BILL’s Post

There’s a lot of focus on the challenges facing small and midsize businesses, but one in particular deserves our attention: the #accountant shortage. Accounting is the language of business, and without a strong new generation of accountants coming through the talent pipeline, SMBs and accountants alike face a real dilemma. The businesses and accountants I’m talking to all agree the shortage  adds a new layer of complexity for running a business in the US: SMBs — and their accountant partners — have to do more with less. The good news is that lots of accounting firms are tackling the shortage head on: rethinking their services, embracing new technologies, and finding innovative ways to go the extra mile for their #SMB clients through a winning combination of strategic counsel and a deep commitment to helping clients meet their goals.  Their grit and agility is inspiring. But the shortage highlights the need for continuous innovation to help both businesses and accountants navigate this challenge.  SMBs need the best possible advice to help them thrive. And with the right support, accountants can spend less time crunching numbers and more time advising clients. This is where technology can help, and it’s why we’re working on these innovations every day at BILL. I’d love to hear from you: how is your business or firm dealing with the accountant shortage?

Accountants: Beyond the Bean Counting Accountants are the unsung heroes of business, the foundation upon which financial stability rests. They ensure accuracy, but their potential goes far beyond. Imagine them trapped in a time-sucking vortex, their skills and knowledge underutilized. The frustration lies in the disconnect. Data analysis is key, but it's seen as simply "fixing things" instead of a strategic tool. Accountants often lack the tools to escape this loop, even in leadership roles like Controller, where they're expected to magically transform into CFOs. The result? They revert to the familiar – the accounting vortex. This isn't about diminishing accounting's importance. It's the bedrock! But its true value is obscured. Enter FP&A (Financial Planning & Analysis). It's the bridge, transforming numbers into insights and showcasing the impact accountants truly have. FP&A empowers accountants to: Become strategic partners: FP&A provides context, guiding decisions and shaping the company's financial future. Do better accounting: It helps refine the chart of accounts, optimize workflow, and identify areas for efficiency. Boost their perceived value: Clear, insightful reports showcase their contribution to business success. Ultimately, FP&A unlocks the strategic potential within every accountant. It's the escape hatch from the vortex, leading to a tenfold increase in value. Are you ready to break free? #IRS #Accountants #USaccountant #UKAccountants #HMRC

#Accounting services ARE NOT #advisory services. Accounting services report on historical information. Advisory services position the client for future #success. They REQUIRE different #mindsets. Integrating advisory services into their current accounting services practice is not as simple as you THINK! Advisory practice staff don’t need to be CPAs. CPAs have a compliance mindset. Advisory staff NEED outstanding communications AND listening skills so college degrees in communications, marketing, management and/or business administration can be useful. #Softskills! Advisory services necessitate a switch to #valuebilling instead of the traditional hourly billing because they provide more value to the client and require more expertise than compliance work. Get used to charging what the service is worth, rather than the hours on your time sheet. Embracing a consultative mindset was the best move I ever made. I branched out into valuer added services, impressed my clients as they became more #successful, #productive and #profitable, made more money and worked less hours. #Taxseason was no longer a dread. Need help ramping up – reach out to us. We have assisted numerous firms in that transition!

𝐍𝐚𝐯𝐢𝐠𝐚𝐭𝐢𝐧𝐠 𝐭𝐡𝐞 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐢𝐧𝐠 𝐓𝐚𝐥𝐞𝐧𝐭 𝐂𝐫𝐮𝐧𝐜𝐡? 𝐃𝐢𝐬𝐭𝐫𝐢𝐜𝐭 𝐏𝐚𝐫𝐭𝐧𝐞𝐫𝐬 𝐂𝐚𝐧 𝐇𝐞𝐥𝐩! I came across an eye-opening article highlighting the shortage of accountants in the U.S., leading to a wave of earnings report mistakes. If your team is feeling the pressure, we have solutions ready to help. Whether it's bridging the gap during peak periods or providing specialized expertise, our dedicated professionals are ready to alleviate any stress your team might be experiencing. 🤝 🔌 Connect with me to explore how our tailored solutions can be the game-changer your team needs! Follow Gary Tanner Email: Gary@DistrictPartnersLLC.com #Finance #Accounting #BusinessSolutions #TeamSupport #DistrictPartners #FinancialSuccess #InterimSolutions #InterimResources

The Evolution of Accountancy: Beyond P&L Gone are the days when accountants merely reported Profit & Loss figures. Today's accountants 📊 narrate the tales behind the numbers, elucidating them in a way that clients can effortlessly grasp. They delve deep, spotlighting potential pitfalls and highlighting opportunities. By breaking silos, forging ties with diverse departments, and embracing a relentless curiosity, they ensure they're always positioned to provide valuable insights. Indeed, modern accountants are no longer just number crunchers - they're strategic business drivers and forward-thinking business partners. In an era where the role of accountants is pivoting, it becomes crucial for accounting firms to outsource routine tasks. By doing so, they can concentrate on the vital advisory roles they play for their clients. 🔍 Interested in accounting, taxation, or audit outsourcing? Let’s elevate your business together. Connect with me directly for more insights! #AccountingEvolution #StrategicAccountancy #BusinessAdvisory #OutsourceSmart #ModernAccounting

How is the accounting talent shortage impacting your business? I encourage you to share your thoughts and ideas in the comments below.

🔍💼 Redefining the Role of Accountants: From Cost Centers to Profit Centers💡💰 #Accounting #FinancialStrategy #ProfitCenter #BusinessGrowth #StrategicAdvisors 📈 "Are accountants just cost centers or can they drive profits?" 📊 Let's bust the myth that accountants are solely about managing costs. They're pivotal in steering companies towards profitability and sustainable growth. 🔍 Financial Navigation: Accountants possess a treasure trove of financial insights. It's not just about balance sheets; it's about deciphering trends, identifying opportunities, and maximizing profits. 💡 Strategic Decision-Making: Accountants as strategic partners providing critical data-driven insights. They're not just number crunchers; they're key advisors aiding in informed decision-making, directly impacting the bottom line. 🌐 Tech-Savvy Innovators: Embracing cutting-edge tech, accountants streamline processes, enhancing efficiency, reducing costs, and boosting productivity. They're the catalysts for operational excellence. 🌱 Sustainability & Social Impact: Accountants aren’t just about numbers; they're increasingly involved in measuring and reporting on sustainability metrics, driving businesses towards responsible practices and positive societal impacts. 🤝 Profit-Centric Collaborators: Their financial acumen extends beyond compliance; accountants can identify revenue opportunities, optimize cost structures, and contribute directly to driving profits. 🌟 Strategic Assets: Accountants aren’t just expenses. They’re assets that, when leveraged effectively, transform into profit centers, adding tangible value to the company's growth trajectory. 🚀 It's time to reconceptualize the role of accountants. They're not just keeping score; they're key players in winning the game of profitability and sustainable business success! Let’s engage in a conversation. How do you see accountants driving profit in today's dynamic business landscape? 💬💼 #AccountantsAsAssets #BusinessAdvisors #FinancialInsights #SustainableBusiness #StrategicThinking

Is the CPA requirement fueling finance's talent shortage? CFOs share their thoughts on whether changing these standards could solve the issue or compromise quality. Dive into the debate on the 150-hour rule and its impact on the industry → https://loom.ly/4ZKeeYA #finance #CPA #accounting #talentshortage

How to thrive in turbulent times: SMEs and the role of accountants. Read more in our latest article: https://bit.ly/3WPWBI5 #accountantsUK #Oxted #BusinessOwners #BusinessGrowth

Most SMEs lack comprehensive financial management knowledge and need expert advice. Skilled accountants can offer valuable advisory services, helping SMEs survive and thrive. https://bit.ly/3VEouBP #Accountants #BusinessAdvisory