Managing talent and tech this tax season

As tax season arrives, you may be feeling the pinch of the talent shortage more acutely than ever. In this issue, we cover the characteristics of a winning team, how to realistically incorporate agentic AI into your practice and how to keep your employees’ heads above water over the next few months.

And there’s hope for the future of the industry: Despite an overall decline in accounting majors, one teacher at the University of North Carolina Wilmington is capturing the attention of Gen Z with recent grad events and instruction on AI.

Oh captain, my captain: Every successful team needs five roles filled, including a leader who can make the tough calls on their own (skip ahead to 22:00 for all five).  

Bridging the talent gap: Intuit battles the accounting labor shortage with hands-on mentorship.

Love story: Accountants’ relationships with Excel have withstood the test of time. A vast majority profess a strong emotional attachment to the decades-old software. 

Keeping up with the agentics: How accounting firms can launch and integrate agentic AI without the overwhelm.

DIYing IT? Think again. Smaller accounting firms implementing their own cybersecurity probably aren’t meeting regulatory requirements.

How to not fall behind this tax season

Every accounting firm’s busiest season has arrived, but that doesn’t mean you have to be the bad guy for the next four months. Bayo Akinola-Odusola, a strategy execution advisor for Fortune 500 companies, shares how to maximize performance with clear communication and workflows. A proper handoff gives clarity for both the boss and your employees, making everyone happy. 

Why this matters: Identifying project ownership, scope and deadlines gives shared agreement throughout the firm. Then you can focus more on bringing in more clients instead of putting out fires in the office. (Entrepreneur)

Preventing employee burnout isn’t a pipe dream

Burnout is a real thing, especially in the accounting industry. But Jeremy Clopton, managing director of Upstream Academy, argues that firm leaders can help employees achieve a better work-life balance with a few simple steps, including properly planning for capacity, focusing on services that suit your team’s strengths and interests and ensuring there’s recovery time after the busy season.

Why this matters: Accountant turnover rates are high compared to other white collar industries. Strengthening your firm’s retention rates protects you from having to rebuild every time an employee jumps ship. (Inside Public Accounting)

9.2%

Estimated CAGR of accounting software between 2025 and 2035 (OpenPR)

• It’s here: IRS doors open Jan. 26
• New postmark rules could hurt tax procrastinators
• Post-holiday returns cause major accounting headaches
• Here’s what your clients might be saying about you
• AICPA may change how your firm accepts private equity

AI accounting slop racks up financial losses

Are you worried AI is going to take your job? We’re not there yet. A new study from the UK-based bookkeeping software Dext revealed that 50% of accounting firms have seen client financial losses due to incorrect advice from generative AI platforms like ChatGPT. And 93% of surveyed accountants reported spending significant amounts of time each month fixing AI mistakes. 

Why this matters: AI adoption has increased significantly both in people’s professional and personal lives. Every firm needs guardrails in place to protect its clients and its reputation. (Accountancy Age)

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The Net Gains is curated and written by Lauren Ward and edited by Bianca Prieto.