See-Ya CPAs: Why Your Accounting Department Will Be Gone by 2030
Wow, that’s quite a bold claim to make about my business, you might be thinking. Bold, yes. Unfounded? Not quite…
If you’ve been paying attention to the news recently, your eye may have caught a catchy term splashed across a newspaper or on your mobile news feed during your morning commute:
The Great Resignation. The Big Quit. The Great Reshuffle. The Retirement Revolution.
All terms for the same phenomenon: a mass migration of working professionals who are leaving the field in droves, taking your institutional knowledge with them, and exposing significant cracks within the companies they leave behind.
Retirees make up a substantial slice on the Great Resignation pie chart. The Retirement Revolution is rolling out and snowballing fast. In fact, 75% of CPAs are expected to retire within the next 15 years. 16% of them are leaving the field in 2023 alone.
And that’s just the accountants.
These stats are not to be sniffed at – not when the future of your company is concerned.
So, whatever your thoughts are on the news of the day, one thing is crystal clear: it’s time to sit up, stop scrolling, and take it seriously. If you’re a business leader, here’s the real newsflash: don’t think it won’t happen to you.
No business is safe. Not even yours.
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Bye Bye, Boomers – Hello, Disaster
As we bid farewell to the Greatest Generation who are heading out into the horizon to enjoy their Golden Years, what they are leaving in their wake is, well… not so golden.
- Recent statistics indicate that there is a significant lack of new talent entering the field.
- This year we have seen a staggering 30% drop in college enrolments for accounting courses.
- A LinkedIn poll revealed that ⅓ of Baby Boomers are either retiring or thinking about quitting in 2023.
If these numbers leave you feeling a bit shaken, you’re not alone. Most people didn’t see this coming. And the reality remains:
- New talent entering the field is decreasing
- Current talent (yours included) is retiring soon
- Companies are scrambling to fill vacancies from a dwindling talent pool
- Business leaders are hemorrhaging profits trying to acquire the right people
Red Flag: This Is Bad News For Your Business
The Retirement Revolution is here and it’s happening. Accountants are leaving the field in droves, and it’s only a matter of time before yours does too.
It’s not a question of if, but when.
If you lost your accounting team tomorrow, you stand to lose a lot more than you realize:
1. Loss Of Company Knowledge
When your accountant walks out the door, they’ll take your institutional knowledge with them, leaving you vulnerable and exposing you to the risk of losing your clients, competitive advantage, even your company.
2. Lack Of Replacements
There are no accountants left to hire. And if you do find a replacement, they won’t come cheap. You are looking at forking out $40-60K to simply acquire a new staff member, not to mention the valuable time it will take to train them.
3. Loss Of Your Work / Life Balance
If your accountant moves on, there’s no time to get your own shaky accounting skills up to scratch. You’ll be scrambling, neck-deep in numbers, while your work / life balance suffers.
All those little details that you never had to think about will now be solely on your shoulders, consuming precious time and energy:
- Transactions, billing, statements, and recons
- Budgeting and forecasting
- Chasing suppliers
- Financial reporting
- Financial compliance
- Tax and internal audits
- And getting it all done correctly – and on time
This is not about the inconvenience of losing an employee. It’s about the threat of losing your business – because you won’t have the capacity to actually run it.
The Good News
If you act now – and fast – you can protect your business and ensure its survival. Embracing the power of automated accounting technology and partnering with an experienced outsourced accounting partner is the best investment you can make for your company’s future. A fully automated and digitized accounting and financial system is the safety net that every growing business should have in place.
When you leverage the combined power of technology, processes, and people, you will give your business its best chance at survival. These automated measures will:
- Save you money
- Boost efficiency
- Reduce human error
- Improve decision-making
- Strengthen data security
- Ensure transparency
It’s time to partner up to power your growth. When you outsource your accounting, you get access to more manpower, a dedicated team, and a fully-customized accounting system – all while keeping a lower headcount on your payroll.
Outsource to Lescault & Walderman Today
Lescault & Walderman saw the Retirement Revolution coming a decade ago. As a proud Sage Intacct Accounting Partner (SIAP), we’ve developed efficient, sophisticated, automated accounting systems with real-time dashboards and simple insights, powered by Sage Intacct software. We can help see you through the Revolution and set you up for a successful financial future.
Don’t wait for your accountant to leave you high and dry.
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