Accounting

Digital transformation outweighs talent as finance leaders’ top concern

They're pursuing AI as a solution to the accounting shortage.
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Though the accountant shortage is still a concern, a shortage of AI and tech skills might be a more pressing issue right now. That’s according to a pulse survey by consulting firm RGP and YouGov, which polled 213 US financial professionals at the director level and above this June.

About a quarter (26%) of the respondents chose cybersecurity and risk management as their biggest talent gap, followed by digital transformation skills (23%). A slightly smaller percentage (21%) named accounting services as the area where they most lacked talent.

Talent itself took a back seat to digital transformation as finance leaders’ top concern. Almost a third (30%) of respondents said “digital strategies,” such as implementing AI and automation, was the most pressing issue for them in the second half of 2024, while slightly more than a quarter (26%) said it was attracting and retaining talent. Their third most prevalent concern was fraud prevention and cybersecurity (17%).

Interestingly, finance professionals also saw technology as a solution to the accountant shortage. About four in 10 respondents (43%) said they were investing more in AI and automation due to the shortage. But they’re also pursuing talent-based solutions: three in ten said they were turning to consulting talent to update their finance functions, and 27% said they were using more interim staffing.

Finance leaders also seemed more interested in training current staff than in hiring more employees as a way to address skill gaps. Nearly half (45%) of those who said they planned to invest more heavily in workforce development this year said they’d focus on reskilling or upskilling existing staff. Another 18% said they planned to hire more full-time staff, while 13% said they’d be bringing in outside talent, such as contractors and consultants.

News built for finance pros

CFO Brew helps finance pros navigate their roles with insights into risk management, compliance, and strategy through our newsletter, virtual events, and digital guides.