Shortage of accounting talent worsens, 83% of senior leaders report

The shortage of accounting talent in the U.S. is becoming more severe, with 83% of senior leaders reporting a talent shortage this year, up from 70% in 2022. Over 300,000 accountants and auditors have left the profession between 2020 and 2022, a decline of 17%. To address the shortage, 90% of surveyed CFOs are outsourcing some of their accounting functions, allowing them to leverage specialized talent and focus on strategic goals. Artificial intelligence is also being considered as a solution, but finance and accounting leaders are cautious about its implementation and prefer a blend of human expertise and technology. The hiring process for accountants is taking longer, with an average timeline of 44 days and difficult-to-fill positions taking up to 120 days. Positive company culture and work-life balance are important factors for employees, and lack of support in these areas can lead to talent leaving. The report emphasizes the need for exploring all options to fill accounting roles without diverting focus from larger goals