In this episode, Rob Brown invites Gary Shamis to discuss the challenges and strategies for accounting firms to maintain independence in a landscape dominated by mergers, acquisitions and private equity. Learn the importance of partner alignment, succession planning, leadership and a recalibrated partner buyout process as essential elements for firms to thrive independently. Plus winning strategies such as building advisory practices, fostering a strong culture and executing effective change management to navigate the evolving accounting industry.

Takeaways

• Why it's impossible for an accounting firm to stay independent.
• Partner alignment is crucial for maintaining independence.
• Opportunistic greed can tempt firms to sell out.
• Firms need a succession plan to ensure continuity.
• Leadership development is essential for future success.
• Culture must be intentionally cultivated in firms.
• Firms should focus on creating value in client relationships.
• Growth is necessary to attract top talent.
• Change management is vital in a rapidly evolving industry.
• Firms need to think independently about their future.

You can check out the video version of this with visuals and graphics here on YouTube:

https://youtu.be/bD94-lOpiXQ

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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

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

Rob Brown interviews John Wichmann and John Fenton on the evolving landscape of hybrid work in the accounting industry. They explore the importance of intentionality, accountability, and the overall employee experience in creating a successful hybrid work environment. The discussion highlights the challenges firms face in adapting to new work models, the necessity of structured opportunities for collaboration, and the need for flexibility in workplace culture. They also touch on the lessons that can be learned from other industries and make predictions about the future of hybrid work in accounting.

Key Takeaways

• Hybrid work doesn't have to be a broken model.
• Flexibility is crucial for attracting and retaining talent.
• The apprenticeship model is vital for professional growth.
• Communication challenges arise in hybrid work settings.
• Intentionality in hybrid work can enhance productivity.
• Employee engagement is key to a successful hybrid model.
• Diversity in the workplace benefits from hybrid work options.
• Economic factors influence the viability of hybrid work.
• Understanding employee preferences is essential for management.
• The future of work requires a balance between remote and in-office presence. It's not about the amount of time spent in the office.
• The office experience must justify the commute.
• Intentionality is key to successful hybrid work.
• Accountability fosters trust within teams.
• Trust issues can arise during downturns.
• Flexibility must be part of the firm's culture.
• Firms need to differentiate themselves in the talent market.
• Employee engagement is critical for retention.
• Learning from other industries can provide valuable insights.
• Intentionality will define the future of hybrid work.

Sound Bites

• "We want people to be at the water cooler."
• "Hybrid work adds a huge amount of value."
• "It's not about the amount of time."
• "How often has it been worth the commute?"
• "You want to have opportunities structured."
• "Accountability is critical."
• "Trust issues bubble up in down times."
• "You need to set your firm apart."
• "Intentionality is the future."

You can watch this whole episode on youtube with graphics and images here:

John Fenton is the founder of John J. Fenton Executive Coaching, where he empowers CPA firm leaders to achieve greater clarity and freedom. Previously a managing partner with BDO USA, John brings a wealth of experience to his coaching practice. He is the author of the best-selling book 5 Minute Mastery™ and an award-winning speaker on executive leadership excellence. A Certified Success Principles Trainer, John is also a current Vistage speaker and formerly served as a Vistage Coach. A double graduate of the University of Miami, John earned both his MBA and BBA degrees while showcasing his leadership skills as a member of the Miami Hurricanes Football team. Personally, he holds a black belt in the martial art of tai chi and has a profound perspective on success, shaped by his experience surviving a heart attack. https://www.linkedin.com/in/johnjfentonceocoach

John Wichmann is the Founder and CEO of Gather Sciences and the creator of Balanced Hybrid®, a platform that helps organizations develop sustainable hybrid work models. With expertise in data analytics, consulting, and executive leadership, John focuses on solutions that enhance productivity and employee development in the accounting profession.

Previously, John co-founded Maptician, a workplace management software company featured in Inc. Magazine for its innovative hybrid work solutions during the COVID-19 pandemic. A frequent speaker

In today's show, Rob Brown interviews Steve Cox to explore the current state of the accounting profession, highlighting both the challenges and opportunities it faces. Key themes include the impact of technology, staffing shortages, and changing client expectations. The discussion emphasizes the need for accountants to adapt to these changes, particularly in terms of technology adoption and mindset shifts. The speakers provide insights into how firms can navigate these challenges and leverage technology for growth and efficiency.

Key takeaways

• The accounting profession is at a crossroads with both opportunities and challenges.
• Client expectations have significantly increased post-COVID, demanding faster responses and more technology support.
• 42% of accounting firms are turning away work due to staffing shortages.
• There is a growing demand for accountants as trusted business advisors.
• Technology is reshaping compliance and service delivery in accounting.
• A mindset shift is necessary for accountants to embrace technology effectively.
• Firms need to balance technology adoption with the right mindset for success.
• The future of accounting will heavily rely on digital transformation and technology integration.
• Accountants must focus on building a sustainable talent pipeline to address shortages.
• Strategic use of technology can drive growth, productivity, and enhance exit strategies for firms.

Watch the show with graphics and slides on youtube here: https://youtu.be/B33jPdNqOEY

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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

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

◣━━━━━━━━━━━━━━━━━━━━◢

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"

◣━━━━━━━━━━━━━━━━━━━━◢

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