The Future of Public Accounting

By: Allen Carroll, Wilkins Miller Managing Partner

The 130-year-old CPA profession is in an exciting period of being “rebirthed.”  This rebirth is being driven by technological advancements, workforce dynamics, evolving client expectations and outside investments into the industry.  As we prepare for the next generation of accounting professionals, it’s crucial to understand the trends shaping our industry and the skills future accountants, like yourselves, will need to achieve.

Automation & AI: Redefining Entry-Level Roles

With the integration of AI tools and advancing sophistication of accounting software, entry-level accounting work is becoming more exciting. Tasks that once took hours—like data entry and basic reconciliations—are now automated, allowing new accountants to dive into more meaningful and engaging projects from the start.  By using these tools to streamline processes and deliver strategic insights, entry-level associates can make a real impact earlier in their careers. Adaptability and a knack for technology will set you apart as you embrace the rapidly evolving nature of today’s technology.

Data Analytics & Insights: Driving Advisory Services

There is an old saying along the lines of “there is a reason why a car’s windshield is much larger than its rear-view mirror – because we need to be looking forward and not backwards.”  Data analytics is creating exciting opportunities by turning historical numbers into forward looking business strategies. Firms are increasingly focusing on providing data-driven insights, enabling accountants to help clients make informed business decisions.  Imagine using cutting-edge analytics tools to uncover trends, predict outcomes, and offer creative solutions. As a future accountant, developing skills in data visualization and analytics can position you as a trusted advisor who makes a tangible difference.

More Focus on People, Hybrid & Remote Work: Embracing Flexibility

The rebirth of the profession includes a better focus on people.  The world of work has evolved, and accounting is no exception. Hybrid and remote work models are here to stay, offering a new level of flexibility and work-life balance. Accounting firms are adapting with collaborative technologies and innovative ways to stay connected.  For new professionals, thriving in this environment means being proactive, mastering digital tools, and embracing the freedom to work from anywhere. It’s an exciting time to enter a field where your career can adapt to your lifestyle.

Meeting Rising Client Expectations

Today’s clients expect more than just accurate financials—they want partners who can help them grow and succeed. Accounting firms are stepping up as strategic advisors, offering services like financial planning and business strategy.  For students entering the field, this is a chance to develop interpersonal and problem-solving skills that go beyond the numbers. Building strong client relationships and delivering customized advice can make your work much more impactful and personally gratifying.  Talk to any veteran and they will always say the thing they most enjoyed where working with and helping their clients succeed.

Today’s Accounting Firms Are Entrepreneurial Businesses

The industry’s rebirth is also emphasizing that public accounting is more than a profession, it is an entrepreneurial business industry with great opportunity.  This opportunity is now being more broadly recognized by others with money to invest.   There is an unprecedented tidal wave of interest from private equity and other investors interested in investing in accounting firms.  A growing number of accounting firms now include private equity and other institutional owners.  These outside investments will no doubt drive change in firms.

For young people who are interested in an entrepreneurial career, public accounting firms provide an incredible opportunity in every respect.  There are TREMENDOUS opportunities in the profession across the board – both business (increasing from existing clients and new opportunities) and the WAY business is done – AI, technology, hiring people in other countries as examples.  The rewards for those who are skilled and passionate about creating, leading and growing organizations can be significant.  These opportunities can also be realized with a reasonable work life balance.

There will be challenges as we look to the future of public accounting – however, I am beyond confident those challenges will be dwarfed by all of the exciting advances occurring in this rebirth.  By embracing these trends and equipping themselves with the right skills, the next generation of accountants will play a pivotal role in further shaping this exciting industry and driving even more value for their clients and their firms.

There is no better time than now to enter and to be in the business of public accounting!

W. Allen Carroll, Jr., CPA/CFF/ABV, CVA started his career in public accounting, in 1987, with the predecessor firm of Wilkins Miller and serves as its managing partner.  Allen has been recognized as an industry leader by being named by Forbes’ Magazine as one of the country’s top 200 CPAs in 2024.