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[Music] today I wanted to talk about the Outlook of the accounting profession ing to the Wall Street Journal 300 000 U.S accountants and Auditors have left their jobs in the past two years that's a 17 decline are the accounting and tax professions dying like some say is it too difficult to work in public accounting with the long hours and tedious work is becoming a CPA even worth it anymore in this video I'll discuss all of that and my journey into becoming a solo accounting and tax professional meaning no employees I'll share my insights for those looking into the field of accounting or becoming a CPA and insights and how technology can impact the field of accounting and taxes hi I'm Noelle lorenzana your friendly neighborhood accountant take it from me accounting is a really important job because it helps businesses organizations and individuals keep track of their money accountants make sure that Financial transactions are recorded accurately and the financial statements are prepared correctly and that taxes are paid on time all of this helps organizations make good decisions about their money and plan for the future there are also a lot of different things you can do as an accountant you can work for a big company a small business or even for yourself you could also specialize in a certain area of accounting like taxes or auditing this means that you can choose a job that best fits your interests and skills another reason why accounting can be a good career choice is that there's always a demand for accountants businesses and organizations need someone to help them with their finances so there are always opportunities available plus as long as you keep learning and staying up to date with new technologies and practices you'll be able to keep your job skills fresh and in demand overall if you're someone who likes working with numbers and solving problems and if you're interested in how businesses and organizations manage their money than a career and accounting could be a great fit for you so if it's so great why are accountants leaving the profession and why are so few accountants entering traditional work as an accountant there are lots of reasons why accountants have chosen to leave the profession such as seeking a new change in their career path maybe they're looking for new challenges or maybe they're turned off by factors such as low pay long hours and high levels of stress also with increased adoption of technology in the accounting profession this has led to feelings of job insecurity and a sense of uncertainty about what the future may hold for the profession fewer people are also entering traditional work as an accountant due to these changes or because they're attracted to other careers that may be more fulfilling or exciting however the accounting profession Still Remains an important and vital part of the business world and there are still many rewarding opportunities available for those who are interested in the field for me I started out with an accounting degree for my State University I interned at some manufacturing companies in Chicago doing some of the most boring work you can imagine I studied foreign got my CPA I worked in public accounting for about four years doing accounting auditing and taxes it was really good experience and fast pace but the pay was pretty low back then these employers knew that public accounting was a career track that could lead to great opportunities so starting pay was often below average they've since improved the pay structure I hear ultimately it's a trade-off for really good experience that you can use later in your career with this and other skills I picked up along the way I was able to confidently open my own accounting and tax preparation business and having CPA credentials is a great marketing tool and it's instant credibility say that I left the nine to five grind to work for myself well before it was fashionable to do so like it is right now in my opinion is becoming a CPA worth it anymore if someone was asking me today if it's worth pursuing or becoming a CPA I would answer no it's a challenging process that requires 150 credit hours of college education actual public accounting work experience and passing the grueling CPA exam it primarily allows one to attest or sign off on third-party financial information and is the highest level assurance that one can provide you just want to do taxes you can study to become an enrolled agent and take some accounting classes and be just as good as a CPA if not better if you want to do bookkeeping you can find many good bookkeeping courses and do very well with the bookkeeping service business having a CPA behind your name can definitely help open doors for you but personally I don't think it's worth it anymore what do you think let me know in the comment section below with technology automation machine learning blockchain Technologies and now artificial intelligence it all has the power to change the way accounting and tax work is done here are some examples how we know the IRS is working on ways that would calculate your tax return for you and let you know how much is your refund or how much you would need to pay when this rolls out in the near future basic level tax preparers would no longer be needed as much as accountants are starting to despise them QuickBooks is getting better and better with machine learning and automations as it improves and it becomes more reliable the need for accountants and bookkeepers will go down but for now they're very much needed to clean up messed up QuickBooks files in the area of auditing blockchain technologies have the power to disrupt the field with this decentralized and distributed Ledger which can help make sure that Financial records are accurate and that there are fewer mistakes or fraud overall it's hard to say exactly how technology will change accounting and taxes but it's clear that they have the power to make big changes and improvements it's important for people in these fields to stay up to date with the latest development and technology and think about how it might impact their work with that being said the field of accounting is vast and is still a great line of work to get into I don't think the need for traditional accountants will ever go away entirely look at me for example I'm slowly transitioning to the Creator economy simplifying taxes and accounting for nice people like you I'm unpacking my knowledge and experience into really useful courses to help you to file your taxes and ultimately become tax Savvy links are in the description if you're interested what about accounting firms moving work overseas you know what they say necessity is the mother of invention all the big firms are establishing offices in India and the Philippines and hiring local professionals to work remotely on U.S jobs the overseas office workers will do the grunt work or the tedious work that no one else wants to do and back in the States they'll do the project management to quality control and client relations work please share your thoughts with me on the future of the accounting profession does it still sound appealing in this day and age in my opinion it's still a very lucrative field with lots of options for stable and steady work but do know it's getting harder and harder to find a good accountant at least in my area if you need one find one sooner rather than later and be delighted to pay their professional fee a lot of them aren't even accepting new clients anymore myself included do check out this video here on why your tax preparation fees are going up this year I made it last year but the information is still relevant today if you liked the video please do me a favor give it a like And subscribe if you want to stay connected as always thanks for watching and see you in the next video [Music]