Why Firms Need Efficiency Now More Than Ever
Accounting firms are facing one of the most significant resource challenges in recent memory – not because of technology, regulation, or even AI – but because of people. Or more accurately, the lack of them.
The pipeline of new talent entering the profession is shrinking, and the traditional model of bringing in graduates to do the groundwork is no longer reliable. With fewer students studying accounting and even fewer choosing public practice, firms are under pressure to do more with less – and fast.
As a young Chartered Accountant who recently went through this pathway myself, I’ve seen first-hand – and heard from countless friends – just how differently young professionals are approaching their careers today. Expectations have shifted, and firms that don’t adapt quickly risk falling behind – not just in productivity, but in their ability to attract and retain the next generation of accountants.
Hannah Olsson
Chartered Accountant
The Numbers Are Shrinking
Fewer students are choosing to study accounting at university. That’s not speculation — it’s a well-documented trend backed by research from professional bodies like CAANZ (https://www.charteredaccountantsanz.com/news-and-analysis/insights/research-and-insights/declining-university-enrolments), which has highlighted a concerning drop in enrolments in accounting degrees over recent years.
Why the shift? I believe it is because accounting has a branding problem. Bright, capable students are drifting into finance, economics, consulting, law — areas often perceived as more dynamic, prestigious, or future-facing. Whether that perception is fair or not, it’s becoming a real issue for firms trying to grow teams from the ground up.
This isn’t just data. It reflects the conversations I’ve had with peers, both during university and in practice.
The Talent Pipeline Is Drying Up
Even when students do study accounting, many don’t head into traditional public practice. Instead, they follow opportunities in industry, advisory, or tech-focused roles. And for those who do aim for practice, they’re often snapped up by the Big Four, who can offer competitive salaries, brand recognition, and structured development pathways.
That leaves small-to-medium firms competing over a rapidly shrinking pool of grads — and no longer enjoying a surplus of junior staff ready to do the heavy lifting of compliance work at lower charge-out rates.
The Cost of Doing Things the Old Way
With fewer hands on deck, firms simply can’t afford inefficiencies. The old model — bringing in grads, throwing them low-level tasks, and slowly training them up — no longer scales. You can’t throw more bodies at the problem if the bodies don’t exist.
The resource gap has made one thing crystal clear: efficiency is no longer a nice-to-have — it’s a survival requirement.
What Today’s Young Accountants Actually Want
I know from my own experience — and from many chats over coffee or in team rooms — that the next generation of accountants has different expectations. We want to learn fast, use good tools, and actually enjoy the work. If a firm’s tech feels clunky or if our first few months are spent buried in spreadsheet admin, it’s hard to stay motivated.
Today’s graduates expect:
- Clarity and challenge – they want to know what to do and why it matters.
- Good software – intuitive, fast, and clean. They’ve grown up on apps that just work.
- Progress – to be trained quickly so they can take on meaningful work.
- Purpose – to spend their time on value-add work, not admin or inefficiency.
A Modern Firm Must Offer More
If we want to attract, retain, and develop capable accountants, we need to build firms that are:
- Efficient – automating the basics to free up time.
- Scalable – giving staff the tools to learn fast and do more.
- Engaging – letting juniors step into more complex work as soon as they’re ready.
- Enjoyable – offering variety, visibility, and modern tools.
Software Can Make or Break Your Firm
When your team is small, your systems do the heavy lifting. A strong tech stack doesn’t just save time — it creates capacity, improves accuracy, and helps young staff feel capable faster.
If we want to fix the pipeline long-term, we might need to rebrand accounting. But in the short term, firms can’t wait. Efficiency isn’t just helpful. It’s the only way forward.
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