Episode 85

Panel: Tech’s Role in the Evolution of Accounting

Is the accounting profession ready for its biggest transformation yet? With AI, private equity, and a talent shortage, how can firms stay competitive?

Rob Brown is joined by top accounting leaders—Anthony Pugliese, Mark Edmondson, Philip Whitman, and Randy Crabtree—to discuss the shifts happening within the accounting profession. From technological advancements like AI to the increasing focus on ESG reporting, the panel explores the challenges and opportunities that lie ahead for accounting firms.

The discussion covers critical issues such as the talent shortage, the evolution of accounting into advisory roles, and the pressure on firms to embrace digital transformation. Despite the challenges, the panelists are optimistic about the future, highlighting how firms can adapt by upskilling, embracing technology, and changing traditional mindsets around compliance and billing models.

Key Takeaways:

✓ The profession is moving rapidly toward automation and AI, but accountants need to adopt these technologies to stay relevant.

✓ Private equity is increasingly involved in the accounting industry, driving efficiency and digital transformation across firms.

✓ With 75% of accountants nearing retirement, firms face a significant talent shortage. The profession needs to become more attractive to younger generations.

✓ The traditional hourly billing model is outdated. Firms must focus on value-based pricing to stay competitive and align with modern business practices.

✓ To attract top talent, firms must prioritize culture, mental health, and work-life balance, especially in an era where burnout is prevalent.

Quotes:

"We have to stop selling time and start selling value. It’s about outcomes, not hours." – Randy Crabtree

"Private equity sees accounting firms as the next big thing. The potential for efficiency and profit is immense." – Philip Whitman

"The future of accounting isn’t just about compliance—it’s about being partners in innovation and technology." – Anthony Pugliese

"Accountants need to shift their mindset from risk-averse to proactive if they want to survive and thrive." – Mark Edmondson

View this episode in video on YouTube here: https://youtu.be/p-yr1Htaqmc

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About the Podcast

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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.

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About your host

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Rob Brown

Rob Brown is the founder and host of the Accounting Voices Podcast, the flagship solo show of the Accounting Voices Network. Each episode offers sharp analysis and commentary on the trends, ideas and people shaping the global accounting profession.

Through this Accounting Voices Podcast, Rob helps accounting firm leaders, decision makers and professionals stay relevant and make sense of disruption in areas like AI, automation, M&A, private equity and soft skills beyond the tech. His perspective blends clarity, insight and curiosity, making complex issues relevant and practical for professionals and decision makers across accounting and finance.

He also leads two monthly panel shows, Accounting M&A and Accounting AI, which bring together senior voices to explore consolidation, strategy and the impact of technology on firms and people.

Rob is the author of the bestselling book Build Your Reputation (Wiley) and a TEDx speaker whose talk The Personal Brand of You has more than 400,000 views. Over his career he has hosted and moderated more than 1,000 conversations with accounting and fintech leaders worldwide.

Based in Nottingham UK, Rob is a stroke survivor living with epilepsy, a black belt in kickboxing, a decent chess player and an average player of four musical instruments.