The Changing Landscape of the Accounting Industry

The business world is changing rapidly and the accounting industry is changing with it. Accounting firms are adapting new practices and policies to respond to the evolving business world.

In an article from the Daily Herald, author Jeff Mowery writes, “The primary challenge to the accounting industry, as indicated in AICPA surveys, is maintaining the population of its talent pool. A driver of this challenge is the divergence of priorities and expectations of the emerging workforce from industry traditions”.

In the article, Mowery discusses:

• Maintaining the population of the accounting talent pool
• Adapting the cultural changes
• Evolving technology
• A relationship-driven industry

Mowery continues, “With both the internal and external landscapes changing for accounting service providers, it’s important to remember that ultimately, this is a relationship driven industry, and no technology or internal process improvement can replace the relationships that are built over time among employees and with business owners”. How has your accounting firm responded to changes in the industry?

To read more, see the full article from Jeff Mowery in the Daily Herald.