Episode description

"Developing Talent in Accounting Firms", Jeremy Hyman shares valuable insights for accountants looking to grow their firms. He emphasizes the changing recruitment landscape due to technology's increasing influence. While recruitment may not be their area of expertise, Hyman believes that the resource needs of accounting firms will change as more technologies become mainstream.

He highlights that the pressure points for firms lie in delivery rather than sales or winning clients. To address this, firms need to provide more enablement at lower levels within the organization or automate lower-level tasks. By doing so, they can unlock growth potential, reduce costs, and improve profitability. Hyman also discusses the impact of COVID-19 on firms, including increased demand for assistance and a backlog of work.

The conversation delves into the role of automation in removing drudge work and improving efficiency. By automating tasks like data transformation or pushing certain work back to clients through cloud accounting, firms can free up resources and enhance client satisfaction. Hyman warns against relying solely on offshoring as a short-term solution, highlighting potential cost increases and client objections.

Regarding recruitment, Hyman emphasizes that job quality is crucial. Firms need to showcase the use of technology, offer modern tools and systems, and provide meaningful and fulfilling work to attract top talent. Technology can enhance the job specification and improve the perceived value of the role for potential recruits and clients.

Key Takeaways

➤ The pressure points for accounting firms lie in delivery, not sales or winning clients. Firms should focus on enabling lower-level employees and automating tasks to reduce costs and improve profitability.

➤ COVID-19 has increased the demand for assistance from state bodies, and firms are struggling to keep up with a backlog of work.

➤ Remote work and changing client needs require firms to adapt their technology requirements and work patterns.

➤ Automation can remove drudge work from the stack, benefiting clients and staff by saving time and increasing satisfaction.

➤ Strategies like pushing work back to clients through cloud accounting can alleviate workload and improve efficiency.

➤ Offshoring may provide short-term cost benefits but can increase costs and client objections in the long run.

➤ When recruiting, the quality of the job, including technology and fulfilling work, plays a crucial role in attracting top talent and enhancing client perception.

➤ Growth opportunities for accounting firms lie in remaining independent and impressing clients through innovative approaches rather than relying on consolidation.

➤ Technology can enhance job specification and be perceived as valuable by both recruits and clients, leading to a more successful and proactive firm.

Jeremy Hyman is a seasoned professional with over 25 years of experience in the professional services sector. With a background in law and expertise as an IT manager, partner, software developer, and management consultant, Jeremy brings a wealth of technical, practical, and commercial skills to the table.

Having started his career at a prominent London-based accounting firm, Jeremy made significant contributions by chairing the UK200 IT Group, developing a document management system for accountants, and establishing an IT business within the firm. He later ventured into operating an IT services business before returning to his consulting roots and founding Jeremy Hyman Associates in 2017.

Jeremy is highly regarded for his comprehensive understanding of professional firms, technical expertise, and pragmatic approach. He provides IT leadership and guidance