Episode 125

Key Drivers of Change in Accounting with Gary Shamis

Published on: 24th June, 2022

Episode 125. In today's interview, "The Drivers of Change in Accounting with Gary Shamis."

Gary Shamis is a former top 40 US accounting firm managing partner who sold to BDO in 2015. He is now CEO of Winding River Consulting, a high-level strategy consulting for the Restaurant, CPA, and professional services industries. Amongst many other accounting accolades, Gary won EY Entrepreneur of the Year and is a Top Ten Managing Partner Elite (Accounting Today) where he was called the “very model of the modern managing partner. He was awarded Most Admired Peer (INSIDE Public Accounting) and has more than a dozen appearances on the Most Influential list (Accounting Today). He has served within the ranks of the American Institute of Certified Public Accountants and is co-author of How to Manage Your Accounting Practice: Taking Your Firm from Chaos to Consensus.

Key takeaways from this episode include:

◆ what have been the biggest changes in the accounting profession over recent years

◆ why many accounting firms should be proud at how quickly they managed to adapt to the pandemic - almost overnight

◆ the challenges for accounting practices in dealing with the culture of remote working and the pace of technology

◆ how the private equity money and appetite for mergers and acquisitions is changing the accounting landscape

◆ the lessons accounting leaders can learn from history with private equity and the changing priorities of big companies

◆ how the majority accounting firms are now 'boomer owned and millennial compromised' in their make up

◆ how generation shifts in accountancy practices are driving consolidation and changes in business models

◆ explaining the difference in mentality with baby boomers and younger generations with live first, work second

◆ a warning to equity partners in accounting firms on how they must set up their firm so millennials will pay for their exit

◆ an example of how succession plans in accounting firms can collapse overnight

◆ the problems coming up for many accountancy firms with their business model and succession planning

◆ the number one thing that attracts private equity money in the accounting sector

◆ the potential phasing out of managing partners and the evolution of the c-suite in accounting firms

◆ the concept of non-accountants and non-CPAs running large accounting practices

◆ the increasing importance of diversity, equity and inclusion (DEI) in accounting, and how many firms are getting it wrong

◆ where professional accounting associations and institutes are falling short in pushing for a stronger DEI agenda

◆ examples of what accounting firms must do with DEI to attract more and better talent

◆ how the pace of M&A activity and PE interest is only going to increase in accounting

◆ the kind of accounting firms that will do really well in the future

You can connect with Gary here:

https://www.linkedin.com/in/gary-shamis-wrc

https://windingriverconsulting.com

Check out this related interview: "Accounting Firm Leadership Priorities: Gary Shamis"

https://bit.ly/3lyBIgW

NOTE TO LISTENERS:

The Accounting Influencers Podcast is a daily radio-style show with four segments coming out every Monday which are repeated on the other 4 weekdays as standalone episodes, plus a bonus 'from the client's perspective' episode on Saturdays. On Sundays, listeners get a short 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 Friday, 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.

Finally, every Saturday gives listeners a bonus episode which focuses on the buyers of accounting services - the clients themselves. In particular how they feel, react to and experience their interactions with accountants. That includes why they buy or don't buy, why they move or stay and why they think how they think about you, your firm, your prices and your offerings.

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About the Podcast

Accounting Voices Podcast
Accounting Voices helps people in the accounting world stay relevant visible and vocal. Host Rob Brown interprets trends reshaping the profession and gives listeners insight to build authority influence and a stronger voice in firms and markets.
Accounting Voices, hosted by Rob Brown, helps decision makers and leaders in accounting and finance stay relevant, visible and vocal in a profession being reshaped by technology, private equity, regulation and shifting client expectations. Each episode interprets the trends disrupting accounting and finance such as AI, automation, M&A, talent and the move to advisory and translates them into practical insight that strengthens authority and influence.
Accounting Voices is also a platform for the wider ecosystem of networks, associations, educators, consultants, software vendors and technology experts who serve accountants and finance professionals worldwide. It extends into regular Accounting Voices networking sessions that connect this audience and amplify ideas that move the profession forward. With its international reach and long shelf life the show delivers credibility and commercial value for listeners and sponsors alike. Search for "Accounting Voices" on YouTube for all episodes and connect with Rob Brown on LinkedIn to find out more: https://www.linkedin.com/in/therobbrown

About your host

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Rob Brown

ob Brown is the creator and host of the Accounting Voices Network, a media platform that includes the flagship solo podcast Accounting Voices and the panel shows Accounting M&A and Accounting Tech. He chairs conferences, panels and virtual events worldwide and is recognised as a leading advocate for the accounting profession.

He is an accomplished speaker and authority on trust, reputation, employer brand, talent, succession, executive presence and the forces shaping the future of accounting. Rob is the author of the bestselling book Build Your Reputation (Wiley) and his TEDx talk The Personal Brand of You has been viewed more than 400,000 times.

A former co-founder of the Accounting Influencers Roundtable, Rob now focuses on amplifying the voices of leaders, firms, networks, vendors and influencers across the global accounting ecosystem.

Outside of work he is a stroke survivor, lives with epilepsy, holds a black belt in kickboxing and is based in Nottingham, UK. He plays chess and backgammon, loves orange chocolate and is allergic to grapefruit.