Closing the Accounting Talent Gap: What CFOs Need to Know 🚨

Companies worldwide are feeling the effects of the finance talent crisis, particularly in the accounting profession. With a decline in CPA applicants and university enrollments, combined with seasoned finance professionals nearing retirement, businesses of all sizes and industries are at risk. The talent shortage is becoming a growing concern that could impact financial stability and business performance across the globe.

An Impact Beyond the Office of Finance

The talent crisis doesn’t just add pressure to your finance team — it results in tangible negative impacts to your business at large. 

Without adequate accounting staff, businesses are experiencing delayed filings, material weaknesses in financial reporting, and potential reputation risks with shareholders and lenders. This issue isn’t limited to small companies—major corporations like Advance Auto Parts and Tupperware have also pointed to insufficient staffing as a factor behind delayed financial reports and filings.

For smaller companies, this can also mean missed tax deadlines and financing limitations. 

For businesses that rely on external firms for payroll, taxes, or other financial services, the impact is being felt as well. Many firms have reached maximum capacity, forcing them to turn away work or offshore tasks. This creates risks of delays, errors, and increased pressure on both the business and the internal finance team.

Facing the Crisis Head-On

The effects of the finance talent crisis aren’t confined to the Office of Finance. These challenges can ripple throughout your organization, potentially damaging overall organizational health and hindering the long-term trajectory of your business.

Fortunately, organizations and even state legislators are starting to take action to close the gap and address the shortage. 

Reporting extensively on this issue, Mark Maurer, from The Wall Street Journal’s CFO Journal, joined The CFO Show to discuss the ongoing talent crisis and the proactive steps being taken to address it.

Here are a few strategies making an impact and helping to close critical talent gaps:

Addressing pay disparity. Entry-level pay for accounting positions are well below other business roles. To compete in the war for talent, some companies are closing the gap by raising salaries for finance professionals. Others are focusing on creating more opportunities for development and growth. Either way, organizations are increasing their investment to attract and retain top talent.

Reconsidering Education Requirements: Some states are currently considering lowering the credit requirement for CPAs to become licensed. Currently, candidates are required to have 150 additional credit hours. But some state governments are considering a lower credit hour requirement in exchange for hands-on work experience. 

Integrating Technology and Digitization: While AI and technology aren’t poised to close the talent gap, implementing the right tools such as AI can reduce repetitive tasks. This allows accounting and finance professionals to focus on high-impact work and attracts top talent who want to make a meaningful difference.

Repositioning Roles as Strategic Partners: Finance and accounting are essential to business success, and CFOs are ensuring that message is clear within their organizations. By repositioning these roles as strategic partners, they not only provide team members with a greater sense of purpose but also emphasize how their contributions directly drive business growth.

Want to learn more about the accounting profession crisis and how others are tackling it? Tune in to our full conversation with Mark Maurer on this week’s episode of The CFO Show, available wherever you enjoy podcasts. 

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In case you missed it…

CFOs are pivotal in steering organizations through change and uncertainty. They must skillfully transform financial insights into compelling narratives that guide decision-making and propel strategic shifts that resonate with stakeholders across an entire organization. Want to become a master storyteller? Check our conversation with Stephen Bates for financial data storytelling tips. 

What’s next…

CFOs play a crucial role in guiding their organizations through turbulent times. They act as the "compass" for their businesses, offering a clear vision focused on long-term strategy rather than reacting impulsively. Next week, Myles Corson shares valuable insights on how CFOs can leverage their unique position to help their businesses not only survive but thrive during challenging periods.