Latest news with #Wiss
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.
Vox
26-03-2025
- Lifestyle
- Vox
The realist's guide to spring cleaning
The state of a kitchen pantry, closet, or garage says a lot about a person. There are some who seem to have the innate ability to keep their spices alphabetized, their clothes separated by color and season, and power cords neatly wound all in one place. Then there are others with more junk drawers than regular ones and small collections of stuff that have accumulated over time. If you're a member of the latter group, you may have been one of the many curious minds scouring Google for decluttering tips — the search term hit a five-year high in 2025 — or found yourself in a hypnotic home organizing TikTok wormhole. Vox Culture Culture reflects society. Get our best explainers on everything from money to entertainment to what everyone is talking about online. Email (required) Sign Up By submitting your email, you agree to our Terms and Privacy Notice . This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. A home that's disorganized can create anxiety and overwhelm, says Amanda Wiss, the founder of Urban Clarity, a New York City-based professional organization business. In her experience, the greatest decluttering hurdle is finding the will to get started. Some clients have the perception that the task will be too difficult, the project too big. Maybe you're in the same boat. Or perhaps the online content you've seen around home organization — rife with expensive bins and colorful labels — has you feeling pressured to drop hundreds of dollars on products. However, the secret to decluttering, experts say, is to rely on function over aesthetics and to organize like a real person and not an influencer. Start with a small, manageable task For those who struggle getting started, take some pressure off: You don't need to organize your entire house in one weekend. But you should begin with a smaller task or area, ideally one that causes you the most aggravation. Are you constantly tripping over shoes and bookbags as soon as you walk in the door? Start with your entranceway. Does your laundry pile up on an office chair that you'd really like to sit in again? Tackle that first. Do you struggle to find a spot for groceries in the fridge? Make that your project for the day. 'Decluttering is decision-making,' Wiss says, 'and it's exhausting, and there's decision fatigue, and you could at some point just hit a wall.' If even those assignments seem too big, Wiss suggests breaking them down into micro-tasks: clearing out just the vegetable drawer or storing winter coats. Keep these smaller projects relegated to one room and commit to slowly making progress over time, says professional organizer Robyn Reynolds, the CEO of Southern California-based company Organize2Harmonize. 'If you do a corner here in this room and a corner there in the other room, you're not really going to see the progress and then you're going to feel defeated,' she says. 'But if you actually are able to finish an entire room, then you're going to feel really motivated and proud of yourself because you actually did it.' You might let that momentum carry you onto another small to-do list item. But be mindful of your energy levels. You don't want to empty your pantry and lack the motivation to put everything back. 'Decluttering is decision-making,' Wiss says, 'and it's exhausting, and there's decision fatigue, and you could at some point just hit a wall and then you still need for those piles to go somewhere.' Try the three-second rule for purging Wiss has a straightforward three-step approach to decluttering: Sort like with like, purge, then containerize. First, make sure everything you want to organize is in one place. For instance, all of your chargers should live in one area, all of your shoes should be stored in the same place, all your bowls and plates should be in the kitchen. Then, you can see how many chargers or sneakers or bowls you have and pare down where needed. If you're finding it hard to part with impractical but sentimental items… Remind yourself that you're not discarding the memory of a loved one, just their possessions. If the item is not your style and you'll never use it, let it go. Don't hold onto items that will only get damaged over years in storage. 'So many times when I clear out garages with clients,' Reynolds says, 'so many things we find [have] mold or water damage. So what was the point of holding on to it when it just got destroyed and now they're throwing it out anyway?' The purge stage can often be challenging because many people attach memories and sentiments to objects and find it difficult to part with them. Kayleen Kelly, a professional organizer in Olympia, Washington, developed a three-second rule to help her clients pare down items. After you've collected and sorted all of one category of item — like coffee mugs — go through one by one and decide which item you'll keep. If you hesitate for more than three seconds when weighing whether or not to keep a specific mug, it's an automatic keep. This technique ensures you're making confident decisions about what to get rid of. 'If you can't decide,' Kelly says, 'and you hesitate, there's no punishment for indecision. So you just keep it and you keep moving forward.' To further aid your decision-making process, ask yourself if the item is actually useful, Reynolds says. Again, not everything needs to be utilitarian, but it isn't worth keeping posters from college you never plan on hanging up again. But if you do manage to get infrequent but meaningful use out of that family heirloom fondue pot, by all means, keep it. Reynolds also recommends taking photos of sentimental but impractical items and collecting them in a photo book or digital slideshow. That way, you can memorialize grandma's couch without needing to sacrifice space for it in your basement. Once you've pared down items, you can properly organize them. This is where you'll create a system for your closet, garage, pantry, or other area you're decluttering. It can be as simple as dedicating one shelf in the linen closet to sheets and another for towels. Don't spend money on organizers when an old shoebox will do Experts have observed clients' all-too-common urge to buy expensive organizers and bins before they even start discarding items. Online, influencers push aesthetically pleasing storage containers and label makers, only adding to the pressure that true decluttering involves spending money. 'It's not about buying more products,' Kelly says. The reality is, once you pare down your makeup brushes, you may realize you don't need a container, and a cup from the kitchen will do. The most important aspect of organizing, Kelly says, is for your system of choice to be functional, so don't waste money on eight-tier hangers if you know you lack the patience to put eight shirts on them. If you do need a container, try to reuse what you already have at home, like a shoebox, Tupperware, an old iPhone box, or a piece of cardboard from an Amazon box as a drawer organizer. For everything else, your local dollar store will have inexpensive organizers and bins. Donate what you don't need The most integral aspect of decluttering is to remove the clutter from your space. Don't get hung up on the logistics until after you've set aside the items you want to get rid of, Kelly says. In her experience, most of her clients' discarded items are in good enough condition to be donated. 'Find a place in your local area that takes the majority of everything,' she says. That might be your local Goodwill, Salvation Army, thrift store, or women's shelter. Related Buy less stuff After organizing smaller spaces, like your linen closet or the cabinet under the sink, you may have a more limited collection of items to donate. You can be more targeted with these donations, Kelly says, since you have less to discard — and fewer decisions to make. Local Buy Nothing Facebook groups are also effective in finding your stuff a new home. For items that can't be donated or given away, look up your city or town's recycling rules. If all else fails, throw items in the trash. Make it a habit Because life inevitably happens, systems may fall into disarray and products may once again accumulate. Decluttering should be an ongoing process throughout the year. To keep her clients in a clutter-free state of mind, Reynolds often imparts some words of wisdom. 'Everything has a price: time, space, money, or energy,' she says. Consider what your clutter is costing you in terms of the time that could be better spent doing anything other than decluttering, the space your items take up, the money it costs to keep, and the vibe it brings to your home.
