private equity on the accounting industry, highlighting the need for leaders to adapt to rapid changes in technology and client service models. Watch on Youtube here: https://youtu.be/UI_7IMuSG5s

The conversation explores the emergence of transformation leaders who bridge traditional accounting practices with digital innovation, the importance of reimagining technology and talent deployment, and the necessity of measuring success through new metrics. Brown outlines essential skills for future leaders and provides actionable steps for personal transformation to remain relevant in the evolving landscape of accounting.

Key Takeaways

• PE investors see 65% of current partners as digitally obsolete

• PE-backed firms invest 5x more in technology per professional

• Technology leadership is replacing technical excellence as a key skill

• New hybrid teams combine accounting and digital expertise

• Success metrics are shifting from billable hours to digital adoption

• Innovation leadership is becoming a core requirement

• Traditional partners are being rapidly replaced by digital leaders

Killer Quotes

• "65% of partners will be considered digitally obsolete within three years"

• "PE isn't planning to retrain partners - they're planning to replace them"

• "I realized I was becoming a dinosaur in real time"

• "Traditional excellence won't protect you from digital extinction"

• "The digital divide isn't coming - it's already here"

• "Transform or become extinct - there is no middle ground"

• "Yesterday's technical expert is tomorrow's obsolete partner"

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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.

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 growth and client engagement. Experience seamless scalability and expert support. Visit advancetrack.com and elevate your practice today. https://www.advancetrack.com

ACCOUNTEX. Bringing the accounting world together with UK and international events for the accounting and tech world. https://www.accountex.co.uk

If you'd like to sponsor the show and elevate your brand with our audience, reach out to show host Rob Brown on LinkedIn and his team will reach out to fix up a chat to explore.

https://www.linkedin.com/in/therobbrown

You can also check out all shows on the Accounting Influencers YouTube Channel:

https://bit.ly/AI-youtube

In this episode, Rob Brown discusses the transformative impact of private equity on the accounting profession, particularly in terms of talent acquisition and retention. He highlights how private equity-backed firms are reshaping the traditional accounting model by offering new roles, competitive compensation structures, and accelerated career paths. Brown emphasizes the need for accounting leaders to adapt their strategies to attract and retain top talent in a rapidly changing landscape.

Big takeaways

1. 70% of top performers at traditional firms would leave for private equity-backed firms.
2. Private equity is a major disruptor in the accounting profession.
3. The traditional model of recruiting and promoting talent is becoming obsolete.
4. Private equity firms are reporting 40% lower turnover rates than traditional firms.
5. New roles and career paths are emerging in private equity-backed firms.
6. Today's professionals seek opportunities to create impact and lead projects.
7. Compensation structures are being redesigned to include equity participation.
8. Investing in non-technical skills is crucial for talent development.
9. Career ecosystems are being built to support talent growth and retention.
10. Accounting leaders must proactively adapt to the changing talent landscape.

◣━━━━━━━━━━━━━━━━━━━━◢

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.

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 growth and client engagement. Experience seamless scalability and expert support. Visit advancetrack.com and elevate your practice today. https://www.advancetrack.com

ACCOUNTEX. Bringing the accounting world together with UK and international events for the accounting and tech world. https://www.accountex.co.uk

If you'd like to sponsor the show and elevate your brand with our audience, reach out to show host Rob Brown on LinkedIn and his team will reach out to fix up a chat to explore.

https://www.linkedin.com/in/therobbrown

You can also check out all shows on the Accounting Influencers YouTube Channel:

https://bit.ly/AI-youtube

In this episode, Rob Brown discusses the significant changes in the accounting profession driven by private equity investments. He highlights the urgent need for accounting leaders to adapt to new leadership dynamics, emphasizing the importance of transformational skills, agility, and a growth mindset. The conversation outlines actionable steps for leaders to remain relevant and influential in a rapidly evolving landscape.

Takeaways

• Half of accounting leaders may become irrelevant in 36 months.
• Private equity is reshaping leadership in accounting firms.
• Traditional paths to power in accounting are disappearing.
• PE-backed firms promote leaders much faster than traditional firms.
• Adaptive leaders are prioritized over seniority in PE firms.
• New leadership roles are emerging in accounting firms.
• Leaders must balance innovation with client trust.
• Decision-making is shifting from consensus to data-driven.
• The timeline for impact in accounting is shortening.
• Leaders need to strengthen their people management skills.

◣━━━━━━━━━━━━━━━━━━━━◢

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.

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 growth and client engagement. Experience seamless scalability and expert support. Visit advancetrack.com and elevate your practice today. https://www.advancetrack.com

ACCOUNTEX. Bringing the accounting world together with UK and international events for the accounting and tech world. https://www.accountex.co.uk

If you'd like to sponsor the show and elevate your brand with our audience, reach out to show host Rob Brown on LinkedIn and his team will reach out to fix up a chat to explore.

https://www.linkedin.com/in/therobbrown

You can also check out all shows on the Accounting Influencers YouTube Channel:

https://bit.ly/AI-youtube

Every December, Accounting Today magazine selects 100 influential leaders in accounting. In this episode of the Accounting Influencer podcast, Rob Brown discusses the significance of influence in the accounting profession, highlighting how many leaders have built their authority from humble beginnings.

He outlines eight distinct paths to building influence, emphasizing that individuals can choose the path that aligns with their strengths. The conversation concludes with actionable steps for listeners to start building their influence intentionally, ensuring they remain relevant and strategically important in their careers.

Takeaways

• Many influential leaders started from humble beginnings without elite advantages.
• Building influence is about curating authority and career capital, not just being on lists.
• The traditional path of technical expertise is waning in favor of new methods of influence.
• There are eight distinct paths to building influence in accounting.
• Successful leaders often align their influence strategies with their natural strengths.
• Small actions can lead to significant influence over time.
• Mentoring and developing others is a powerful way to build influence.
• Networking and community building are essential for fostering influence.
• Patience and persistence are key in the long-term game of building influence.

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.

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 growth and client engagement. Experience seamless scalability and expert support. Visit advancetrack.com and elevate your practice today. https://www.advancetrack.com

ACCOUNTEX. Bringing the accounting world together with UK and international events for the accounting and tech world. https://www.accountex.co.uk

If you'd like to sponsor the show and elevate your brand with our audience, reach out to show host Rob Brown on LinkedIn and his team will reach out to fix up a chat to explore.

https://www.linkedin.com/in/therobbrown

You can also check out all shows on the Accounting Influencers YouTube Channel:

https://bit.ly/AI-youtube

In this episode of The Accounting Influencers Podcast, host Rob Brown dives into the world of private equity and its growing impact on accounting firms. With firms like Baker Tilly and Grant Thornton selling stakes to private equity, Rob explores what this means for firm growth, independence, and leadership. Should accounting firms embrace private equity or avoid it at all costs? Listen in for a deep dive into the opportunities and risks that private equity brings to the accounting profession.

Key Takeaways

• Private equity is increasingly targeting accounting firms, offering capital and growth opportunities.
• Firms like Baker Tilly and Grant Thornton have already sold stakes to private equity.
• Private equity helps firms attract top talent, invest in technology, and compete in mergers.
• The downside: more debt, outside control, and potential conflicts of interest with clients.
• Private equity-backed firms may face challenges in maintaining long-term client trust.
• SEC concerns about auditor independence could reshape how private equity is viewed in accounting.
• Leaders must decide whether private equity is a growth enabler or a risk to firm independence.

Killer Quotes

• "Would you sell half of your accounting firm to private equity for a billion dollars?"
• "Private equity could be the biggest opportunity—or the greatest threat—to your firm’s independence."
• "Accounting firms are at a crossroads: stay independent or accept private equity investment."
• "Private equity is reshaping accounting firms, but at what cost?"
• "The talent war is fierce, and private equity is the weapon many firms are choosing."
• "Could private equity undermine the long-term trust clients place in their accounting firms?"
• "The question isn’t whether private equity is coming—it’s already here."

Looking to promote your tech or software solutions to accountants worldwide? By sponsoring the Accounting Influencers Podcast, you can reach an engaged, international audience of accounting professionals. With our growing YouTube channel, your sponsorship will live on multiple platforms, maximizing your brand’s exposure. Contact us to learn more about this fantastic opportunity!

If you’re an influencer in the accounting world and want to elevate your reputation, we’ve got just the thing. Rob Brown offers a personalized service that takes the burden of content creation off your shoulders. We do video interviews and turn them into compelling blogs, articles, and social media clips, positioning you as an expert in your field. Reach out to see how we can help you stand out!

As accountants, your technical skills are only half the story. To truly gain influence, you need to connect with the wider ecosystem that surrounds accounting firms—technology providers, consultants, and other industry experts. That’s where the Accounting Influencers Roundtable (AIR) can help. Head over to our LinkedIn page ‘Accounting Influencers’ to discover a space where accounting professionals can expand their network, get valuable insights, and connect with key players in the tech world. Check it out and start building those critical connections today!

The Accounting Influencers Podcast (AIP) is aimed at accounting firm leaders, managers, and partners looking to build their executive presence, influence, and credibility both internally and externally. The show focuses on helping professionals strengthen their personal brand, stay informed about industry changes, and navigate disruptive forces affecting accounting business models and trends. The content includes solo insights from host Rob Brown as well as interviews or panel discussions with industry leaders. Check out the show on your preferred podcast app or platform, or go to the Accounting Influencers YouTube channel for all of the episodes...

In this episode of the Accounting Influencers Podcast, Rob Brown dives into the Key Facts and Trends in the Accountancy Profession 2024 report, revealing how accounting firms are being impacted by the rapid pace of technological change and disruption.

From the shrinking number of audit firms to the increasing role of AI and cloud accounting, Rob offers actionable insights for leaders, managers, and influencers looking to stay relevant and build influence. He also explores the growing importance of diversity and how firms can retain top talent in a highly competitive landscape. If you’re serious about staying ahead and building your personal brand inside and outside your firm, this episode is a must-listen.

Key Takeaways:

• Audit firms are shrinking, which intensifies competition for talent and clients.
• Embracing technology such as AI and cloud accounting is essential for staying competitive.
• Audit fee income is growing—firms that innovate are seeing results.
• The most successful firms invest in diverse talent to future-proof their businesses.
• Leaders need to position themselves as thought leaders to maintain influence.
• The growing percentage of female accounting students shows a shift in the profession’s demographics.
• Firms that fail to adapt risk losing their best talent and clients to more tech-savvy competitors.

Killer Quotes:

• "Audit firms are shrinking—what’s your next move?"
• "The future of accounting is here—are you ready?"
• "Leaders who fail to adapt will disappear."
• "The firms winning today are those that invest in diverse talent."
• "AI and cloud accounting aren’t buzzwords—they’re the future."
• "Audit fee income is up, but only for those firms who innovate."
• "Stay ahead, or get left behind in the disruption."

You can also view this on youtube:

Boost Your Thought Leadership Without the Heavy Lifting!

Are you an accounting professional looking to build your personal brand but struggling to find the time? Let Rob Brown help you accelerate your thought leadership with his bespoke interview service. In just 30 minutes, we’ll capture your insights and turn them into articles, blogs, and video clips for your marketing team to use. It’s the easiest way to establish yourself as a thought leader without doing all the heavy lifting! Contact us to learn more.

Want to Get Your Brand in Front of Accountants?

Looking to promote your tech or software solutions to accountants worldwide? By sponsoring the Accounting Influencers Podcast, you can reach an engaged, international audience of accounting professionals. With our growing YouTube channel, your sponsorship will live on multiple platforms, maximizing your brand’s exposure. Contact us to learn more about this fantastic opportunity!

Expand Your Influence Beyond Accounting!

Want to take your influence beyond just accounting? Building relationships with the tech and consulting world that serve accountants is key to staying ahead. Our LinkedIn page, Accounting Influencers, is where you can start those connections. We’re sharing insights that help you navigate the accounting ecosystem, while opening doors to wider networks and opportunities. Don’t miss out—join the conversation on LinkedIn at Accounting Influencers and position yourself as a leader in the accounting space!

The Accounting Influencers Podcast (AIP) is aimed at accounting firm leaders, managers, and partners looking to build their executive presence, influence, and credibility both internally and externally. The show focuses on helping professionals strengthen their personal brand, stay informed about industry changes, and navigate disruptive forces affecting accounting business models and trends. The content includes solo insights from host Rob Brown as well as...

Tech – A Force for Good or the Death of Accountants? In this episode of the Accounting Influencers Podcast, host Rob Brown delves into the critical topic of technology’s impact on the accounting profession. With automation, AI, and machine learning reshaping how accountants work, the big question is: Is tech a savior or a job killer?

Rob breaks down what this technological revolution means for accountants today and in the future, exploring both the opportunities and the risks. For firms and professionals who embrace these tools, the future looks bright. But for those who resist? The outlook may not be so promising.

Key Takeaways:

AI & Automation’s Impact on the Profession: While some accounting tasks are being automated, the shift opens doors for higher-value, advisory roles that AI can’t replicate yet.

The Value of Soft Skills: As automation takes over manual tasks, accountants who focus on client relationships and strategic thinking will thrive.

The Need for Tech Adoption: Firms that invest in and adopt the right technology will remain competitive, while those that don’t risk being left behind.

Leadership’s Role in Guiding Tech Transformation: Leaders must set an example by embracing tech and fostering a learning culture within their firms.

If you’re serious about future-proofing your career and firm, now is the time to take action. Embrace the changes, invest in technology, and focus on developing the skills that will set you apart. Drop your thoughts in the comments or email us with your stories about how your firm is handling the tech revolution in accounting. Don't forget to subscribe and share this episode with your colleagues who need to hear this important conversation!

The Accounting Influencers Podcast (AIP) is aimed at accounting firm leaders, managers and partners looking to build their executive presence, influence and credibility both internally and externally. The show focuses on helping professionals strengthen their personal brand, stay informed about industry changes, and navigate disruptive forces affecting accounting business models and trends. The content includes solo insights from host Rob Brown as well as interviews or panel discussions with industry leaders. Check out the show on your preferred podcast app or platform, or go to the Accounting Influencers YouTube channel for all of the episodes in video format. https://youtu.be/lsJS9hxhv5E

◣━━━━━━━━━━━━━━━━━━━━◢

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.

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 growth and client engagement. Experience seamless scalability and expert support. Visit advancetrack.com and elevate your practice today. https://www.advancetrack.com

ACCOUNTEX. Bringing the accounting world together with UK and international events for the accounting and tech world. https://www.accountex.co.uk

If you'd like to sponsor the show and elevate your brand with our audience, reach out to show host Rob Brown on LinkedIn and his team will reach out to fix up a chat to explore.

https://www.linkedin.com/in/therobbrown

You can also check out all shows on the Accounting Influencers YouTube Channel: