How the accountant shortage is impacting entrepreneurs


    Where have all the accountants gone? 

    The number of people sitting for the Certified Public Accountant exam has plunged by nearly 50% since 1990, according to the Association of International Certified Professional Accountants. 

    As Inc. Magazine writes, the drought of talent has prompted a crisis in the industry, which has put the blame on stiff education requirements, sluggish pay, and tough competition from glitzier business school paths like investment banking and management consulting. 

    For many early-stage and smaller companies, accountants serve as de-facto financial advisers in place of a CFO. And in the current tricky environment of higher interest rates, elevated costs, and tighter margins, entrepreneurs could really use some professional guidance. 

    “Small businesses are out there going: ‘I need this help. It’s a tougher economy today,’” says Ben Richmond, a certified public accountant who manages the U.S. client base for the small business accounting software platform Xero. “The challenge is a lot of the firms aren’t either resourced with the right technology or enough people to get to that.”

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