ACCOUNTANTS SEEN IN SHORT SUPPLY IN THE COMING GENERATIONAL CHANGE BY THE NEXT DECADE
Accounting and its practitioners are seen to have a short supply curve at least for the next decade because of a change of demographics where the next generation have a different set of career aspiration and lifestyle preferences according to the following reports:
- Anderson Review stated that the number of accountants has dropped across the United States from the last five years.
- 75% of accountants according to the CPA Journal are nearing retirement age
For more than a century, accountants have been a fixture across enterprises and plays a critical role in the financial record operations as banking and financial services grew in the early 20th century and well into the 21st century. Now, with the ageing demographics of accountants and declining live births in North America, the shrinkage of practicing and qualified accountants is seen to be in short supply.
In mitigating the impact of such short supply, enterprises are leaning on Outsourcing and the advancement of Artificial Intelligence (AI) applications on existing accounting softwares to help save time and make more efficient the accounting processes.
Other meaningful steps can be taken in the future by businesses in regional areas to mitigate this impact.
#1 Accounting Outsourcing
To a trusted accounting firm that utilizes technology such as cloud-based accounting software to deliver and accomplish accounting and bookkeeping tasks despite the geographic distance.
#2 Accounting Professionals
Who are accountants who are flying solo and can service your accounting needs through a monthly retainer compensation.
#3 DIY Accounting
The most challenging aspect for business owners who are qualified and practicing accountants is to simply do it yourself despite its challenges. With the advancement of software as a service platforms for accounting systems, the features allow for a much more streamlined experience for all users.
The conditions of accountants being in short supply is not set in stone as there are still many variables that could happen that may bump up the population for the next generation of accountants as demands often fluctuate by year.
JCSN CORP is an accounting and bookkeeping services outsourcing firm located in San Diego California and has recently expanded to the state of Texas and Phoenix, Arizona. JCSN Corp builds an accounting team around your business to service all your financial record keeping needs from day to day bookkeeping to weekly reconciliations and financial reporting intervals.
JCSN CORP – ACCOUNTING & BOOKKEEPING SOLUTIONS
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