Must-hear ways to diversify your skillset
Plus: A look at the new IRS tax transcript format and filling the labor shortage with AI.
Welcome to The Net Gains - a weekly newsletter for small-to-medium accountancy firms.
Here are this week's top hits, curated just for you:
In Today's Newsletter:
📈 Diverse skills protect your career
✅ AI and the accountancy talent shortage
💡 New IRS tax pro transcripts
💸 Examining your ownership structure
The competitive advantage of diversifying skills
The importance of diversifying accounting skills and experiences starts early in careers. In this podcast of the Young CPA Success Show, the hosts discuss the evolving landscape of the accounting profession and the critical role of adaptability and continuous learning. They also go over tips for successfully transitioning from traditional accounting to consulting and advisory roles.
Watch the Young CPA Success Show
🎧 Can AI fix the accountancy labor shortage?
"When I look at the future ... I think there's still going to be a talent pool shortage. The need to leverage AI technology is vital because I think there will continue to be a shortage of staff resources."
- Kristen Rampe, the Rosenberg Group, On Air with Accounting Today
7%
... less students are completing bachelor’s degrees in Accounting since 2015. Source: Ernst & Young
💲 New IRS transcript format for tax pros
😞 How to sidestep dishonest clients
🎁 Staff appreciation gifts during tax season
📈 What are the salaries at the "Big Four"?
💯 Is held-to-maturity accounting still credible?
➕ Lawmakers demand state accounting changes
It's time to evaluate your ownership structure
Professional services providers are reevaluating the way they operate as capital needs and labor shortages loom large. Traditional ownership structures are giving way to considerations for private-equity backing or IPO plans. Trimming overhead costs, offering employee stock plans and looking for other beneficial employee recruitment tactics are also ways accountancy firms are evolving to keep up with costs and demand.
Delve into this conversation at The Wall Street Journal
The Net Gains is your one-stop shop for fresh, FREE accounting insights. I'm Bianca Prieto, your editor, and I'm excited to build this community with you.
We'll be diving deep into industry updates, from tax strategies to the power of technology. What are your thoughts on today's newsletter? Am I missing something? Did you learn something valuable? Let's shape this newsletter together — email me and let me know!
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