Accounting shortage: Is it a concern for CFOs?

TLDR:

Chief Financial Officers (CFOs) are facing a severe shortage of skilled accountants, potentially reaching 3.5 million by 2025. This shortage is impacting financial reporting and compliance processes across sectors. Solutions to address this shortage include robust campus recruiting, competitive compensation, skills training, offshoring, and accounting automation.

Key Elements:

• Severe shortage of skilled accountants is putting immense strain on CFOs and finance teams
• Shortage caused by an aging workforce, lack of graduates, and skills gap due to evolving technology and regulations

In a troubling development, the shortage of skilled accountants is impacting CFOs and finance teams, potentially reaching 3.5 million by 2025. The deficit is caused by an aging workforce, lack of graduates entering the field, and a skills gap due to evolving technological and regulatory landscapes. Companies like Tupperware have experienced delays in filing annual results due to significant attrition within their accounting departments, highlighting the severity of the crisis facing CFOs.

To address this shortage, CFOs can implement strategies like robust campus recruiting, competitive compensation, skills training, offshoring, and accounting automation. These solutions aim to attract, retain, and develop accounting talent, ensuring operational resilience in the face of the accountant shortage.