Accounting

The most-read stories of 2024 in accounting

Published

2 years ago

January 2, 2025

Business Finance News

Enjoy complimentary access to top ideas and insights — selected by our editors.

2024 was a significant year across the accounting profession, with a host of pressing issues such as the worsening talent shortage, moves by top firms like PwC and RSM US restructuring their operations, the effect of President-elect Donald Trump’s return on the tax landscape, and more.

With that in mind, here are our most-read stories from the past 12 months, highlighting some of the developments that caught our readers’ attention.

Why accounting firms are bleeding talent

Article by Frank Gargano

The talent shortage facing the accounting profession is well known at this point, as graduates with accounting majors are deterred by uncompetitive wages and a lack of education on career paths — while existing accountants leave the field entirely. Amid this identity crisis, firms are starting to look inwards for solutions.

Data from the most recent ADP National Employment Report published in October showed that the service-providing sector added 101,000 jobs in September, 20,000 of which were for roles in professional and business services like accounting and tax preparation. The month before, according to the U.S. Bureau of Labor Statistics, 1,500 new postings were described as accounting-related openings.

But many in the field say the hurdles to becoming a licensed CPA, including the test itself, are simply not worth the payoff.

Click here to read the full article.

Appeals court reinstates BOI injunction

Article by Michael Cohn

A federal appeals court has reversed itself, reinstating an injunction on beneficial ownership information reporting by businesses only days after lifting it.

On Dec. 23, a panel of the U.S. Court of Appeals for the Fifth Circuit granted a stay of a preliminary injunction by a federal district court in Texas that had temporarily paused a requirement for filing BOI reports with the Treasury Department’s Financial Crimes Enforcement Network under the Corporate Transparency Act of 2019 in the case of Texas Top Cop Shop Inc. v. Garland.

The plaintiffs petitioned the full appeals court for an en banc rehearing to consider additional issues in the case. They argued that the panel’s decision conflicted with a 2012 Supreme Court decision in the case of National Federation of Independent Businesses v. Sebelius, ignored potential violations of the First and Fourth Amendments, and improperly discounted serious harms that the plaintiffs and the public would suffer. They also argued that the decision to reinstate the Jan. 1 reporting deadline, which was only a few days away, disregarded the interests of millions of entities subject to the CTA, which aims to deter criminals from using shell companies for illicit purposes such as money laundering and terrorism financing.

Click here to read the full article.

Reshaping the pyramid

Article by Daniel Hood

Consider the pyramid.

For much of its modern history, the public accounting profession has relied on the pyramid — at least metaphorically — in building both the ownership and management structures of CPA firms, and it has proven a remarkably enduring model, to the point where it was effectively the only model from the 1930s up until the late 1990s, and remained overwhelmingly the most common model for the first two decades of the 21st century.

But while the pyramids of Giza look likely to last far into the future, the pyramid model of accounting firms is facing serious challenges, specifically over the last four years, as more and more firms experiment with a host of new or newly popular models for how firms can be owned and managed.

Click here to read the full article.

Developing talent and professional training for personal growth tiny person concept. Potential improvement and motivation boost with leader appraisal or encourage as skill watering vector illustration

Accounting talent shortage worsens

Article by Michael Cohn

The shortage of accounting talent continues to plague the profession and appears to be getting worse. As the pipeline dries up, 83% of senior leaders report a talent shortage this year, up from 70% in 2022, with 10% this year saying it’s worsening, according to a CFO Pulse report released on Aug. 6 by accounting solutions provider Personiv.

More than 300,000 accountants and auditors left the accounting profession between 2020 and 2022, a 17% decline, according to The Wall Street Journal.

As outsourcing gains wider use, the report found 90% of surveyed CFOs outsource some of their accounting functions, and 90% of those respondents said they can easily find qualified accountants when they need them. That enables them to leverage specialized talent to maintain efficiency and focus on strategic goals.

Click here to read the full article.

Donald Trump listens to a question while speaking to members of the media before boarding Marine One on the South Lawn of the White House in Washington, D.C.

Trump’s victory: What it means for taxes

Article by Daniel Hood

After a presidential campaign that saw a steady stream of tax proposals aimed at a wide range of constituents, Donald Trump will return to the White House next January, when he can begin trying to deliver on those promises.

One of the most significant areas of focus will be on the expiring provisions of the former and future president’s 2017 Tax Cuts and Jobs Act, which was a signature achievement of his first term. Republicans have taken control of the Senate, but control of the House remains in question as votes continue to be counted.

Extending all the provisions could cost as much as $4.6 trillion, according to Rochelle Hodes, Washington National Tax Office principal at Top 25 Firm Crowe.

Click here to read the full article.

Accounting and analysis with laptop and calculator

The riskiest jobs in accounting

Article by Chris Gaetano

We’ve been hearing it for years, but especially in 2023 as generative AI rocked the world: Automation and artificial intelligence are here and they’re coming for all the routine, mundane, repeatable tasks that have traditionally been accountants’ bread and butter.

However, allowing machines to do this frees up human accountants for higher-value, strategically oriented tasks that will help firms do more with less in the face of a diminishing talent pipeline and outside disruption. Professionals will be able to work on the things that are really interesting to them and discard all the drudge work that no one ever wanted to do anyway.

Of course, regardless of whether or not anyone necessarily wants to do these things, there are still people whose job it is to do them — at least for now. Because as technology improves, the range of tasks that can be automated will only grow wider, increasing the risk for disruption. This, over time, will greatly alter the shape of the profession and the behavior of firms, which itself will alter career paths and force many out of their comfort zone with little choice but to adapt to these changing circumstances.

Click here to read the full article.

Baby season vs. busy season

Article by Paige Hagy

Having a second child wasn’t even in the cards for Erica Goode until she knew she was going to quit her accounting job.

Goode started her career at the Big Four before moving to corporate accounting. Instead of a busy tax season, she had a busy audit season, so when she got pregnant with her first kid she requested a part-time schedule for when she returned from maternity leave.

“I can do the math,” she said. “I realized that my kid was going to spend more of their waking hours with their daycare provider than they would with me, and I just wasn’t OK with that.”

Click here to read the full article.

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Accounting standards blamed for lack of accountants

Article by Michael Cohn

The 150-hour rule for obtaining a CPA license is getting blamed in many quarters lately for the shortage of accountants, but another culprit may be the proliferation of complicated accounting standards, according to a recent academic study.

The study, released last December, examined the role that accounting rules from the Financial Accounting Standards Board, especially the restrictiveness of U.S. GAAP, has played in the declining supply of accountants.

“The study looks at how growing regulation within accounting and the increase in accounting rules issued by the FASB have changed the accounting profession and the role of the accountant,” said Anthony Le, a Ph.D candidate in accounting at Columbia University, who carried out the study.

Click here to read the full article.

PwC shakes up U.S. firm

Article by Michael Cohn

PricewaterhouseCoopers US is realigning its organizational structure across three lines of service — Assurance, Tax and Advisory — starting in July, only about three years after it restructured into two sides: Trust Solutions and Consulting Solutions. PwC US is also adding a new operating committee to run the firm.

A spokesperson said the new structure would better serve client needs, their buying patterns and the market. It takes effect July 1. The new operating committee includes assurance leader Deanna Byrne and tax leader Krishnan Chandrasekhar.

PwC US’s incoming senior partner, Paul Griggs, announced the changes in April via a LinkedIn post.

Click here to read the full article.

RSM lays off 3% of staff

Article by Paige Hagy

Top 10 Firm RSM US laid off 5% of its consulting workforce, as well as an unspecified number of employees in assurance, on Sept. 20.

Employees in the consulting practice were notified in a virtual meeting with the practice leader and a human resources representative on Sept. 20, a source inside the firm who was impacted by the layoffs told Accounting Today.

Approximately 240 employees across the consulting practice were affected, and those employees will finish their projects by early next week, according to an email sent after the meeting. The firm said that it planned no further reductions.

Click here to read the full article.

Accounting

AI-Driven Automation and Continuous Accounting Frameworks

Published

5 days ago

August 15, 2026

Business Finance News

The accounting profession is undergoing a fundamental structural transition as enterprise finance departments shift from periodic month-end closes toward automated continuous accounting models. By integrating specialized machine learning algorithms directly into enterprise resource planning (ERP) platforms, chief accounting officers are transforming financial reporting from a retrospective exercise into a real-time operational asset.

The Shift from Periodic Close to Continuous Financial Reporting
Traditional accounting workflows heavily relied on manual data reconciliation, spreadsheet calculations, and multi-week closing cycles at the end of each fiscal period. In contrast, continuous accounting frameworks utilize automated software agents to process, validate, and post transactional data in real time as business activities occur.

Automated bank reconciliation tools cross-reference incoming bank feeds, invoice records, and purchase orders automatically. By resolving transactional variances instantly throughout the month, corporate accounting teams eliminate the traditional workload spikes associated with quarterly and annual closes.

Machine Learning in Audit Trails and Anomaly Detection
Advanced natural language processing (NLP) and machine learning tools are redefining internal audit and financial control environments. Automated systems analyze 100% of general ledger entries, identifying anomalous transactions, duplicate payments, and unauthorized journal entries in real time.

Rather than relying on random statistical sampling, corporate internal auditors can focus their attention on high-risk flags automatically surfaced by algorithmic monitoring platforms. This continuous risk assessment strengthens internal controls over financial reporting (ICFR) and significantly reduces fraud risk.

Evolving Roles for Accounting Professionals
As routine data entry and manual reconciliation tasks become fully automated, the skill set required for accounting professionals is shifting toward data analysis, system design, and strategic business advisory.
– Systems Governance: Accountants are increasingly responsible for monitoring algorithmic accuracy and managing data integration pipelines.
– Business Partnership: Finance professionals leverage real-time financial dashboards to advise operational leaders on margin management and working capital allocation.
– Regulatory Compliance Management: Accounting teams utilize automated platforms to ensure compliance with dynamic tax codes and international accounting standards.

Core Implementation Recommendations
1. Deploy Automated Reconciliation Tools: Integrate continuous transaction processing modules into existing enterprise ERP architectures.
2. Establish Algorithmic Governance Controls: Implement strict internal testing protocols to ensure automated accounting rules comply with GAAP/IFRS standards.
3. Reskill Accounting Teams: Invest in training finance staff on data analytics, workflow automation, and predictive financial modeling.

Accounting

Global ESG Reporting Standards and Double Materiality Compliance

Published

1 week ago

August 9, 2026

Business Finance News

Corporate accounting departments face expanding reporting expectations as international sustainability disclosure standards achieve regulatory enforcement across major global jurisdictions. Chief Accounting Officers (CAOs) and corporate controllers are establishing rigorous internal accounting controls to treat Environmental, Social, and Governance (ESG) metrics with the same data precision, auditability, and governance as traditional financial statements.

Regulatory Harmonization Under Global Sustainability Frameworks
The implementation of standardized sustainability reporting frameworks—notably rules established by international sustainability accounting boards—has created unified expectations for public and large private enterprises. Corporations must report standardized metrics covering greenhouse gas emissions (Scope 1, 2, and material Scope 3), energy utilization, workforce demographics, and supply chain governance.

In Europe and other participating international jurisdictions, double materiality principles are mandatory. Under double materiality, organizations must report both how external sustainability risks impact corporate financial performance, and how internal corporate operations affect surrounding environmental and social structures.

Integrating Sustainability Metrics into Core ERP Systems
To provide auditable non-financial data, enterprise organizations are integrating specialized carbon accounting and ESG management platforms directly into core ERP systems. Automated data collectors capture energy utility invoices, logistics fuel consumption metrics, and vendor compliance records in real time.

Establishing automated, traceable data pipelines ensures that non-financial reporting is supported by clear audit trails. This structured approach allows external financial auditors to provide reasonable assurance on sustainability disclosures during annual corporate reporting cycles.

Financial Impacts and Capital Market Disclosure
Accurate ESG reporting directly influences corporate cost of capital and institutional credit ratings. Commercial lenders and institutional asset managers systematically incorporate sustainability metrics into risk pricing models. Companies that demonstrate transparent, verifiable progress in operational energy efficiency and climate risk mitigation benefit from expanded access to green bond markets and lower debt pricing.

Action Steps for Accounting Leadership
1. Implement Double Materiality Frameworks: Conduct comprehensive assessments to identify material financial and operational sustainability metrics.
2. Build Auditable Non-Financial Data Pipelines: Automate ESG data collection within core accounting software to ensure data integrity.
3. Align Sustainability with Annual Financial Filings: Prepare non-financial disclosures concurrently with financial statements to satisfy regulatory audit expectations.

Accounting

Modernizing Internal Controls: Machine Learning and Continuous Monitoring in Auditing

Published

2 weeks ago

August 5, 2026

Business Finance News

Internal audit departments and corporate risk managers are modernizing internal control frameworks by shifting from periodic sampling techniques to continuous monitoring and machine learning analytics. As operational data volumes increase across enterprise organizations, automated control testing ensures financial integrity, prevents corporate fraud, and streamlines annual audit engagements.

The Limitation of Periodic Audit Sampling
Historically, internal and external auditors evaluated internal controls by reviewing random samples of financial transactions—often analyzing less than five percent of total ledger entries. In complex enterprise environments, periodic sampling methods carry inherent risks of overlooking localized financial misstatements, unauthorized disbursements, or operational control breakdowns.

In 2026, progressive internal audit functions are utilizing automated continuous monitoring platforms that evaluate one hundred percent of financial transactions in real time. Continuous control auditing systems continuously monitor general ledger entries, procurement approvals, and expense reimbursements across all operating subsidiaries.

AI-Powered Fraud Detection and Anomaly Identification
Machine learning models trained on historical corporate financial data excel at identifying subtle transactional anomalies that indicate potential fraud or operational error. Automated systems instantly flag duplicate invoice payments, unapproved vendor creation, unusual journal entry timing, and unauthorized override of authority thresholds.

When an anomaly is detected, the automated auditing platform generates an instant risk alert, allowing internal audit teams to investigate root causes immediately. Early detection prevents minor operational errors from escalating into material weaknesses in financial reporting.

Streamlining External Audit Preparation
Continuous internal control monitoring delivers significant benefits during annual external financial audits. External audit firms can review continuous audit logs and automated control testing documentation, reducing the time required for manual field testing.

This integrated approach lowers overall audit compliance fees, reduces administrative burdens on corporate accounting staff, and provides senior management and audit committees with real-time visibility into the organization’s overall risk profile.

Core Implementation Guidelines
1. Transition to 100% Data Testing: Replace legacy sampling methods with automated continuous audit monitoring systems.
2. Deploy Anomaly Detection Algorithms: Implement machine learning models to identify unauthorized transactions and operational control overrides.
3. Align Internal and External Audit Workflows: Coordinate continuous control testing protocols with external auditors to optimize annual compliance cycles.