Accounting has always been an integral element of the business world, but it has never been more important than it is today. While AI has helped generate financial information at a rapid rate, the improvements in the economy have resulted in a need of more accountants. We need financial professionals to help clients make sense of their records and information. With the improvements of AI, accounting has evolved from old school bookkeeping to a more hands on and communicative profession. When AI generates certain business or client financial information, how is everyone supposed to make sense of the data they are working with and make decisions? That’s where many hire an accountant.

Accounting Jobs Outlook

According to the U.S. bureau of labor statistics, they project a demand increase of 7% for accountants over the next 10 years. This is due to other factors, such as globalization, a growing economy, and a complex tax environment. Potential clients need professionals to help them analyze their financial statements because many simply can’t do it on their own.

Shortage of Accountants

The growing demand for accountants is also a direct effect of the supply. In an article on businessinsider.com, it states that there is a nationwide shortage of accountants and it’s becoming a problem for businesses. Overall, fewer college students are graduating with accounting degrees than in years past. A 2022 Deloitte poll found that 82% of hiring managers for accounting positions at public companies and 69% at private companies said talent retention is a challenge. Since there are fewer accounting majors today, most companies need more accountants and have less than they would like.

In conclusion, the work force needs accountants today because of economic factors and the shortage of accounting majors. Business need workers who can manage financial processes, financial reporting, and ensure regulatory compliance so the accountability and integrity of a business don’t suffer. The business insider article compares the shortage of accountants to playing sports without a referee. Accountants understand the language of a business and companies cannot be successful without them.