This episode features a panel discussion on the challenges and future of the accounting profession. Panelists include Ed Kless, Michael Turner (Validis), Steve Cox (IRIS), and Dan McMahon (Integrated Growth Advisors). They delve into issues like the billable hour model, talent shortages, resistance to change, the role of technology like AI, client advisory services, private equity's impact, and more. The conversation offers insightful perspectives on where accounting is stuck and what kind of transformation is needed.

Panelists:

- Ed Kless, Former Senior Director of Partner Development and Strategy at Sage

- Michael Turner, CEO of Validis

- Steve Cox, Business Intelligence Director at IRIS

- Dan McMahon, Management Consultant at Integrated Growth Advisors

Key Topics:

- The billable hour as the "cancer" holding back accounting

- Need to transition to selling knowledge/value instead of time

- Talent shortage and struggles to attract newcomers

- Importance of purpose, values, and accountability for great firms

- Role of change management to drive transformation

- Predictions on multidisciplinary teams, data-driven audits, advisory services

"Stuck. In a word, stuck...The cancer of the accounting profession is the billable hour and the timesheet." - Ed Kless

"Let's eliminate the annual performance review and instead institute after action reviews...that is the replacement for the timesheet." - Ed Kless

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