OUTLOOK & ANALYSIS

Why Students Opt for Accounting (or Don’t)

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bar charts

They share their ideas for changes.

By CPA Trendlines Research

Are accountants a threatened species?

MORE in STAFFING & RECRUITING: Tax and Accounting Pay Advancing at 5.9% Pace | Which is Better: A Year of Education or a Year of Experience? | 44 Critical Criteria for Accounting Staff Performance Evaluations | Four Ways to Propel New CPAs into Growing Your Firm | Mike Whitmire: Re-Think Your Hiring and Training Practices | What New Leaders Want in Ownership |

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Extinction’s still a ways off, but the numbers of CPAs are in serious decline. Between 2010 and 2021, the number of people taking and passing the CPA licensing exam fell 36 percent, from more than 50,000 to about 32,000.
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Be the Flywheel to Increase Revenue

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“This will be the largest transfer of wealth the nation has ever seen in such a short period of time.”

By Rory Henry, CFP®, BFA

Henry

Rory Henry is a Director at Arrowroot Family Office and host of the Wealth Management Forward podcast. He can be reached to discuss ways to integrate financial planning into your practice through the CPA Partnership program at (310) 566-5865 or at rory@arrowrootfamilyoffice.com.

The financial advice business is undergoing significant change, particularly in the accounting and wealth management sectors. The arrival of private equity firms, combined with the rise of M&A and rapid advancements in technology, has shifted the landscape considerably. While these changes are unsettling to some practitioners, I view them as opportunities.

MORE: Four Core Principles for Elite Wealth Management | Why You Need a Team of Experts | Why a Virtual Family Office? Why Now? | Is Your Client’s Umbrella Big Enough? | Your Client’s Instincts Are Wrong | Preserving Wealth Is a Different Mindset | Three Approaches to Investment Consulting
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In many ways, a CPA is a flywheel at the center of the financial advisory engine. All the other providers and advisors rotate around the CPA, and together they build momentum as the firm expands its offerings and as the advice engine gains speed and confidence.

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Electronic Skin That Can Sense Touch Will Transform Robotics

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Robots with touch-sensing capabilities will be able to interact more intuitively and safely.

By Rick Richardson
Technology This Week

In a significant leap forward for wearable technology, a team of researchers at Stanford University has made remarkable progress in developing electronic skin that possesses the ability to sense touch. This innovation has the potential to revolutionize industries ranging from healthcare to robotics, opening up new possibilities for human-machine interaction and sensory augmentation.

MORE TECH THIS WEEK: ChatGPT Passes CPA Exam on Second Try | Smartwatch Saves Two Lives | First e-Road Charges Electric Vehicles as They Drive | Stanford Scientists 3D-Print Heart Tissue | Four of Today’s New Technologies That Will Be Tomorrow’s ‘Norm’ | Cyber Insurance Costs Rise in Health Care as Attacks Soar | Phishing Attack Hackers Have a New Trick
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The electronic skin, known as e-skin, mimics the sensory capabilities of human skin by integrating pressure sensors, stretchable circuitry, and a sophisticated neural network. The team accomplished this feat by combining advanced materials, flexible electronics, and machine learning algorithms. The result is a thin, flexible, and highly sensitive e-skin that can accurately perceive and respond to different levels of pressure and touch.

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Firms Rev Up Expansion Plans

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via Canopy

Mull new software for remote staff, CAS and AI.

By CPA Trendlines Research

A new survey reveals widespread plans for growth, with firms looking for more staff, more services to offer, and more territory to serve over the next 18 months

MORE: Research: Accounting Pros Cautiously Optimistic about Generative AI | How Auditors Can Beat AI | How Tax Practitioners Became Cybersecurity Risks | Why the U.S. Must Act Now to Protect Our Online Privacy | Top Tax Vendors Caught Red-Handed Selling Private Taxpayer Data
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In a time when qualified professionals are scarce, a staggering 85 percent of firms say they will definitely or probably be hiring more remote staff with flexible work arrangements, according to the poll of 250 firms by the practice management software company Canopy.

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Research: Accounting Pros Cautiously Optimistic about Generative AI

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Expert says we must work together to balance the benefits of technology and unintended consequences.

By Rick Richardson
Technology This Week

Thomson Reuters, a global content and technology company, recently released new research on generative AI that gauged the sentiment of professionals across legal, tax, and accounting firms in the United States, the United Kingdom, and Canada. The research sought to understand better how the technology is perceived and applied within the professional services industry. The report uncovered a mix of optimism and caution in adopting generative AI. 

MORE TECH THIS WEEK: ChatGPT Passes CPA Exam on Second Try | Smartwatch Saves Two Lives | First e-Road Charges Electric Vehicles as They Drive | Stanford Scientists 3D-Print Heart Tissue | Four of Today’s New Technologies That Will Be Tomorrow’s ‘Norm’ | Cyber Insurance Costs Rise in Health Care as Attacks Soar | Phishing Attack Hackers Have a New Trick
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“Generative AI can disrupt and redefine the professional landscape, but it is clear from our findings that there is a trust gap with professionals,” said Steve Hasker, president and CEO of Thomson Reuters. “The future of professional work is set to be revolutionized by generative AI, and as an industry, we need to work together to find the right balance between the benefits of technology and any unintended consequences. We believe this will help our customers first to trust the transformative power of generative AI and then harness the opportunity to shape the future of their professions.”

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