Accounting Firms Can Retain Talent With Advanced Engagement Software

The shrinking talent pool in the audit and accounting field has been a pressing issue for several years. The retirements of senior professionals and the trend of younger individuals choosing other careers have led to a noticeable and urgent gap between supply and demand in the field.

The need for a new generation of accounting professionals also comes as there’s a shift in what’s expected of them. More and more accountants are required to have, at a minimum, a basic understanding of data analytics and emerging accounting technologies. In a stricter regulatory environment, auditors and accountants serve as strategic partners for their clients, who rely heavily on their expertise for compliance.

Firms can remain competitive by recruiting and retaining top talent and they can do this by providing the kind of work environment young professionals desire. Technology is critical in this process: The latest innovations make it easier to source information and work collaboratively on engagements. Technology also supports hybrid and decentralized working environments.

Why auditing and accounting face talent challenges

Caseware’s 2024 State of Accounting Firms Trends Report found 88 percent of firms believe talent acquisition and retention is a major concern. Fewer people are entering the profession at a time when many senior professionals are moving out of the workforce.

The lack of available talent comes as the demand for more sophisticated audit and accounting solutions is on the upswing. Clients expect their firms to deliver deeper insights that reflect a comprehensive understanding of the market.

Audit professionals feel the crunch as well. There’s increasing regulatory pressure from government and industry authorities, and companies rely on auditors to keep them in good standing.

What’s driving the talent shortage is complicated. Among the many factors are a lack of interest in the field, work-life balance concerns and competition from other industries. There are ways that firms can remain competitive, though, starting with technology that supports what new hires want most: flexibility and the ability to learn and use advanced skills.

The skills modern auditors and accountants require

Accountants and auditors must understand what’s behind the numbers and make informed, strategic decisions. They also need comprehensive insight into the regulatory environment to best serve their clients. 

Today’s accounting and audit environment draws on different disciplines — data analysis, cybersecurity and AI technology — so your team has to be willing to learn new skills and take on new challenges. 

At the same time, firms looking to hire internal auditors and accountants should also look for vital soft skills. These involve how a person interacts with others at the firm and how they approach projects. 

From the firm’s perspective, a team member’s ability to communicate in client-facing and internal discussions is critical; the most brilliant financial analysis would be useless if nobody else could understand it.

There’s no doubt that a high level of talent exists among the ranks of up-and-coming accounting professionals. These individuals possess the skills and adaptability needed to thrive in the modern accounting and audit environment. The question then becomes how your firm can attract the top candidates in the field. Part of the answer is adopting new technology. 

The role of technology in attracting and retaining top talent

So, what role does technology play? Let’s start with one example: your engagement software. This technology can make the experience of working at your firm more efficient, reducing laborious tasks and lowering the risk of errors. It will also support your team’s desire to use its analytical skills when working on client files.

Modern engagement software and other types of advanced technology can help you attract and retain top talent, so let’s review a few essential features your tech stack should have.

Embedded AI

AI is poised to revolutionize accounting and audit. The latest technologies incorporate AI features that allow your team to work more efficiently. An engagement or practice management solution with embedded AI can make numerous tasks easier. 

One example is an embedded digital assistant powered by AI, which can reduce time spent on essential but tedious tasks. A digital assistant can summarize lengthy PDFs, answer quick how-to questions and provide on-the-spot information so your team won’t waste time searching for it. An AI assistant built to meet the needs of accounting professionals can offer even more value, providing context-aware responses to profession-specific inquiries, extracting key information from financial documents or accessing standards. These profession-specific tools can also be built to meet the strong privacy and confidentiality requirements of accountants. For instance, an AI assistant could be designed not to store prompts or feed information back into an AI’s large language model to protect sensitive client data.

Automation and integration capabilities

A partner to AI is automation, removing repetitive and time-consuming tasks from your team’s workload. Financial statements can be automatically populated when auditors import the trial balance. Data is entered once and flows through into all relevant fields. Materiality thresholds can be determined without having to perform manual calculations. Anomalies can be identified and flagged automatically. This automation saves your team time and reduces the risk of human error by reducing the amount of manual data entry.

The top accounting and audit professionals might have a range of skills, but they don’t want to waste time on tedious tasks. Your technology should make it as easy as possible for them to do their work. The right solution should have one consistent interface for all audit processes from planning to documentation and reporting. This makes it easier for your team to access files and collaborate. Analytics, insights and dashboards should all be embedded into the engagement workflow, making it simpler for auditors to identify, understand and respond to risk.

Cloud-based solutions for work-from-anywhere flexibility

Flexible work arrangements have become an important requirement for modern-day professionals. Employees expect to be able to work remotely, at least some of the time and supporting flexible work makes it easier to attract skilled talent. Modern accounting technology and engagement software must support the work-from-anywhere philosophy. Cloud-based solutions allow for complete access regardless of location, ticking that box for new talent looking for an ideal work environment.
Cloud-based solutions allow teams to collaborate more efficiently. There’s no need to check documents out, or wait for a colleague to check a file back in. Multiple team members can work on documents together in real time. Collaboration with clients is also simpler in the cloud. Firms can directly ingest client data into their engagement solution and automatically map it into financial statements and notes disclosures, resulting in less manual data entry and manipulation.

Built-in intelligence and guided methodologies that enable efficient work

Advanced technology works with you to provide guidance throughout the audit process. Your solution should use client data to prompt your team with engagement-specific questions, customizing the audit plan based on the risk profile and the client’s industry. By reducing manual work the audit process is streamlined while retaining high levels of accuracy. This kind of advanced technology keeps your team in the driver’s seat but reduces the amount of informational clutter it needs to sort through.

Remain competitive with Caseware

Adopting advanced audit and accounting technology can attract top talent to your firm. You can also future-proof your firm by using tools that evolve with your changing needs. Caseware, working with its customers, partners and developers around the globe, has built the Caseware Platform, a comprehensive, cloud-based solution that transforms the audit experience through advanced methodologies, industry-specific content and cutting-edge technology.

Caseware’s engagement solutions, like the OnPoint Engagement Suite, offer the features accounting and audit professionals seek. The OnPoint Suite delivers unparalleled insights and value to firms’ clients through a robust library of standards-based methodology options and sector-specific content, tools and customizations – all in a single platform.

“You want the young crowd to come join your firm and they want to see that you have new technology. This is a big transition I see Caseware bringing into the profession,” said Amber Mehta, a Partner with KNAV CPA LLP, a global accounting firm with offices in seven countries.

Request a demo today to see how Caseware can support the growth and viability of your practice.