In today's highly competitive labor market, accounting firms face strong challenges in attracting and retaining top talent. As they search for new strategies to empower their leaders, a powerful tool emerges Emotional Intelligence (EI). According to a recent survey by EY titled "Empathy in Business," most U.S. workers recognize the significant impact of empathetic leadership. An impressive 90 percent believe that empathetic leaders contribute to higher job satisfaction, while 79 percent agree th...
Aug 15, 2023•8 min
Upskilling is a hot topic in human resources these days. It's gained attention because companies have realized the value of internal training after dealing with the Covid-19 pandemic. Plus, there are upcoming challenges like retaining talented employees, building a good employer brand, and managing teams with different generations. When it comes to addressing these issues, internal training offers various tools. One of the important ones is upskilling. You might have heard about it, but it's not...
Aug 11, 2023•11 min
Cyber breaches targeting accounting firms have been on the rise. According to a 2022 report by the Association of Certified Fraud Examiners (ACFE), accounting firms experienced a 30% increase in cyberattacks compared to the previous year. As accounting firms handle sensitive financial data, it is crucial to prioritize cybersecurity and protect your organization from potential threats. One of the most common vulnerabilities lies in poor password habits. By now, you would think people are well awa...
Aug 09, 2023•8 min
Dress codes have long been a staple of the accounting profession, where formal attire has been seen as a sign of professionalism and credibility. However, times are changing, and more and more offices are embracing a more casual approach to workwear. In fact, according to a recent survey by Robert Half Finance & Accounting, 61 percent of CFOs reported their employees adhering to a somewhat casual dress code, which may include khakis, polo shirts, or sweaters. And for 13 percent of those surv...
Aug 07, 2023•8 min
As accountants, we know how important it is to be accurate and timely in our work. But we also know how challenging it can be to manage multiple tasks, clients, and deadlines in a fast-paced environment. That’s why it’s essential to have efficient workflows and processes that help us get things done smoothly and effectively. But what exactly are workflows and processes? And how can we create them for our accounting firm? That’s what we’re going to explore in this episode.
Aug 04, 2023•9 min
Are you prepared to adapt and thrive in the face of uncertainty? The accounting industry is undergoing a massive transformation, driven by technological advancements, shifting client expectations, and increased competition. Accounting firms face new challenges and opportunities in this ever-evolving landscape. Let’s explore four game-changing ideas that can help accounting firms not only adapt but thrive in the coming years. These ideas may not be the most popular for our industry in particular,...
Aug 02, 2023•9 min
When we talk about offshoring we of course mean hiring team members from other countries to perform tasks or functions that would otherwise be done locally. Offshoring has become a popular strategy in accounting firms looking to cut costs and increase efficiency. But for our industry, offshoring is much more than that. It can be the game changer to access specialized skills and resources that may not be available locally. However, offshoring also comes with some challenges that must be addressed...
Jul 31, 2023•10 min
Accounting talent offshoring can be a game-changer for your business, but it requires careful planning and execution to be successful. Remember that building a successful offshore team takes time, effort, and ongoing investment, but the rewards can be significant. You can access a larger pool of talent, reduce operational expenses, and increase your competitive edge in the global market.
Jul 28, 2023•6 min
Are passwords inadvertently shared? Probably. Does that make it right or smart? No. You might think that sharing passwords is not a big deal, especially if you trust your coworkers or your boss. But the truth is, sharing passwords can expose you and your organization to serious risks, such as data breaches, identity theft, fraud, and legal liability.
Jul 27, 2023•6 min
If you're an accountant, you know that the profession is constantly evolving, with new technologies, regulations, and global economic shifts shaping the way you work. As a result, the need for continuing professional education, or CPE, has never been more critical for our careers. But what is CPE exactly? How can it benefit you and your accounting firm? And how can you find the best CPE opportunities for your needs?
Jul 26, 2023•8 min
According to the 2021 Data Breach Investigations Report by Verizon, 86% of all data breaches to companies and fintechs were financially motivated, and 61% involved credential data. When added up, the average cost of these data breaches for an accounting firm is $2.2 million, according to a report by IBM. That's a lot of money and reputation at stake. So how can accounting firms protect themselves and their clients from cyber-attacks? Cybersecurity, as a concept, is the practice of protecting dat...
Jul 25, 2023•10 min
ESG, as you may know, stands for Environmental, Social, and Governance, and it refers to the non-financial aspects of a company's performance that can have a significant impact on its long-term value and sustainability. ESG reporting is the process of disclosing information about how a company manages its Environmental risks and opportunities, and how it contributes to social and environmental goals. Why is ESG reporting important? Well, there are several reasons. First of all, ESG reporting can...
Jul 24, 2023•6 min
What is really happening with the accounting shortage? As you may know, the accounting industry in the United States has been facing a significant challenge in recent years: attracting and retaining top talent. As the demand for skilled accountants continues to grow, firms are struggling to find qualified candidates to fill their open positions. But not everything is lost. So, let's get right on it. What are the main reasons for the talent shortage in the accounting industry?...
Jul 20, 2023•8 min
As an accounting professional, you know how challenging it can be to deliver high-quality services to your clients while maintaining profitability and staying ahead of the competition. And the market is not easy. According to a recent survey by Accounting Today, 42% of accounting firms reported a decline in revenue in 2022 due to the pandemic, and 38% said they faced increased price pressure from clients. So how can you overcome these challenges and grow your firm? Building capacity is at the ba...
Jul 19, 2023•9 min
We all understand the importance of having a top-notch accounting team. But how do we guide our team to become the best version of themselves? How can we assess those who are not getting there? Performance reviews provide an opportunity to assess individual and team performance, identify areas for improvement, and recognize outstanding achievements. By conducting regular performance reviews, you can ensure that your accounting team remains at the forefront of the industry, providing exceptional ...
Jul 18, 2023•7 min
Have you ever wondered why some teams work better than others? The answer lies in the way they collaborate across functions. In today’s complex remote world, collaboration is key to success. But it’s not just about working together; it’s about working together effectively. Whether you’re a small business owner or a corporate executive, I hope that today's talk will help you come away with a better understanding of how to harness the power of cross-functional collaboration to take your business t...
Jul 17, 2023•8 min
Did you know that 81% of accounting firms consulted that already have a remote team hired offshore employees last year? The result I gave you before comes from a 2022 survey by ConvergenceCoaching®, which shows a significant increase in firms hiring offshore accountants from only 38% in 2020. In addition, 79% of participating firms retained a team member who relocated outside the practice's geographic areas. Offshore employees are workers who are located in a different country than their employe...
Jul 14, 2023•10 min
Are you looking for ways to attract and retain top talent in your accounting firm? Are you searching for a competitive edge in a crowded market? The answer may lie in embracing workplace flexibility. Recent surveys indicate that professionals in the accounting industry are increasingly seeking flexible work arrangements that enable them to work from any location and at any time. With the rise of cloud computing and automation, accounting firms can now provide their employees with all-time data a...
Jul 13, 2023•8 min
What is flexible staffing, you may ask? Well, it's a strategy in which companies employ contingent workers to meet evolving business and operational challenges, rather than hiring permanent employees. Contingent workers include contractors, independent freelancers, gig workers, and agency-provided workers, and are not on the company's payroll. This approach aims to optimize talent and maintain competitiveness in the face of change. As the traditional model of hiring full-time or part-time employ...
Jul 12, 2023•7 min
As you may know, remote work has become more popular than ever, especially after the pandemic. Many businesses have realized the benefits of hiring talent from different regions and countries, such as saving on costs and expanding their market reach. But hiring remote workers is not as easy as it sounds. There are many challenges and pitfalls that can arise when you're dealing with candidates from different cultures, time zones, and backgrounds. How do you know if they have the right skills and ...
Jul 11, 2023•10 min
As an accounting firm, you know that leadership is crucial for driving business performance and building a strong and collaborative work environment. You need effective leaders with a range of skills that combine interpersonal communication, emotional intelligence, and a tech-savvy mindset. But what kind of leadership style works best for accounting firms? And how can you develop your own leadership skills or those of your team members? That’s what we’re going to explore in this episode. So let’...
Jul 10, 2023•10 min
As an accounting firm, you’re probably busy helping your clients manage their finances, but are you paying enough attention to your own? While traditional financial statements are important, they don’t tell you everything you need to know about your firm’s performance. You also need to track other metrics that can help you evaluate your financial health and overall performance. These metrics are called key performance indicators, or KPIs. KPIs are measurable values that show how well you’re achi...
Jul 07, 2023•8 min
Did you know that 72% of accounting firms say that technology is the most important factor for their success in the next five years? Or that 83% of accounting firms say that they need to invest more in technology to stay competitive? Hi there and welcome to another episode of Budgets, Books, & Balance Sheets, the podcast where we talk about all things accounting. I’m your host, Kevin Mitchell. In this episode, we’re going to talk about the tech-driven transformation as it is the primary chal...
Jul 06, 2023•8 min
As you may know, the accounting industry is undergoing a significant transformation, as firms recognize the importance of creating a more diverse and inclusive workplace. Clients and customers are increasingly demanding that their service providers reflect the communities they serve and bring a range of perspectives and experiences to the table. But how are accounting firms doing when it comes to diversity and inclusion? What are the challenges and opportunities facing the industry? What are cur...
Jul 05, 2023•6 min
As the demand for skilled accountants is on the rise, understanding the current state of the industry and future prospects for accounting professionals becomes critical. To provide a well-rounded perspective, today, we'll be scrutinizing the accounting salaries offered by the Big 4 firms, which are often used as a benchmark for accounting positions. So, let's unravel the enigma of accounting salaries and identify strategies for finding and retaining the best accounting professionals for your fir...
Jul 03, 2023•7 min
Now, when we talk about management accounting methods, we're of course referring to the techniques and strategies businesses use to make knowledgeable decisions about their operations, finances, and strategies. Some of the commonly used methods include cost accounting, budgeting, variance analysis, activity-based costing, the balanced scorecard, and value chain analysis. In contrast, management accounting tools are the models, frameworks, or processes that aid management accountants in executing...
Jun 30, 2023•6 min
If you're just starting out in the world of accounting, this episode is for you. Today, we're looking at the three main entry-level accounting roles that are key stepping stones into this industry. So, how do you start your journey into the accounting industry? Let me tell you that entry-level accounting jobs are a terrific stepping stone, especially if you're still studying for your CPA or CMA certifications. Sure, stepping into the professional world can seem overwhelming and stressful, but re...
Jun 29, 2023•6 min
Why is communication important for accounting firms? The answer is simple yet powerful. Accounting professionals deal with complex financial information that can significantly influence their clients' business decisions. Clients entrust accountants with sensitive financial data, exposing their business decisions, for better or worse. Just imagine the detrimental impact a misunderstood piece of financial advice could have on a business. Without effective communication, clients may misinterpret cr...
Jun 28, 2023•6 min
In this episode, we'll explore the importance of cultural fit in accounting staffing and provide you with actionable tips and best practices for assessing cultural fit during the hiring process. We'll also discuss how remote work can impact cultural fit and why choosing the right country to hire from can save you more than one headache.
Jun 27, 2023•5 min
In this episode of "Budgets, Books, & Balance Sheets," the rising trend of digital nomads and its impact on the traditionally conservative accounting industry are discussed. The increased productivity, improved work-life balance, and cost-saving benefits of remote work are highlighted, along with the challenge of navigating different tax and labor laws in a global workspace. The episode emphasizes the importance of cultivating a robust virtual work culture with open communication, clear expe...
Jun 26, 2023•9 min
