Guest blog: Accountancy must go bold or go home

The Accounting Talent Index shows that more firms must undertake more strategies if they’re to move the profession forward, writes Kevin Reed.

Now in its third year, the Advancetrack’s Accounting Talent Index report has evolved into one that is global – with strong levels of responses from Australia, the UK, the US and Canada.

Taking stock of AI

So, what do I make of this year’s report? Let’s take a step back first. The 2025 Index contained some fascinating stats around attitudes to AI and its impact on the profession. Respondents were broadly positive: AI will create work for accountants, not leave them out of work. Of course, there is a catch: AI is likely to drive the restructuring of roles; some tasks may disappear but new ones will be created. Therefore, if you want your day job to stay the same then accountancy might not be the best place for you.

Despite my discussions with practitioners in recent months showing that AI is still in its infancy, it was eye-opening to see that represented in the 2026 Talent Index, particularly after last year’s results. It would seem that AI adoption is fractured, and basically not well-formed across the profession – not just limited to my contact base… but a global position.

A restructure required

The 2026 report also raises other concerns. There is still a significant proportion of practitioners that see the talent shortage as worse than it was three years ago. What three years of the Index has shown is that this problem is not a blip.

Delving into the sections covering the US, Canada and Australia showed that this issue is driving structural reform and mitigation. If we cannot persuade students that accountancy has a future, then it becomes a fait accompli that we will need fewer of them.

Reform and mitigation aren’t reserved for accountancy institutions. The report highlights that many firms are doing many things to clear the talent hurdle. From introducing new tech and processes through to wellbeing initiatives, increased salaries, upskilling and
outsourcing/offshoring. Personally, I’d prefer to see more firms doing more.

The current situation begs aggressive moves – it also makes me appreciate that, with such change required, PE has been an attractive proposition for many practices across the UK and US. But funding, or handing over ownership, doesn’t have to be the only models; however, bravery and boldness of approach are required.

Too much work, not enough growth

Finally, it’s worth noting that keeping accountancy thriving means that the practices have to thrive. Sadly, it’s a Catch-22 situation where firms are struggling to keep up with the workloads, impacting their ability to grow despite ambitions to do so.

This not only hurts the images of practices, making recruitment tougher, but it’s pushing our existing accounting professionals over the edge. A staggering 26% are considering leaving the profession.

While I look forward to seeing the Talent Index 2027, I shall read it through my fingers.

Kevin Reed is editor of Financial Accountant magazine and a freelance journalist. His views may not align with those of Advancetrack