From June 2-6, 2024, four thousand CPAs, thought leaders, speakers and vendors converged in Las Vegas for AICPA’s annual ENGAGE event. This conference covered nine accounting disciplines, including tax, assurance, practice management and technology.
Here are the top themes and surprises from the event:
- AI (artificial intelligence), security and the staffing pipeline problem should be top of mind as you plan your firm’s future strategy.
- Next year could be your last “normal” tax season. Find out how AI and other environmental factors could change the accounting game in 2026.
- Networking with peers leads to cool discoveries; find out a few of my favorites from this year’s ENGAGE conference below.
For more details about the new ideas, concepts and technologies that caught my attention, keep reading.
AI: Is Copilot your next new assistant?
While big AI announcements from major vendors rang somewhat hollow, narrow AI solutions, especially Microsoft Copilot, are advancing. Sessions on Microsoft 365 and Copilot highlighted practical uses of generative AI within firms, beyond just marketing. Copilot is poised to become a digital assistant.
- Training AI: Like interns, AI needs training and active review.
- Partnership: AI acts as copilots, not autopilots, assisting in work.
Takeaway 1: AI will significantly impact accounting, potentially more than spreadsheets. Schedule time to experiment with generative AI, especially Microsoft Copilot. Tools like Rightworks Spark offer a secure environment to explore AI and set up assistants.
Security: Increased sophistication means firms are more at risk
I joined two panels with top security advisors for the accounting profession. The consensus is clear: Cyberthreats have become highly sophisticated. Internal IT teams alone can’t adequately protect against these threats. Criminal organizations are well-funded and use AI for next-gen phishing and deepfake technology.
Takeaway 2: Adopt a zero-trust mindset. Allow minimal access to firm resources and transition to enterprise-class managed cybersecurity services. Regularly conduct accounting-specific security awareness training.
Talent shortage: Acknowledging accounting pipeline problem
Most accounting firms face a talent shortage, which will worsen before improving. The National Pipeline Advisory Group is working to make the profession more attractive and inclusive, but this will take years to fix. Immediate actions include:
- Positive talk: Discuss the profession positively with peers.
- Engage students: Share stories about the profession with local colleges and high schools.
- Firm culture: Build a life-balanced culture where people want to work.
- Retention: Prioritize retaining good staff with competitive pay.
Takeaway 3: Build a practice with a great work culture to attract and retain talent. Focus your efforts “on” the firm rather than just “in” it.
Bonus: More solutions for addressing staffing shortages now
Several tax sessions addressed staffing issues. Consistent solutions included:
- Early hiring: Hire and train staff early.
- Geographic flexibility: Hire outside your geographic area.
- Onshore/offshore staffing: Use staffing services and hire non-traditional candidates.
- Technology use: Implement technology to improve capacity.
- Client management: Work on culling non-ideal clients.
Takeaway 4: Talk positively about the profession, implement staffing solutions and adopt modern technologies. Ensure staff can focus more on advisory work and less on traditional compliance tasks.
Future tax seasons: Only one more ‘normal’ busy season to go
During the CPA Practice Advisor mashup, it was suggested that 2025 will be the last “normal” tax season. Initially skeptical, I now agree. Expect major tax changes in 2026 due to expiring provisions and an unpredictable political climate. AI and automation tools (machine learning, robotic process automation, application programming interface) will evolve to handle tasks traditionally done by accountants. New AI tools, like Aiwyn and BlackOre, are more agile than traditional vendors, adding to the disruption.
Takeaway 5: After the extension season, evaluate tax applications and tools impacted by AI. Prepare for significant changes in tax production applications by October 15, 2025.
Squirrel! Notable innovations from AICPA ENGAGE
Several shiny objects or innovative concepts caught my attention this year at AICPA ENGAGE:
- Microsoft Stream with teams: Firms are using video formats for tax return recaps to save time on follow-up meetings. One firm presented a “Tax Season Explainer” video early in the filing season.
- Ask BlueJ and CPA Pilot: GenAI tax research tools are reducing the need for traditional tax research licenses.
- Debrief survey tools: HR tool HelloTeam can improve culture and gather feedback. Conduct surveys right after April 15, when details are fresh.
Conclusion: Accountants need to prepare for rapid, significant changes
Without a doubt, we are in the midst of the fastest and most significant changes that the accounting profession has ever experienced. The examples above are only a handful of the insights garnered.
Rightworks will continue monitoring industry trends and sharing insights and best practices for the accounting profession. Let’s keep moving forward together. Subscribe to our blog today.
