Introduction: A Crisis(?) and an Opportunity
As I write this in May 2025, accounting in the US is in a precarious position. On one hand, reports suggest that 70% of accountants are set to retire in the next 10 years. On the other hand, we have had declining numbers of accounting graduates and CPA applicants over the last 13 years. The lack of new entrants into the profession has led to over 83% of finance leaders reporting a shortage of accounting talent. Everything you see, read, and hear all seemingly point to some catastrophic outcome where ‘traditional accounting’ skills aren’t needed in the future and our roles are overwhelmingly consumed by AI.
Here’s the dilemma that I’ve noticed at this particular juncture - most firm owners seem to be starving for talent BUT at the same time, the talent is sharing that it’s extremely difficult to find a quality job. There are factors at force that are cause for concern, however, I’ll explore why I’m still optimistic about opportunities for young accountants and the profession as a whole.
The Impact on Small Firms and Practitioners
I have the opportunity to speak with students, job candidates, and other firm owners on a regular basis. Here’s what I hear most often:
Students:
- I want to work somewhere that I can grow
- Technology is a big factor in my career choice
- I want to be able to afford a quality lifestyle, without sacrificing all of my free time
Candidates:
- I’m overworked and underpaid
- I’m not aligned with the direction of my current firm (values, technology, benefits, etc.)
- I don’t see an upward trajectory in my current role
Small Firm Owners:
- My team doesn’t want to work “like they used to”
- It’s impossible to find high quality talent
- I have to hire experienced people because I don’t have the time to train someone
Phew! Ok. Deep breath. There’s a lot to unpack here.
First, the sentiments provided are broad themes that I’ve observed across many conversations. The general idea here is that there is a contagious legacy mindset that exists across the accounting industry and it’s continuing to have a generational ripple effect on the ability to recruit and retain talent. The good news is, across the country, many firms are adapting, finding new ways to build engaging business models, services, and brands even in this challenging environment. Jumping right in...
Recruiting, Retaining, and Developing Young Talent
Alright, it’s getting more difficult to find and keep good accountants – so smaller and more nimble firms are rethinking how they attract the new generation. Here are some approaches making a difference:
- Cultivate a People-First Culture: Gen Z and Gen Alpha professionals prioritize work-life harmony and line of sight to a personal growth trajectory. Smart firms are responding with flexible schedules, remote work options, and clarity in career path. For example, many firms have adopted a 100% remote approach. No need to iron your dockers every morning.
In my experience, offering flexibility and showing genuine care for your team’s personal interests, not only attracts Gen Z talent but also maintains a healthy internal culture. Note that you cannot manufacture culture, but rather culture is what happens when your team takes daily actions that are aligned with your core values and mission.
- Accentuate the Positive: Accounting has plenty of “war stories” about 80-hour weeks and brutal busy seasons, but maybe we should stop lamenting the fact and begin to shift the focus and eliminate the legacy workload. If we were to shift the messaging away from the legacy approach of stress and burnout and towards purpose and growth, we might begin to see some increased interest levels. Sharing how your CAS practice improved a client’s margins by 15% or how your tax team saved a client $50,000 in taxes - now that’s encouraging and impactful.
Firms like to say “we’re trusted advisors” – now they actively showcase how accountants make a difference for clients and communities. One study found job posts that emphasize the positive impact of their work drew 80% more applicants on average. The lesson: show the next generation how they can align their values with a career in accounting.
- Competitive Compensation and Perks: There’s no avoiding the dollars issue – accounting has historically paid less out of the gate than fields like tech or engineering, and the youths are well aware. That said, we’re starting to see increased wages and firms offering creative benefits to narrow that gap. Common benefits now include market pay (yay!), generous PTO, wellness programs, remote work, and clear paths to promotion.
Here at Full Send, we have the “Full Send Fund” that is designed to allow our team to utilize allocated dollars on whatever makes them come alive. Things like plants, vacations, books, etc. It’s awesome. The bottom line for firms: you must at least meet, if not exceed, the expectations of a generation that isn’t shy about finding a better offer.
Technology’s Role: Alleviating the Crunch
So what does a burnt-out firm owner do when they’re struggling to find talent? If they’re smart, they turn to technology. In fact, that’s exactly what’s happening, and it’s a big reason I’m hopeful about the future. That said, it’s important to remember that technology is the supporting cast and is not replacing your actors on stage - your people.
Automation and AI to the…Rescue? Modern firms are using tools that can auto-categorize transactions, generate invoices, reconcile accounts, and even draft financial statements. This isn’t pie-in-the-sky stuff – it’s here now. A recent Intuit survey found that an astonishing 98% of accountants have used AI to help their clients in the past year. Think about that: essentially all accountants are dabbling in AI, some more proficiently than others…Why? Because with the hiring crunch, you simply have to streamline work. It’s important to note that the next generation is already embracing these technologies and believe it will make their jobs more interesting, not less secure. Here’s a little quip - becoming tech savvy is a skill to celebrate in accounting, and learning these tools makes you more valuable, not replaceable.
QuickBooks Live and Expert Assistance: A trend worth mentioning is the rise of “expert on demand” services. Intuit’s QuickBooks Live (especially the new QuickBooks Live Expert Assisted service - check it out) is one example getting a ton of buzz, both in and out of the accounting community. This service connects small businesses with QuickBooks-certified experts via video chat and screen-sharing for help with bookkeeping questions. Why does this matter for the talent gap? Because it’s augmenting accounting firm capacity. Rather than calling you for every little QuickBooks how-to, small business clients can use QuickBooks Live to get basic guidance (how to reconcile, fix a transaction, run a report, etc.). Think about how much more your team could accomplish if they had a built-in software assistant. It’s one more lever to pull so that accounting firms can meet client needs despite limited headcount. Technology is making these collaborations seamless.
Advice for Professionals Young & Experienced
Here are a handful of skills that I believe are critical for accountants to focus on in the next 5–10 years:
- Technological Proficiency: Comfort with AI, automation, and data tools will be table stakes. If you can seamlessly leverage new tech, you’ll lead the pack.
- Strategic & Critical Thinking: With ‘routine’ work more automated, your value is in thinking critically – whether that’s spotting a trend, assessing a risk, or making a judgment call on how to apply accounting methodology.
- Adaptive Learning: The only constant is change. Being adaptable and quick to learn new standards, software, or accounting code will be crucial.
- Ethics and Integrity: When algorithms make decisions or when data is abundant, the ethical compass of accountants will be more important than ever. Maintaining trust and transparency will be key when overseeing technology and communicating with clients.
- Communication, Relationships, & Creativity: In a world of GenAI, the human ability to drive clear communication, build relationships, and think creatively will stand out. Future accountants who can inspire trust, convey insights clearly, and lead teams (human or AI-driven) will become the new leaders of firms and finance departments.
Overall, the profession is becoming more dynamic, tech-empowered, and integrated with business strategy. The “stereotypical accountant” image is already beginning to fade and is becoming replaced by what you all – Gen Z and Gen Alpha – will make of it. From what I’ve seen - we’re in good hands.
Conclusion
I am a firm believer that if we continue to invest in people - colleagues, clients, partners, etc. we will win. When I reflect on where we’ve been and where we’re headed - I see a true accounting renaissance happening in the next several years.
To firms and leaders – listen to the youth, support them, and be willing to evolve – it will pay dividends in the form of a dynamic, future-proof team. To Gen Z and Gen Alpha accountants – now is a great time to enter the profession. Yes, there are some near-term headwinds to sort out, but there is a world of opportunity where your ideas and energy can drive real transformation – you are needed.
Written 100% by Roman, in partnership with Intuit.
