Will higher salaries lure new talent to accounting?

A shortage of skilled accountants has led to weak financial-reporting controls, resulting in higher CFO turnover rates among affected companies. Need proof? According to the Wall Street Journal, nearly 640 U.S.-listed companies cited insufficient accounting personnel for material weaknesses, with 28% of those companies replacing their CFOs in the past 12 months, compared to 22% turnover among companies not in the same boat. But can higher salaries bring fresh talent to the industry? Read on. - Bianca Prieto, Editor

In Today's Newsletter:
⚫ CBIZ acquires Marcum LLP's non-attest business.
⚫ How accounting firms are using AI (or not).
⚫ New FASB rules on expenses.
⚫ Why boosting accounting salaries by 10% is just the start.
- written by Paul McCormack

Can more money lure new accountants to the field?

It's no secret the accounting industry has a shortage of new workers. Perhaps an increase in salary could be the lever that opens the talent pool. Ernst & Young hopes so. The company is raising starting salaries 10% as a potential solution.

But is that really the answer? Perhaps the appeal of accounting goes beyond the bottom line. Could it be that work-life balance, professional development, or something entirely different is the key to attracting top talent? Read more in Bloomberg Tax. 

🎙 Outsourcing 101 for accounting firms

"You're essentially buying back time by outsourcing the data side of your day." - Kwame Agyei

In this episode of the Accounting Podcast, Kwame Agyei, the founder and CEO of Appoynt, joins Blake Oliver and David Leary to explore the advantages of outsourcing particular business tasks, such as managing accounts receivable. Agyei recounts his distinctive path from accountant to entrepreneur and provides practical guidance on using virtual assistants effectively while also tackling typical concerns about security and trust. Time: 25 minutes. (The Accounting Podcast)

Businesses – defined here as those with 500 employees or fewer – account for 99.9% of U.S. firms (Pew Research)

• Accounting Exodus: Crunching Numbers, But Not Enough Crunchers
• Accountant Standoff: Firms Hold Steady Amid Talent Tug-of-War
• Clearer Climate Accounting: A Global Call to Action
• AI in Fraud: Navigating Risks and Detection for CPAs
• Tick-Tock: New FASB Rule Sets the Clock on Expense Disclosures

Landmark acquisition shakes up the industry

CBIZ, Inc., a prominent national provider of financial, insurance, and advisory services, has announced a definitive agreement to acquire Marcum, LLP's non-attest business.

This acquisition will position CBIZ as the seventh-largest accounting services provider in the U.S., with an estimated annual revenue of $2.8 billion. Concurrently, Mayer Hoffman McCann P.C. will acquire Marcum's attest business, continuing a long-standing administrative partnership with CBIZ.

The transaction, valued at approximately $2.3 billion, will be financed through a combination of cash and stock. (Going Concern)

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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