James Aiken’s Post

Accountants cannot become the CFOs Are you an accountant aiming for the C-suite? Think again if you believe only 'accounting' skills will suffice. The road to CFO is paved with risks, a terrain many accountants naturally shy away from. But remember, no risk, no reward. To bridge the gap, accountants must embrace calculated risks. Here's how: 1️⃣ Start small: Dip your toes in by experimenting with new software, taking on challenging projects, and suggesting improvements. 2️⃣ Emphasize the upside: Showcase potential gains, demonstrate growth opportunities, and highlight problem-solving prowess. 3️⃣ Be bold: Challenge the status quo, provide innovative ideas, and take ownership. It might be daunting, but the payoff includes growth, promotions, and the coveted CFO title. What else do you believe accountants need for this transition? #Accountant #CFO #CareerGrowth

🚨Business leaders: "Why can't we fill our accounting roles?"🚨 The headlines say it all: "CPA Shortage Impacts Businesses and Economy" "The U.S. is Short Accountants – Mistakes On Earnings Reports Rise" "Why Private Equity is Rushing to Buy Up Accounting Firms" Job listings for finance and accounting professionals are at an all-time high and the time to fill these positions is increasing, revealing a widening gap between supply and demand. The consequences:❓ -Operational strain on your team -Delays in financial reporting -Compromised financial accuracy Imagine a world where you leverage:💡 ⭐ ☂ -A proven track record of success -Accurate and timely financial management -Customized solutions tailored to your needs -Strategic financial guidance At Kinsman, we transform challenge into opportunity. Our seasoned CPAs and finance professionals are ready to provide exceptional service and deliver your finance and accounting needs with excellence, freeing you to focus on growing your business. Don’t let the talent shortage stifle your success. Choose experience, reliability, and strategic insight. Choose Kinsman. Quality that delivers, every time. #Accounting #CPA #Kinsman #CFO #Finance #BusinessGrowth #TalentShortage #Opportunity #Consulting

🚀 Demand for interim CFOs and skilled finance professionals is on the rise! Here's a quick breakdown: - 📈 **Surge in Demand**: Requests for interim CFOs soared by 46% last year. - 🔍 **Expanding Skill Needs**: There's a significant increase in demand for skills in audit, accounting, and financial controls (33%) and FP&A and modeling (28%). - 🎓 **Educational Impact**: The decline in accounting majors and CPAs is contributing to skill shortages in finance. **Dive Insight**: - 📊 As gaps in financial leadership widen, companies are actively seeking top-tier finance professionals at levels like SVP or VP, seeing a whopping 114% increase in demand. - 🔄 Changing dynamics have led to more roles being outsourced, affecting the traditional path from accounting firms to corporate finance roles. - 🛠️ Companies are adapting by exploring on-demand talent to fill crucial skills gaps and support major projects or transitions. 🔗 If you're looking for interim CFO services or need help navigating this shifting landscape, I'm here to assist! Connect with me to explore how we can address your company's financial leadership needs effectively. #FinanceLeadership #InterimCFO #FinancialSkills #Accounting #CareerOpportunities #BusinessTalent #Networking

WHAT COULD BE THE REASONS WHY THERE IS A MAJOR REDUCTION IN STUDENTS INTEREST IN TAKING UP ACCOUNTANCY /C.P.A. LICENSURE?? PICPA, AICPA AND OTHER ACCOUNTING INSTITUTIONS SHOULD CREATE A CAMPAIGN IN ORDER TO ALLEVIATE GAP THAT IS PRESENTLY FORESEEN.

🚀 Demand for interim CFOs and skilled finance professionals is on the rise! Here's a quick breakdown: - 📈 **Surge in Demand**: Requests for interim CFOs soared by 46% last year. - 🔍 **Expanding Skill Needs**: There's a significant increase in demand for skills in audit, accounting, and financial controls (33%) and FP&A and modeling (28%). - 🎓 **Educational Impact**: The decline in accounting majors and CPAs is contributing to skill shortages in finance. **Dive Insight**: - 📊 As gaps in financial leadership widen, companies are actively seeking top-tier finance professionals at levels like SVP or VP, seeing a whopping 114% increase in demand. - 🔄 Changing dynamics have led to more roles being outsourced, affecting the traditional path from accounting firms to corporate finance roles. - 🛠️ Companies are adapting by exploring on-demand talent to fill crucial skills gaps and support major projects or transitions. 🔗 If you're looking for interim CFO services or need help navigating this shifting landscape, I'm here to assist! Connect with me to explore how we can address your company's financial leadership needs effectively. #FinanceLeadership #InterimCFO #FinancialSkills #Accounting #CareerOpportunities #BusinessTalent #Networking

You now what? Not only are you a whiz at taxes, tax planning, and crunching numbers for your clients, you're also an advisor. You can deepen your relationships with many of the people you work with to coach and guide. For example, have you ever been asked to fill in as a temporary #CFO while they implement a search for the ideal candidate to fill the role? If yes, then you're in a prime spot to help them understand what skills are needed as they vetted for the job. "The 2024 Corporate Finance Report, "CPAs in the C-Suite: Most Wanted Competencies for Finance Leaders," is based on a survey of more than 320 hiring executives, including CEOs, chief human resource officers and executive recruiters. The survey assessed eight major skill categories and over 80 specific subcompetencies, offering a detailed view of what hiring managers value most in CFO candidates." #csuite #cfojobs #HRtips #hr #accounting #practicemanagement

🚨 CFOs Under Pressure: The Accounting Talent Gap's Impact on Financial Reporting 🚨 📊 As companies grapple with a shortage of skilled accountants, CFOs are facing increased scrutiny and turnover rates due to financial-reporting deficiencies. 🔄 A recent study by Hudson Labs shows that nearly 640 U.S.-listed companies cited insufficient accounting personnel for material weaknesses, resulting in a higher turnover rate among CFOs. 💼 🌟 Key Takeaways: Companies with accounting shortfalls saw a 28% CFO turnover rate compared to 22% for those without. 📈 The proportion of material weaknesses tied to insufficient accounting staff has been rising, reaching 34.4% this year. 📉 🤔 Is replacing the CFO always the right move? Opinions vary: Pro-Change: A new CFO can bring fresh strategies and strengthen financial controls, says Chan Li, an accounting professor at the University of Kansas. 🔄 CFO as Scapegoat: Steven Mintz, professor emeritus of accounting at California Polytechnic State University, highlights the need to audit internal controls across the organization, not just blame the CFO. 🕵️♂️ 🏢 Case Studies: Tupperware Brands saw significant attrition in its accounting department, leading to delayed financials and the resignation of CFO Mariela Matute. 🥘 Advance Auto Parts hired a new CFO and 30 accounting experts to address its deficiencies. 🚗 Sanmina appointed a new CFO after finance personnel issues led to misstated revenues. 💼 🔍 Why the Shortage? Accountants are retiring without enough new talent entering the field. ⏳ Entry-level salaries are less competitive compared to tech and banking roles. 💰 The 150 credit hours required for CPA certification can be a deterrent. 🎓 💡 Solutions in Motion: The AICPA is expected to propose changes to licensing rules to attract more entrants. ⚖️ Some firms, like Ernst & Young, are investing heavily in early-career compensation to remain competitive. 💸 ⚠️ The accounting talent gap isn't just a corporate headache; it could shake confidence in financial statements industry-wide. Are we headed for a crisis of confidence? 🤔 🗣️ Share your thoughts below! 👇 #CFO #Accounting #Finance #Leadership #TalentShortage #FinancialReporting #CorporateFinance #Audit #CareerDevelopment

CAOs > CFOs   More firms are hiring chief accounting officers in their executive suites to oversee financial reporting while the #CFO focuses on more strategic matters.   A recent study by The University of Iowa Tippie College of Business has found that overall, this has been beneficial for those firms, as they produce more reliable financial statements than firms with a CFO only. Accounting researcher Adrienne Rhodes found firms with a #CAO in the C-suite see a 14% decrease in the likelihood of a restatement compared to firms that have a CFO only, and the longer the CAO is in place, the less likely a firm will need to restate its earnings.   Since restatements are often seen as signs of sloppy management, they can lead to lower stock prices or greater attention from regulators. Rhodes says elevating the CAO to the c-suite is also a kind of symbolism that could build trust and firm value.   She found firms most likely to benefit from an executive accountant are those with more pressure on executives’ time and attention, such as those with more segments and subsidiaries, and with more foreign transactions. Since the CFO in many firms has evolved into a strategic management position, a CAO is able to give financial reporting the time and attention that a CFO may no longer have time for. #csuite #management #accounting

Finding a fractional CFO has been a challenge for many small and medium size businesses. The fractional CFO role has helped many businesses obtain the expertise required to move the business forward while managing costs effectively. However, there is one big problem - There is a shortage of CPAs (Chartered Professional Accountants (Canada) / Certified Professional Accountants (USA)) in the industry and the profession's numbers keep dropping. This is creating significant challenges across various sectors, particularly for startups that heavily depend on accounting expertise for their financial management and compliance needs. Driven by increased retirements (baby boomers) and a decline in new graduates entering the profession, the increased workloads on existing CPAs and strain on work-life balance has created retention and talent-seeking challenges for firms. Many have turned to outsourcing work overseas and adopting automation to manage tasks more efficiently. In my opinion, the best long-term solutions include vision and goals alignment, fair compensation, and investments in tools/technology where appropriate. Do you have a #CPA helping in your business/team? If yes, what are the benefits of having this expertise? If no, how could your business benefit from having one? Check out the Inc. Magazine article linked below for more details around this CPA shortage and its implications. We'd love to explore how our team at FSQ Consulting can help! #fractionalCFO #controllership #money #finance #businessstrategy

 "Want to Fix the Accounting Talent Shortage? Raise Starting Salaries, Students Say" by Maura Webber Sadovi In today’s competitive market, attracting top accounting talent is more challenging than ever. This insightful article reveals that raising starting salaries is a key strategy to address the talent shortage in the accounting industry. With starting salaries for accounting majors at $60,698, the lowest among seven business-related majors, it’s clear that higher pay is crucial to draw new talent. If your company struggles to hire the right accounting professionals, let’s discuss how we can bridge the gap with top-tier, short-term, or contract-to-hire solutions. 📞 Need help with hiring? Reach out to me directly or comment below! #Accounting #TalentShortage #HiringSolutions #RobertHalf #AccountingCareers #JobMarket #TalentAcquisition