Accounting
Speakers urge emphasis on wellness for both clients and staff at Xerocon
The accounting profession must address the persistent image problem that, increasingly, is making young people hesitant to enter it in the first place, according to Ben Richmond, managing director for North America for small business accounting platform Xero.
Speaking during the company’s annual Xerocon event this week in Nashville, Richmond noted that accountants don’t really deserve the image that much of the public carries about them, but acknowledged the unfortunate strength of this perception nonetheless.
“We need to address this perception challenge that we’re monotone, that we’re dull, that we’re going to be automated out of existence, because that perception is wrong. You don’t deserve it. The trust our small business clients offer us, the jobs we do, means we don’t deserve it. I am proud of my profession,” said Richmond.
He felt the general public was not aware of all the changes the profession has undergone in the last few years, notably its increasingly tech-driven nature as well as the decline of mundane compliance-based tasks in firms in favor of higher value advisory engagements. While he, himself, is “excited about what the profession has become and where it is going,” many others are not because they’re not aware of either.
“Put yourself in the shoes of a high school student who doesn’t know what it looks like inside this crazy room [at the conference] as they think about what they are inspired to study. Are they really thinking accounting sounds exciting?” he said.
Meeting this challenge means embracing the modern accounting practice and all the ways the profession has evolved over the years. A key part of this is truly defining one’s value as an advisor, capitalizing on the trust clients give to their accountants, something that had been difficult before as professionals were often burdened with “the compliance workload or the never-ending tax season.”
With technology automating many routine tasks today, much more focus can be spent on what he said was the real reason why people hire accountants: peace of mind and wellbeing for clients. He talked about helping his sister find an advisor for her business. They talked to two others before settling on a third, not because of their technical acumen but because they were the ones who truly took time to understand not just her business but herself as a person, including both her aspirations and anxieties. By creating this connection, he said, she let herself be vulnerable, which allowed the advisor to see not just the numbers but the reasoning behind it. More practitioners would benefit from such an approach, he said.
“Too many firms tell me still they’re just number crunchers. But you are a key lever to supporting your client’s wellbeing. You probably don’t wake up and think I’m the supporter of mental health for my small business clients, but think about the impact when you help them understand where they’re going. When clients know they’re talking to someone who relates, who speaks their language, that will make it easier to work with them and make them open and trusting about their fears and their concerns,” he said.
He said emotional intelligence is highly underrated in the profession, but it’s vital if one wants to run a successful firm. There is no amount of technology, he said, that can replace it. Instead, let emotional intelligence be your differentiator, your competitive advantage in order to deepen client relationships.
Demonstrating this kind of commitment is especially important in light of the profession’s persistent talent shortage. Speaking at another panel later in the day, Jeff Phillips, co-founder of recruiting company AccountingFly, noted that the unemployment rate for accountants and auditors in the US is just 1.8%, much lower than the
“So, what does this tell us? Everyone who wants a job has a job. There isn’t a pocket of people where you can just post a job and find them. So what can you do? You have to compete for talent and you have to go out there,” he said.
Beyond higher pay and more support for remote work, however, Phillips noted that there is also the matter of addressing the profession’s culture. While the idea that accounting is monotonous repetitive work with no higher purpose is largely a matter of perception, it is all too true that many firms promote a punishing work schedule with little work life balance or mental health support, at least in North America.
“We work in a profession of very hard workers who are spending so much time at work, and there isn’t much time for physical or mental health and taking care of themselves. I have a friend who owned a firm who, last year, he did not want to tell his clients he was taking vacation because he was worried about how they would feel about him being off. I thought, you’re probably not going to be really on vacation, you’ll hate your vacation with that attitude. That is a problem that needs to be addressed,” he said.
Shayne Dueck, national leader of accounting and bookkeeping services with Canadian firm MNP raised a similar point, noting that while much is said about work life balance today, it is undermined by a certain pride leaders have in working such a schedule, an attitude which then trickles down to the staff.
“The badge of honor is how many hours did I work and how much can I pack into a week or a season. That needs to be outright questioned. … Sometimes it’s about calling it out. I don’t want that job. Who wants that job? We have people leaving the profession because they are overworked and burnt out. We have people not wanting to go into the profession because that’s what they hear,” he said, urging accountants to not be afraid to call out this attitude and provide a better example. “You can model that you can be successful, you can have balance, you can have mental health.”
Kayur Patel, a PwC tax partner and another panelist, said it is largely about taking the same advice they give to their clients all the time.
“For anyone who has had clients like a family business, you’ve probably been in a situation where you advise the client they’re doing alright and they can take the foot off the gas and spend more time with family. But as an industry we don’t do that ourselves. I think we should take some of our own advice in how we run our own practice because sometimes we know what the right answer is for our clients, but we’re not doing it ourselves,” he said.
One example to look towards might be accountants in Australia. Heather Smith, the head of Australian firm Anise Consulting, noted that the work culture is quite different not just in accounting firms but the entire country. Saying Australians are “lifestyle first people” she pointed out that workers in general get four to five weeks holiday every year, plus 10-13 public holidays annually, and a standard 37.5 hour work week. On top of that, Australia allows up to 10% of an accountant’s continuing professional education be about mental health awareness, giving credibility to the topic.
“Australians aren’t perfect, but we are having the conversation, we are actively in communities looking out for each other,” she said.
When she critiqued a UK accounting body she was a member of for only talking the talk about mental health, she noted that they proceeded to roll out an educational platform on the topic as well as put on more events and activities to support the profession; she noted that mental health and wellness doesn’t have to be just rest and relaxation but also nutrition and spirituality and social connectivity that lets people feel stimulated.
Emma Reid, a partner in the UK’s Cotton Group, raised a similar point, noting that it’s okay to take an expansive view on wellness. What is important is not to make some perfunctory measure and call it a day but, rather, find what actually works for people. She noted that, at her own firm, there was little response to things like mental health apps or gym memberships. While certain firms might be tempted to call it a day regardless, her own firm continued experimenting to find something people would actually respond to, which ultimately was fun activities they can take part in.
“It’s finding those things that actually make a difference versus offering something just because it looks good,” she said.
Jody Padar, an author and speaker known as “The Radical CPA,” and Katie Tolin, a growth strategist for CPAs, together launched a training and technology platform called XcelLabs.
XcelLabs provides solutions to help accountants use artificial technology fluently and strategically. The Pennsylvania Institute of CPAs and CPA Crossings joined with Padar and Tolin as strategic partners and investors.
“To reinvent the profession, we must start by training the professional who can then transform their firms,” Padar said in a statement. “By equipping people with data and insights that help them see things differently, they can provide better advice to their clients and firm.”
The platform includes XcelLabs Academy, a series of educational online courses on the basics of AI, being a better advisor, leadership and practice management; Navi, a proprietary tool that uses AI to help accountants turn unstructured data like emails, phone calls and meetings into insights; and training and consulting services. These offerings are currently in beta testing.
“Accountants know they need to be more advisory, but not everyone can figure out how to do it,” Tolin said in a statement. “Couple that with the fact that AI will be doing a lot of the lower-level work accountants do today, and we need to create that next level advisor now. By showing accountants how to unlock patterns in their actions and turn client conversations into emotionally intelligent advice, we can create the accounting professional of the future.”
“AI is transforming how CPAs work, and XcelLabs is focused on helping the profession evolve with it,” PICPA CEO Jennifer Cryder said in a statement. “At PICPA, we’re proud to support a mission that aligns so closely with ours: empowering firms to use AI not just for efficiency, but to drive growth, value and long-term relevance.”
The accountant the world urgently needs has evolved far beyond the traditional role we recognized just a few years ago.
The transformation of the accounting profession is not merely an anticipated change; it is a pressing reality that is currently shaping business decisions, academic programs and the expected contributions of professionals. Yet, in many areas, accounting education stubbornly clings to outdated, overly technical models that fail to connect with the actual demands of the market. We must confront a critical question: If we continue to train accountants solely to file tax reports, are we truly equipping them for the challenges of today’s world?
This shift in mindset extends beyond individual countries or educational systems; it is a global movement. The recent announcement of the
The CIMA/CGMA proposal for 2026 is not just a curriculum update; it is a powerful manifesto. This new program positions analytical thinking, strategic business partnering and technology application at the core of accounting education. It unequivocally highlights sustainability, aligning with IFRS S1 and S2, and expands the accountant’s responsibilities beyond mere numbers to encompass conscious leadership, environmental impact and corporate governance.
The current changes in the accounting profession underscore an urgent shift in expectations from both educators and employers. Today, companies of all sizes and industries demand accountants who can do far more than interpret balance sheets. They expect professionals who grasp the deeper context behind the numbers, identify inconsistencies, anticipate potential issues before they escalate into losses, and act decisively as a bridge between data and decision making.
To meet these expectations, a radical mindset shift is essential. There are firms still operating on autopilot, mindlessly repeating tasks with minimal critical analysis. Likewise, many academic programs continue to treat accounting as purely a technical discipline, disregarding the vital elements of reflection, strategy and behavioral insight. This outdated approach creates a significant mismatch. While the world forges ahead, parts of the accounting profession remain stuck in the past.
The consequences of this shift are already becoming evident. The demand for compliance, transparency and sustainability now applies not only to large corporations but also to small and mid-sized businesses. Many of these organizations rely on professionals ill-equipped to drive the necessary changes, putting both business performance and the reputation of the profession at risk.
The positive news is that accountants who are ready to thrive in this new era do not necessarily need additional degrees. What they truly need is a commitment to awareness, a dedication to continuous learning, and the courage to step beyond their comfort zones. The future of accounting is here, and it is firmly rooted in analytical, strategic and human-oriented perspectives. The 2026 curriculum is a clear indication of the changes underway. Those who fail to think critically and holistically will be left behind.
In contrast, accountants who see the big picture, understand the ripple effects of their decisions, and actively contribute to the financial and ethical health of organizations will undeniably remain indispensable, anywhere in the world.
Congressional Republicans are siding with Donald Trump in the messy divorce between the president and Elon Musk, an optimistic sign for eventual passage of a tax cut bill at the root of the two billionaires’ public feud.
Lawmakers are largely taking their cues from Trump and sticking by the $3 trillion bill at the center of the White House’s economic agenda. Musk, the biggest political donor of the 2024 cycle, has threatened to help primary anyone who votes for the legislation, but lawmakers are betting that staying in the president’s good graces is the safer path to political survival.
“The tax bill is not in jeopardy. We are going to deliver on that,” House Speaker Mike Johnson told reporters on Friday.
“I’ll tell you what — do not doubt, don’t second guess and do not challenge the President of the United States Donald Trump,” he added. “He is the leader of the party. He’s the most consequential political figure of our time.”
A fight between Trump and Musk exploded into public view this week. The sparring started with the tech titan calling the president’s tax bill a “disgusting abomination,” but quickly escalated to more personal attacks and Trump threatening to cancel all federal contracts and subsidies to Musk’s companies, such as Tesla Inc. and SpaceX which have benefitted from government ties.
Republicans on Capitol Hill, who had — until recently — publicly embraced Musk, said they weren’t swayed by the billionaire’s criticism that the bill cost too much. Lawmakers have refuted official estimates of the package, saying that the tax cuts for households, small businesses and politically important groups — including hospitality and hourly workers — will generate enough economic growth to offset the price tag.
“I don’t tell my friend Elon, I don’t argue with him about how to build rockets, and I wish he wouldn’t argue with me about how to craft legislation and pass it,” Johnson told CNBC earlier Friday.
House Budget Committee Chair Jodey Arrington told reporters that House lawmakers are focused on working with the Senate as it revises the bill to make sure the legislation has the political support in both chambers to make it to Trump’s desk for his signature.
“We move past the drama and we get the substance of what is needed to make the modest improvements that can be made,” he said.
House fiscal hawks said that they hadn’t changed their prior positions on the legislation based on Musk’s statements. They also said they agree with GOP leaders that there will be other chances to make further spending cuts outside the tax bill.
Representative Tom McClintock, a fiscal conservative, said “the bill will pass because it has to pass,” adding that both Musk and Trump needed to calm down. “They both need to take a nap,” he said.
Even some of the House bill’s most vociferous critics appeared resigned to its passage. Kentucky Representative Thomas Massie, who voted against the House version, predicted that despite Musk’s objections, the Senate will make only small changes.
“The speaker is right about one thing. This barely passed the House. If they muck with it too much in the Senate, it may not pass the House again,” he said.
Trump is pressuring lawmakers to move at breakneck speed to pass the tax-cut bill, demanding they vote on the bill before the July 4 holiday. The president has been quick to blast critics of the bill — including calling Senator Rand Paul
As the legislation worked its way through the House last month, Trump took to social media to criticize holdouts and invited undecided members to the White House to compel them to support the package. It passed by one vote.
Senate Majority Leader John Thune — who is planning to unveil his chamber’s version of the bill as soon as next week — said his timeline is unmoved by Musk.
“We are already pretty far down the trail,” he said.
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