As more baby boomers retire from the accounting profession, additional roles are opening up. Because fewer accountants are available to replace them, many accounting roles in Colorado remain unfilled.
Accounting roles that remain vacant for weeks or months increase team members’ workloads. These factors can increase stress, burnout, and turnover. As a result, accounting roles must be filled as quickly as possible.
The following are five reasons your Colorado accounting role is not filling and what to do about it.
1. Shrinking Talent Pipeline
Fewer college students are earning accounting degrees, shrinking the talent pipeline:
- The 150-credit-hour requirement for a Certified Public Accountant (CPA) license requires students to complete an additional year of education beyond a bachelor’s degree, increasing the time and financial commitment.
- The rigorous CPA exam requires hundreds of hours of preparation.
- Technology, finance, and engineering offer higher starting salaries than the accounting profession.
2. Accountant Shortage
Changing demographics, evolving workplace expectations, shifting demands, and disruption from artificial intelligence (AI) impact the accounting industry:
- Many accountants are nearing retirement age.
- Hundreds of thousands of accountants have left the industry in the last few years.
- Fewer graduates are entering the profession.
- The shrinking talent pipeline leaves many accounting roles unfulfilled.
- The increasing shortage of accountants impacts day-to-day business operations and the integrity of financial reporting and compliance.
3. Changing Accountant Expectations
Most accountants are expected to take on more responsibilities than before. Many must interpret complex data, provide strategic business advice, and navigate a quickly evolving regulatory landscape. This shift requires skills that many graduates lack.
4. Accountant Burnout
Entry-level accounting roles typically involve repetitive, transactional tasks such as data entry and reconciliation, which can be monotonous. Also, accountants often work long hours, especially during tax season and audit cycles. Extended workdays and a lack of stress reduction can contribute to burnout and turnover.
5. Accountant Skills Gaps
Many accountants lack the technical skills employers need:
- Advanced software proficiency: Familiarity with cloud-based accounting platforms such as QuickBooks Online, Xero, and NetSuite is a baseline expectation. Firms also want candidates familiar with AI-based tools, robotic process automation (RPA), and advanced Excel functions.
- Data analytics: The ability to analyze and interpret large data sets is essential. Employers value proficiency in data visualization tools such as Power BI and Tableau, as well as basic programming skills in Python or Structured Query Language (SQL).
- Regulatory knowledge: The growing complexity of global business requires understanding the nuances of evolving standards such as GAAP, IFRS, and tax laws.
Essential soft skills include:
- Adaptability: Quickly learning new tools and adapting to shifting client expectations are required.
- Communication: Accountants must translate complex financial data into actionable insights for stakeholders.
- Strategic thinking: Firms want accountants who provide forward-looking advice and help drive business growth.
Get Help Filling Your Colorado Accounting Roles
Job Store Staffing can provide qualified accountants to help fill your Colorado company’s open roles. Reach out to discuss your hiring needs today.
