Latest news with #PaulPeterson
Forbes
12-05-2025
- Business
- Forbes
Disruption In Accounting: The CPA Shortage Meets The Rise Of AI
Paul Peterson, CEO & Managing Partner, Wiss. getty If you were designing the accounting profession from scratch today, it wouldn't look anything like the version most firms are still trying to maintain. The assumptions it was built on—that talent is abundant, career paths are linear and manual work is the price of entry—no longer hold. The pipeline of CPAs is thinning, career expectations have shifted and AI has crossed the line from efficiency tool to strategic differentiator. Let's unpack how these forces are reshaping staffing strategies, skill development and leadership priorities—and what it will take to stay competitive as the profession evolves. The CPA pipeline has been weakening for years. Fewer accounting majors are sitting for the CPA exam, and the industry is seeing a mass exodus of Baby Boomers without enough young professionals to replace them. According to estimates from the American Institute of Certified Public Accountants, around 75% of all licensed CPAs reached retirement age by 2019. This is more than a numbers problem—it's also a structural one. The traditional accounting career path—four or five years of school, a 150-hour licensure requirement and long hours in a rigid work environment—simply isn't aligned with what the next generation of professionals wants. Recent legislative changes, such as Ohio's decision to offer alternatives to the CPA 150-hour requirement, underscore how urgently states are looking to reverse this trend and make the profession more accessible to emerging talent. Layer on the burnout that public accounting is infamous for, and the message from younger talent becomes clearer: It's not that they don't want to work in accounting—it's that they don't want to work in accounting as it exists today. Firms are feeling the impact. According to Wolters Kluwer's Future-Ready Accountant report, 45% of firms named the talent shortage as one of the most significant challenges facing the profession. And, according to Thomson Reuters research, 32% of firms cited hiring and developing talent as their top priority in 2024, with recruitment emerging as the most urgent need, particularly at midsize firms. The workforce we needed five years ago isn't the same as the one we'll need five years from now. Instead of narrowing hiring pipelines to CPA-track accounting majors, leaders should be asking: What other disciplines could thrive in this environment if we gave them the tools and training? The reality is, firms are already starting to bring in talent with backgrounds in finance, economics, computer science and data analytics—and it's working. These professionals are helping firms analyze trends, build dashboards, improve forecasting and navigate a business environment that's moving faster than ever. Just as important is retraining the professionals already in place. Technical accounting skills are still foundational, but they're not the finish line. Employees now must know how to work alongside AI, how to critically assess the outputs of machine learning models and how to extract insights that matter to clients. That's why upskilling has become a central strategy for firms looking to stay competitive. According to the 2024 CAS Benchmark Survey, 63% of firms are now investing in building advisory skills across their existing teams. It's a clear sign that firms are preparing for a future where success hinges less on debits and credits and more on strategic thinking and client partnership. While the profession is grappling with a shrinking talent pool, AI is making serious strides in automating routine accounting work. Transaction processing, categorization, reconciliations and even the first draft of reporting can now be handled by machine learning systems with startling accuracy. This shift changes the game for how work gets done and who does it. AI isn't replacing accountants—it's replacing the parts of accounting that most people didn't enjoy doing in the first place. And that opens up two major opportunities: 1. Firms can operate with leaner teams without sacrificing quality or turnaround time. 2. Professionals can focus more on advisory, strategic insights and relationship-building. This evolution is already reshaping firm service models. Advisory and consulting offerings are expanding rapidly, with adoption rising from 47% to 84% in just one year—a 37% jump. Client demand is growing, and so is the strategic value of accountants who can think beyond the numbers. By relieving professionals of repetitive, high-volume work, AI gives people more room to think, connect and advise. It enables accountants to spend less time crunching numbers or hunting down anomalies and more time making sense of them. Instead of acting as task executors, they can become true financial translators—bringing clarity to complex decisions and helping clients navigate uncertainty with confidence. And finally, one of the least discussed, yet arguably most important, impacts of AI and automation is the potential to improve the lived experience of accounting professionals. Automating time-consuming, low-reward tasks can reduce burnout and allow professionals to spend more time doing work that feels meaningful. It can also help firms distribute work more intelligently, predict capacity issues earlier and intervene before talent burns out or walks out. Firms don't need to overhaul everything overnight—but they do need to move. Hiring strategies, training programs and workflow models must evolve in step with the pressures facing the profession. The firms that act now—by broadening talent pipelines, investing in advisory skills and using AI to relieve capacity constraints—can be better positioned to compete in a market that's demanding more and moving faster. This is the first of a two-part series exploring how disruption is reshaping accounting. In part two, I'll tackle how private equity ownership and rising client expectations are shaking up firm business models, and what that means for the future of service and strategy. Forbes Finance Council is an invitation-only organization for executives in successful accounting, financial planning and wealth management firms. Do I qualify?
Business Wire
22-04-2025
- Business
- Business Wire
Wiss Named a Double Winner in The 2025 FinTech Awards
BUSINESS WIRE)-- Wiss, a full-service accounting and business advisory firm leveraging AI and data analytics to deliver advanced financial solutions, has been named a winner in The 2025 FinTech Awards, earning recognition in two categories: Best FinTech for Personal Banking, Personal Payments and Money Management and Best FinTech for Financial Accounting and Management Accounting. 'This recognition isn't just a win for Wiss; it's a validation of the direction we've chosen to take as a modern accounting and advisory partner.' Operated by long-running cloud computing awards body The Cloud Awards, The FinTech Awards is a global awards program recognizing the most outstanding innovations in financial technology. The program covers solutions used to support financial processes – such as accounting and payroll – as well as within specific sectors including retail, events, and healthcare. Uses within financial institutions such as banking and investments, and also groundbreaking applications in areas such as SaaS and international functionality are also recognized. The program received entries from organizations of all sizes from across the globe, including the USA and Canada, the UK and Europe, the Middle East, and APAC. 'This recognition isn't just a win for Wiss; it's a validation of the direction we've chosen to take as a modern accounting and advisory partner,' said Paul Peterson, CEO & Managing Partner at Wiss. 'We've been intentional about integrating emerging technologies like AI and automation in a way that enhances, not replaces, the human guidance our clients rely on. These awards affirm that we're not only keeping up with the pace of change—we're helping to shape it. I'm incredibly proud of our team for pushing boundaries and reimagining how we can deliver smarter, more impactful financial solutions.' James Williams, CEO of The Cloud Awards, said: 'We're delighted to reveal the winners of the very first edition of the long-awaited FinTech Awards. The anticipation building towards the program has been rewarded through a fantastic field of entrants, with this year's winners providing the cherry on top of the cake. 'Finance and financial services is one of the fastest growing and innovative industry verticals we're seeing in the cloud computing and SaaS industry. Wiss, through their outstanding submission, has demonstrated that they are at the top of their game. Alongside their fellow winners, they are taking the lead in driving this exciting corner of our industry forwards. Many congratulations on earning this title.' To learn more about Wiss, visit About Wiss Headquartered in Florham Park, NJ, and with offices in New York City and Florida, Wiss is clearing the path for a new era of accounting. We bring technical experts powered with AI to meet the needs of today's data centric, growth-minded customer. Wiss is an accounting business that goes beyond the numbers, offering our dynamic clients a full spectrum of accounting and advisory services. Every Wiss client is engaged with a tailored team of specialists who advise on specific needs at their stage of growth. Wiss taps into the full potential of what an accounting business should be—modernizing the experience for clients, teams, and the industry at large. For more information on Wiss, go to About the Cloud Awards The Cloud Awards is an international program which has been recognizing and honoring industry leaders, innovators and organizational transformation in cloud computing since 2011. The Cloud Awards comprises five awards programs, each uniquely celebrating success across cloud computing, software-as-a-service (SaaS), cloud security, artificial intelligence (AI), and financial technologies (FinTech). Winners are selected by a judging panel of international industry experts. For more information about the Cloud Awards, please visit The FinTech Awards focuses on the major innovations in the world of financial technology, including personal and corporate banking, insurance, and wealth management, business finance processes, and FinTech use within a selection of sectors, across 23 categories.
USA Today
27-03-2025
- Sport
- USA Today
Paul Peterson odds to win the 2025 Texas Children's Houston Open
Paul Peterson odds to win the 2025 Texas Children's Houston Open Texas Children's Houston Open details and info Date: March 27-30, 2025 March 27-30, 2025 Course: Memorial Park Golf Course Memorial Park Golf Course Location: Houston, TX Houston, TX Previous Winner: Stephan Jaeger How to watch the Texas Children's Houston Open Thursday: Golf Channel Golf Channel Friday: Golf Channel Golf Channel Saturday: Golf Channel, NBC Golf Channel, NBC Sunday: Golf Channel, NBC Watch golf on Fubo! Peterson odds to win the Texas Children's Houston Open PGA odds courtesy of BetMGM Sportsbook. Odds updated Wednesday at 8:58 PM ET. For a full list of sports betting odds, access USA TODAY Sports Betting Scores Odds Hub. Peterson odds to finish in the top 5 at the Texas Children's Houston Open Peterson odds to finish in the top 10 at the Texas Children's Houston Open Other betting markets for Peterson at the Texas Children's Houston Open Peterson recent performances Peterson has taken part in seven tournaments this season, earning one top-10 finish. Peterson has made the weekend and finished in the top 20 on the leaderboard once in his past four tournaments.
