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Top 2022 Challenges for Accountancy According to Experts

In today’s bonus episode, Rob Brown reveals findings from searching the term “challenges accounting firms face” and reveals the key issues according to the journalists, vendors and experts in the accounting and fintech space.

Sources are below and include Wolters Kluwer, Accountex, AccountingWeb, accountingTODAY, Hinge Marketing, PracticeWeb, Oracle and others.

Key takeaways from this episode include:

✓ the recurring themes and challenges for accounting firms and practitioners over the years

✓ the challenge for accountants of meeting increasing client expectations as the bar gets higher

✓ different ways of phrasing the downward price pressure on and commoditisation of compliance fees for accountants

✓ the need for accounting professionals to upskill in soft skills and technological capability

✓ how there’s no escaping the talent crisis in accounting and why it’s an increasing problem

✓ why best practice last year is not always relevant or the same this year

✓ comments on the way buyers buy professional services in a virtual world

✓ the impact for accountancy firms of managing a workforce remotely and retaining talent

✓ notable mentions for key challenges include globalisation, cybersecurity, advisory work, leveraging technology, automation and mental health

Anything you would add to this list? Let us know!

SOURCES:

https://www.accountingweb.co.uk/community/industry-insights/top-five-challenges-facing-the-accountancy-profession

https://www.practiceweb.co.uk/knowledge/challenges-facing-the-accounting-profession-in-2021

https://hingemarketing.com/blog/story/the-top-5-business-challenges-for-accounting-financial-services-firms

https://www.accountex.co.uk/insight/2019/02/18/accountant-challenges

https://www.accountingtoday.com/news/the-accounting-professions-biggest-challenges

https://marketfit.co/top-10-predictions-and-challenges-for-the-accounting-profession/

https://www.netsuite.com/portal/resource/articles/accounting/accounting-challenges.shtml

https://www.wolterskluwer.com/en-gb/expert-insights/5-challenges-facing-accountants-in-2019-and-how-to-solve-them

https://www.acecloudhosting.com/blog/challenges-accountants-cpas-face-and-solutions/

NOTE TO LISTENERS:

The Accounting Influencers Podcast is a daily show with four segments coming out every Monday Martin which are repeated on the other 4 weekdays as standalone episodes, plus a bitesize highlights digest or bonus episode on Saturdays . On Sundays, listeners get a 2 min trailer for the coming week’s episodes.

Every Tuesday the show gives you a relevant news topic from the accounting and fintech world with a direct application to accountants, CPAs and bookkeepers. Great to stay informed and build your commercial acumen.

Every Wednesday and Thursday, we feature an uncut interview with top authors, leaders, thinkers and performers in the accounting and fintech world.

Every Thursday the show gives you a practical ‘here’s what works’ tips concerning a key challenge, need or strategy for accountants, CPAs and bookkeepers. Great to stay current and keep your skills topped up.

Martin and Rob love to hear from the show’s 18000+ unique listeners in 144 countries around the world. If you like the show, leave a review wherever you listen, and please recommend the show to your friends and colleagues.