It's time to rethink what it means to be an accountant

When we think of an accountant, the image that often comes to mind is one of a stuffy, dull professional, hunched over a desk crunching numbers all day. It’s a perception that has long plagued the accounting industry, making it challenging to attract the next generation of talent and clients.

But the reality is that accounting has evolved significantly, with accountants now playing a vital role in driving business growth and innovation.

The accounting profession has undoubtedly undergone a transformation, with advancements in technology, the increasing demand for advisory services, and the growing emphasis on sustainability and social responsibility. Yet, the outdated stereotypes persist, and it’s time for the industry to take a proactive approach to redefining what it means to be an accountant.

EY’s Lofty Investment

EY, one of the largest accounting firms in the UK, has announced a $1 billion investment over three years to ‘revolutionise’ the experience of early career accounting professionals and improve the attractiveness of the profession.

This investment includes a significant increase in early career compensation, the integration of artificial intelligence (AI) into audit and tax processes, the creation of an innovative “360 Careers” experience for campus recruits, and enhanced wellbeing benefits for professionals.

Ginnie Carlier, EY Americas Vice Chair – Talent, emphasizes the importance of this move, stating, “investors and global capital markets depend on a thriving accounting profession. Our goal is to make EY US the most preferred place to launch an audit or tax career and become a springboard for future business leaders.”

By positioning the accounting profession as a dynamic, technology-driven, and purpose-driven career path, EY is seeking to challeng the traditional perceptions and paving the way for a new generation of accounting professionals.

Redefining the Accountant’s Role

The evolution of the accounting profession extends far beyond the technical skills required to crunch numbers and prepare financial statements. Today’s accountants are expected to be strategic advisors, technology innovators, and champions of sustainability and social responsibility.

“Accounting is the language of business, and it’s time to put accounting graduates on par with other business-degree holders,” says Dante D’Egidio, EY Americas Vice Chair. This shift in mindset is crucial, as it acknowledges the diverse skillset and strategic impact that accountants can have on an organization.

Moreover, the integration of AI and other advanced technologies into the core audit and tax processes is transforming the role of the accountant.

“To be successful in a rapidly evolving landscape, professionals need to develop a diverse set of skills, including technological proficiency, and an understanding of the regulatory environment.” This emphasis on technological fluency and adaptability is a far cry from the traditional perception of accountants as number-crunchers,” says Kevin Flynn, EY Americas Vice Chair – Tax.

Cultivating a Thriving Accounting Profession

EY’s investment in talent and technology is not just about attracting new professionals to the industry; it’s also about creating an environment where they can thrive and develop into future business leaders. The firm’s focus on pathways to CPA licensure, the innovative “360 Careers” experience, and enhanced wellbeing support for professionals are all aimed at building a stronger, more resilient accounting workforce.

By removing barriers to entry and providing a clear career progression pathway, EY is working to expand the pool of future CPAs. The “360 Careers” experience, launching in 2025, will serve as a launch pad and accelerator, equipping campus recruits with the essential skills they need to grow as leaders, forge their paths as entrepreneurs, or advance to prominent C-suite positions later in their careers.

Additionally, the focus on wellbeing enhancements, such as dedicated coaching and support during periods of peak performance, demonstrates a commitment to the holistic development and work-life balance of accounting professionals. This approach not only helps to attract and retain top talent but also fosters a culture of innovation, collaboration, and personal growth.

Rebranding the Accounting Profession

As the accounting industry continues to evolve, the need for a comprehensive rebranding effort has become increasingly apparent. The negative perceptions and stereotypes that have long plagued the profession can have a significant impact on the ability to attract and retain talent, as well as the perception of the value that accountants can provide to their clients.

Xerocon 2024, a leading event in the accounting industry, highlighted the importance of brand management as a core theme. Effective brand management can not only attract top talent but also foster client loyalty and enhance a firm’s reputation.

Kate Hayward and Colin Timmis, the country managers for the UK and South Africa at Xero, emphasised the importance of regularly, positively, and proudly communicating your firm’s value proposition. By shifting the conversation from “what you do” to “the impact you make,” accountants can begin to change the perception of the industry and attract the clients and talent they desire.

Defining Your Firm’s Value Proposition

At the heart of a successful rebranding effort is a clear and compelling value proposition. Accountants and accounting firms need to move beyond simply highlighting their technical skills and focus on the strategic impact they can have on their clients’ businesses.

Drawing inspiration from other industries, such as the aviation sector, where product differentiation is limited, can provide valuable insights. Accounting firms can focus on marketing their unique purpose, connecting clients to their brand, and highlighting what sets them apart from competitors beyond the basic technical services they provide.

In addition to redefining the firm’s value proposition, the accounting industry can also benefit from embracing authenticity and personal branding at the individual level. David McIntosh, a management consultant at KPMG and the founder of the firm’s Social Mobility Network, emphasises the importance of using authenticity on social media to stand out from the competition.

McIntosh believes that personal branding is about how you are included in conversations when you’re not physically present, whether it’s on social media or through other digital channels. By consistently sharing your unique perspective, expertise, and experiences, you can build a strong personal brand that sets you apart from the traditional accountant stereotype.

Moreover, embracing diversity and social mobility within the accounting profession can also play a crucial role in rebranding the industry. As McIntosh notes, organizations that are willing to support and listen to their employees’ personal stories and unique backgrounds can create a more inclusive and innovative culture.

Cultivating a Positive Corporate Culture

Alongside rebranding efforts, the accounting industry must also focus on cultivating a positive corporate culture that attracts and retains top talent. Haysmacintyre’s recognition as one of the UK’s best places to work is a testament to the importance of employee wellbeing, inclusivity, and workplace satisfaction.

Jonathan Bourne, the founder of FDWorks and a former winner of Xero’s Most Valued Professional award, emphasises the importance of treating employees like adults and empowering them to make decisions. By fostering a culture of psychological safety, where failure is seen as an opportunity for learning and growth, accounting firms can create an environment that encourages innovation, risk-taking, and personal development.

Bourne also highlights the importance of having fun and enjoying the work. As he notes, “we spend a lot of time at work. And so for me, let’s have some fun.” By infusing a sense of joy and purpose into the accounting profession, firms can challenge the traditional perceptions and create a more appealing and rewarding career path for both current and prospective professionals.

Embracing Diverse Talent and Transferable Skills

While it’s common knowledge that embracing diverse talent and transferable skills can benefit any organisation, the accounting industry has a unique opportunity to leverage these principles to redefine the profession and drive innovation. By actively seeking out individuals from non-traditional backgrounds, accounting firms can tap into a wealth of fresh perspectives and unique skillsets that can complement the technical expertise of their existing teams.

For instance, consider the potential impact of hiring a former retail or hospitality professional with exceptional customer service experience. In an industry where client relationships are paramount, having team members who are skilled in anticipating needs, providing personalized attention, and going above and beyond to deliver a positive experience can be a game-changer. These individuals can bring new ideas and approaches to client engagement, helping accounting firms differentiate themselves in a competitive market.

Similarly, as technology continues to transform the accounting landscape, firms that incorporate individuals with backgrounds in digital marketing, data analytics, or software development can gain a significant advantage. These professionals can bring fresh insights into how to leverage emerging technologies to streamline processes, enhance service offerings, and deliver greater value to clients. By combining their technical expertise with the industry knowledge of traditional accounting professionals, firms can create a powerful synergy that drives innovation and growth.

Moreover, embracing diverse talent can help accounting firms foster a more vibrant and inclusive work environment that challenges traditional perceptions of the profession. By bringing together individuals with different backgrounds, experiences, and perspectives, firms can create a culture of creativity, collaboration, and continuous learning. This not only makes the accounting profession more attractive to a wider range of talent but also helps firms better reflect the diversity of the clients and communities they serve.

Leveraging Digital and Social Media

The accounting industry has a unique opportunity to leverage social media and digital platforms to redefine its image and connect with a wider audience in ways that were previously impossible. As David McIntosh emphasises, personal branding is about how you are included in conversations when you’re not physically present, and social media plays a crucial role in this. However, simply having a presence on these platforms is not enough; accounting professionals and firms must be strategic and innovative in their approach.

One way to stand out is by showcasing unique perspectives and expertise through thought-provoking content. This can include sharing insights on industry trends, discussing the impact of new regulations, or providing practical advice on financial management – it can also be about being authentic.

Social media provides an opportunity to humanise the profession by highlighting the people behind the numbers. Accounting firms can showcase their company culture, employee achievements, and community involvement through engaging posts and stories. By sharing content that resonates with their target audience on a personal level, they can begin to shift the narrative away from the stereotypical image of the “bean counter” and towards a more relatable and dynamic profession.

Another key aspect of leveraging digital platforms is to foster meaningful interactions with clients, potential recruits, and industry peers. This can involve responding to comments and messages, participating in online discussions, and collaborating on projects or initiatives. By actively engaging with their network, accounting firms can build stronger relationships, gain valuable insights, and establish themselves as thought leaders within the industry.

If not now, when?

The time has come for the accounting industry to rethink what it means to be an accountant. Gone are the days of the stereotypical “bean counter” – the profession has evolved to encompass a diverse range of skills, from strategic advisory to technological innovation and social responsibility.

Firms at the top end of the market, like EY, are leading the charge by investing heavily in talent and technology to change the experience of early career accounting professionals and improve the attractiveness of the profession. But smaller and mid-market firms are also doing their bit to position themselves competiatively in the market – firms like Gravita and Cooper Parry have set themselves apart as forward thinking, tech focused brands. Saffery has dropped it’s traditional image for a more modern moniker, and a sign it is moving away from the old style of accounting we envisage as children.

As the industry continues to evolve, accounting firms must also focus on rebranding their image, defining their unique value proposition, and cultivating a positive corporate culture that attracts and retains top talent. By embracing authenticity, personal branding, and a diverse workforce, the accounting profession can shed its outdated stereotypes and emerge as a thriving, innovative, and socially responsible industry that appeals to both clients and professionals alike.

The journey towards redefining the accounting profession may be a long one, but with a bold vision, a commitment to innovation, and a focus on creating a more inclusive and purposeful industry, the accounting industry can transform the way it is perceived and the impact it has on the business world and beyond.