Adrian Johnson
TLDR:
- Youth in the accounting field prioritize work-life balance
- Talent shortage causing firms to turn down clients
Accounting firms are facing a talent shortage that is causing them to turn down clients during busy times. Young professionals like Molly Kowal and Ha Pham are prioritizing work-life balance over long hours during busy season. The 2024 tax and audit season has been less challenging than pandemic years, but firms are still struggling to find and retain talent.
Jen Cryder, CEO of the Pennsylvania Institute of Certified Public Accountants, notes that firms that have adapted by implementing technology and offering flexible work arrangements have fared better in the current talent crisis. Firms are getting more flexible with their hiring practices, looking for trainable candidates and offering remote or hybrid work options to attract talent.
Both Molly Kowal and her twin sister Grace have seen their firms encourage a limit on billable hours per week, with some firms even advertising a “55-hour rule” during busy season. This focus on work-life balance and efficiency is becoming increasingly important as firms look to technology and non-accountant staff to handle administrative tasks.
Still, some firms must turn down potential client work at times, leaving smaller organizations without public accounting help. The Philadelphia Institute of Certified Public Accountants is advocating for state legislation to raise revenue thresholds for audits in an effort to address this issue.
