Latest news with #PennsylvaniaInstituteofCertifiedPublicAccountants
Yahoo
14-05-2025
- Business
- Yahoo
Tech and talent shortages reshape accounting hiring: PICPA
The conventional 'pyramid' model in accounting, which relies on large-scale entry-level recruitment, is becoming obsolete, according to a report by the Pennsylvania Institute of Certified Public Accountants (PICPA). The model is being disrupted by technological advancements and a scarcity of talent in the profession. Titled '2025 Workforce Transformation and Talent Management Strategies,', the report aims to offer a practical roadmap for firms to address evolving challenges such as shifting business models and upskilling needs. It surveyed more than 200 accounting firm leaders across 31 states, revealing a significant disconnect with 75% of leaders believe they will need the same or more staff to meet future demand, yet 52% expect their firm to be at least 20% smaller in five years. According to the accounting body, the disconnect underscores the challenges firms face in aligning staffing expectations with available talent, both in terms of quantity and technical expertise. The traditional 'pyramid' model, 'no longer fits', the PICPA said. Its report focuses the "inverted Pentagon' model, which emphasises precision hiring at the entry level and focuses on upskilling, retaining, and advancing junior and middle-level staff through specialised roles. Despite this, 53% of firms have done 'very little' to address workforce transformation, and 71% have only a 'basic' training programme or none at all. Only 6% rate their advisory training programmes as highly effective. PICPA CEO Jennifer Cryder said: 'Change is never easy, but standing still is no longer an option. Our goal is to help firm leaders move with purpose and turn intention into action. This is a moment for transformational action. 'Our hope is to equip accounting firms with the right tools and resources so that they can adapt to the broader trends we are seeing, without losing that human-centric, trusted-adviser mindset, or the ability to deliver the high-value work for which CPAs are respected.' Barriers to change include insufficient staffing for transformation efforts (47%) and financial constraints for training and technology (43%). This lack of investment contrasts with the growing demand for critical skills development, especially among junior staff. Firm leaders identify financial data analytics and visualisation (53%) and proficiency with technology tools such as robotic process automation, AI, and cloud-based platforms (50%) as critical skills for entry-level staff. Entry-level staff face high workloads (47%) and limited internal training (34%) as barriers to progression. The report also details practical steps for future success, summarised in the '6 Ps' of transformation: precision hiring, proactive retention, practical technology implementation, pricing expertise, practice area expansion or focus, and people acceleration. "Tech and talent shortages reshape accounting hiring: PICPA " was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Business Wire
13-05-2025
- Business
- Business Wire
Pennsylvania Institute of CPAs Releases Report on Accounting Firms and Workforce Transformation
PHILADELPHIA--(BUSINESS WIRE)--The Pennsylvania Institute of Certified Public Accountants (PICPA) released their latest Insights report, 2025 Workforce Transformation and Talent Management Strategies. The white paper offers a practical roadmap to help firms address evolving challenges in the profession, from shifting business models to upskilling and talent development needs. 'This report is a blueprint for building talent-first, tech-forward firms equipped to thrive in today's rapidly evolving workforce,' says PICPA's CEO Jennifer Cryder, CPA, MBA. 'Change is never easy, but standing still is no longer an option. Our goal is to help firm leaders move with purpose and turn intention into action.' Surveying more than 200 accounting firm leaders of various sizes across 31 states, the report finds a disconcerting conflict: 75% of firm leaders believe their firms will need the same or more staff to meet future demand, yet 52% also stated they expect their firm to be at least 20% smaller in the next five years. There's a clear disconnect between firms' staffing expectations and available talent, both in terms of the number of qualified candidates and their technical expertise. As technology and talent shortages disrupt the accounting profession, the traditional 'pyramid' model built on high-volume entry-level hiring no longer fits. This report dives deeper into the 'Inverted Pentagon' model, a framework that shifts the focus to precision hiring at the entry level, with greater emphasis on upskilling, retaining, and advancing junior and middle-level staff through greater specialized roles. One persistent challenge is that firms have been slow to foster change: 53% reported having done 'very little' to address workforce transformation, and 71% of firms only have a 'basic' training and development program or no program at all. Only 6% of firms rate their advisory training programs as highly effective. The top cited inhibitors of change are insufficient staffing for transformation efforts (47%) and financial constraints for training/technology (43%). The lack of investment stands in contrast with the growing demand for critical skills development, especially among junior staff. According to firm leaders, the most critical skills for entry-level staff to develop are financial data analytics and visualization (53%) and proficiency with technology tools such as robotic process automation, artificial intelligence, and cloud-based accounting platforms (50%). At the same time, barriers preventing entry-level staff from progressing are high workloads (47%) and limited internal training (34%). The inverted pentagon model offers a strategic solution to help firms focus on upskilling staff and embedding technology into workflows, thus reducing the need for high-volume hiring. In tandem, it can help support the development of in-demand skills like data analytics and AI tools. Practical steps are detailed within the report, with the future success of accounting firms summarized in the '6 Ps' of transformation: Precision hiring, Proactive retention, Practical technology implementation, Pricing expertise, Practice area expansion or focus, and People acceleration. 'This is a moment for transformational action,' says Cryder. 'Our hope is to equip accounting firms with the right tools and resources so that they can adapt to the broader trends we are seeing, without losing that human-centric, trusted-adviser mindset, or the ability to deliver the high-value work for which CPAs are respected.' To learn more about the findings and recommendations from this report, visit About the Pennsylvania Institute of Certified Public Accountants (PICPA) The Pennsylvania Institute of Certified Public Accountants (PICPA) is a premier statewide association of nearly 20,000 members working in public accounting, industry, government, and education. Founded in 1897, the PICPA is the second-oldest state CPA organization in the United States. To learn more about the PICPA, visit
Yahoo
07-05-2025
- Business
- Yahoo
Pennsylvania Institute of CPAs names new president
The Pennsylvania Institute of Certified Public Accountants (PICPA) has appointed David Stonesifer as its new president. The appointment took effect on 6 May during the organisation's 128th annual meeting in Philadelphia, US. Stonesifer, CEO of Herbein + Company, succeeds outgoing president Matthew Melinson. As president, Stonesifer will focus on strategic priorities, including talent pipeline development, technology adoption, and CPA advocacy. PICPA CEO Jennifer Cryder said: 'Dave is a respected voice in the profession and a passionate advocate for CPAs across Pennsylvania. 'His forward-thinking leadership and deep commitment to service will be invaluable as we continue to navigate the changing landscape of the profession and support our members in meaningful ways.' Stonesifer brings experience in both accounting and business leadership. He has been involved in various professional organisations, including the Pennsylvania State Board of Accountancy and the Greater Reading Young Professionals board. Stonesifer said: 'It is a great honour to step into this role at such a transformative time for the accounting profession. The opportunities and challenges ahead are significant, but the PICPA has done a tremendous job paving the way on issues from evolving workforce needs to supporting firms during rapid technological change. 'I look forward to continuing this hard work with PICPA members, leadership, and stakeholders to ensure CPAs across Pennsylvania are well-equipped to thrive.' PICPA represents close to 20,000 members across public accounting, corporate sectors, government, and academia. Established in 1897, it holds the distinction of being the second-oldest state CPA body in the US. In February this year, PICPA released a report titled '2025 Compensation and Benefits for Accounting Firm Leadership: A Strategic Guide'. The report analysed compensation structures, retention strategies, and benefits adaptation within Pennsylvania accounting firms. Offering benefits remains crucial, with a significant percentage of firms providing medical, dental, and vision insurance. Recruitment efforts have intensified, with 88.5% of firms offering medical insurance, 80.8% providing dental coverage, and 73.1% incorporating vision insurance. "Pennsylvania Institute of CPAs names new president " was originally created and published by The Accountant, a GlobalData owned brand.
Associated Press
06-05-2025
- Business
- Associated Press
The PICPA Welcomes Herbein + Company, Inc. CEO, David Stonesifer, to Serve as President
PHILADELPHIA--(BUSINESS WIRE)--May 6, 2025-- The Pennsylvania Institute of Certified Public Accountants ('PICPA'), the statewide accounting association of nearly 20,000 members, is proud to announce the installation of David W. Stonesifer, CPA, as President. Stonesifer's appointment takes effect today, May 6, coinciding with the PICPA's 128th annual meeting in Philadelphia. 'It's a great honor to step into this role at such a transformative time for the accounting profession,' says Stonesifer. 'The opportunities and challenges ahead are significant, but the PICPA has done a tremendous job paving the way on issues from evolving workforce needs to supporting firms during rapid technological change. I look forward to continuing this hard work with PICPA members, leadership, and stakeholders to ensure CPAs across Pennsylvania are well-equipped to thrive.' 'Dave is a respected voice in the profession and a passionate advocate for CPAs across Pennsylvania,' says Jennifer Cryder, CPA, MBA, CEO of PICPA. 'His forward-thinking leadership and deep commitment to service will be invaluable as we continue to navigate the changing landscape of the profession and support our members in meaningful ways.' Stonesifer is the CEO of Herbein + Company, Inc., a leading CPA advisory firm based in Reading, PA. He brings decades of experience in accounting and business leadership and has been involved in numerous professional organizations. His service includes roles on the Pennsylvania State Board of Accountancy, the board of Greater Reading Young Professionals (GRYP), and as President of the Reading Chapter of the PICPA. As President, Stonesifer will work closely with the PICPA executive team, Board of Directors, and members statewide to help advance the organization's strategic priorities, including talent pipeline development, technology adoption, and CPA advocacy at both the state and national levels. He succeeds outgoing president Matthew Melinson, CPA. To learn more about the PICPA visit . About the PICPA The Pennsylvania Institute of Certified Public Accountants (PICPA) is a premiere statewide association of nearly 20,000 members working in public accounting, industry, government, and education. Founded in 1897, the PICPA is the second-oldest state CPA organization in the United States. View source version on CONTACT: Trevor Davis Gregory FCA for PICPA [email protected] 215-475-5931 KEYWORD: UNITED STATES NORTH AMERICA PENNSYLVANIA INDUSTRY KEYWORD: FINANCE CONSULTING BANKING ACCOUNTING PROFESSIONAL SERVICES SOURCE: Pennsylvania Institute of Certified Public Accountants Copyright Business Wire 2025. PUB: 05/06/2025 10:15 AM/DISC: 05/06/2025 10:16 AM
Business Wire
06-05-2025
- Business
- Business Wire
The PICPA Welcomes Herbein + Company, Inc. CEO, David Stonesifer, to Serve as President
PHILADELPHIA--(BUSINESS WIRE)-- The Pennsylvania Institute of Certified Public Accountants ('PICPA'), the statewide accounting association of nearly 20,000 members, is proud to announce the installation of David W. Stonesifer, CPA, as President. Stonesifer's appointment takes effect today, May 6, coinciding with the PICPA's 128th annual meeting in Philadelphia. 'It's a great honor to step into this role at such a transformative time for the accounting profession,' says Stonesifer. 'The opportunities and challenges ahead are significant, but the PICPA has done a tremendous job paving the way on issues from evolving workforce needs to supporting firms during rapid technological change. I look forward to continuing this hard work with PICPA members, leadership, and stakeholders to ensure CPAs across Pennsylvania are well-equipped to thrive.' 'Dave is a respected voice in the profession and a passionate advocate for CPAs across Pennsylvania,' says Jennifer Cryder, CPA, MBA, CEO of PICPA. 'His forward-thinking leadership and deep commitment to service will be invaluable as we continue to navigate the changing landscape of the profession and support our members in meaningful ways.' Stonesifer is the CEO of Herbein + Company, Inc., a leading CPA advisory firm based in Reading, PA. He brings decades of experience in accounting and business leadership and has been involved in numerous professional organizations. His service includes roles on the Pennsylvania State Board of Accountancy, the board of Greater Reading Young Professionals (GRYP), and as President of the Reading Chapter of the PICPA. As President, Stonesifer will work closely with the PICPA executive team, Board of Directors, and members statewide to help advance the organization's strategic priorities, including talent pipeline development, technology adoption, and CPA advocacy at both the state and national levels. He succeeds outgoing president Matthew Melinson, CPA. To learn more about the PICPA visit About the PICPA The Pennsylvania Institute of Certified Public Accountants (PICPA) is a premiere statewide association of nearly 20,000 members working in public accounting, industry, government, and education. Founded in 1897, the PICPA is the second-oldest state CPA organization in the United States.
