Articles

The accounting profession has been undergoing very significant changes in both the academic and business environments.  I have been practicing public accounting for approximately seventeen years during which I have experienced several challenges and changes in the profession.  However, I believe that the challenges and changes that the profession, as well as college graduates, are facing or will face are extremely more complex then in the past.  Accountants are driven by their desire to service clients, maintain public trust and confidence, accountability and perfection. 

The accounting profession faces several challenges in the future which include the Big GAAP/Little GAAP issues, standards overload, recruiting and the new educational requirements and quality of life issues. 

The accounting profession continues to be burdened with standards overload.  This is particularly true for the non-national firms.  The rules and standards that have been issued as a result of the accounting scandals at Enron, WorldCom, Tyco, ect. have been significant, and for the most part are applicable to both public and non-public companies.  The smaller non-public companies generally do not benefit by these new rules and standards, and yet they are still burdened with their compliance.  As the profession moves forward, the topic of whether to consider Big GAAP/Little GAAP should not be forgotten.  Accounting firms, whether large or small, provide their clients and the public with an array of valuable services and we must not lose sight of the fact that CPA’s are the only licensed professional that may render an “opinion” on a set of financial statements. 

The accounting profession’s new challenge is the 150 hour credit requirement for graduation.  This requirement has placed additional strain on the brain for students wishing to enter the world of public accounting.  One might also conclude that the additional education requirement may either diminish or delay the number of candidates entering the profession on an annual basis. 

Another issue facing accounting firms is the ongoing battle with staffing and quality of life.  There needs to be a balance between work and personal life.  However the profession is a demanding one, and as it continues to change, that demand increases and pressure may mount.  How does one maintain a balance?  It starts with time management and desire.  One needs to effectively manage their time and they must have the desire to conquer the challenges in this profession.  This requires, among other tools, being able to prioritize and having a mentor or mentoring program, whereby on individual will help and assist you in your professional growth and career.  The ability to prioritize will allow for deadlines to be met without unnecessary stress.  Prioritizing assists one in focusing on tasks at hand and accomplishing them within the time constraints set.

A mentor (or mentoring program) is a valuable tool utilized within our firm.  Although I am a partner, newly promoted, I still have a mentor who has been my mentor since I started with my current firm approximately eleven years ago.  I truly believe that an effective mentoring program is a valuable tool in this profession and must not be overlooked.  The mentoring sessions are a means of monitoring ones growth path, discussing goals and accomplishments, and matters affecting one’s future career path. 

As a member of the NYSSCPA’s and the Suffolk Chapter Board of Directors, the State Society and the Suffolk Chapter provide accountants an opportunity to contribute to the profession, expand personal networks, leadership opportunities and an avenue to make a difference.

The future of the profession will continue to be challenged in the areas mentioned which include Big GAAP versus Little GAAP, standards overload, recruiting and quality of life.  As accountants are faced with ongoing standards overload and continue to face challenges in recruiting, more hours are required to service clients and complete tasks.  Therefore, the time needed to network, get involved in outside activities and spend time with family is diminished.  This is where the balance between work and personal life is critical.

In summary, I firmly believe, although my profession is highly demanding and challenging, it offers many opportunities and rewards.