Overcoming Burnout to Create a Sustainable Accounting Practice

01/04/24 • 59 min

Earmark Podcast | Earn Free Accounting CPE

Hitendra R. Patil joins Blake for an insightful conversation about the staffing shortage in the accounting profession, identifying overwork and lack of work-life balance as key issues causing high burnout rates. They explore potential solutions like dropping the billable hour model, measuring impact rather than hours worked, outsourcing certain tasks, and focusing on specific value-added services. Patil also describes how his company helps accounting firms efficiently leverage offshore talent.

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Chapters

(00:47) - Hitendra Patil joins the show
(03:24) - Let's talk about CAS
(04:43) - What do you see firms call their communication with clients?
(12:19) - National Association of Tax Professionals 2023 study
(13:27) - CAS is vague and firms need to figure out what they want to offer from it
(14:17) - What is causing the accounting shortage?
(20:35) - How big of problems are the overwork and pay?
(25:01) - More and more firms are offshoring work
(29:34) - How long is offshoring a viable option?
(32:52) - What are the accounting student numbers in India?
(35:03) - Korn Ferry study on future shortages of working professionals
(40:13) - What is the real underlying cause of the talent shortage
(41:52) - Hourly timesheets and billing
(44:01) - How can accountants measure impact on clients?
(51:13) - Datamatics Business Solutions Inc.
(58:07) - Thanks for listening and remember to earn your free CPE on Earmark

Sign up to get free CPE for listening to this podcast

https://earmarkcpe.com

Download the Earmark CPE App
Apple: https://apps.apple.com/us/app/earmark-cpe/id1562599728

Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.app

Connect with Our Guest, Hitendra R. Patil

LinkedIn: https://www.linkedin.com/in/hitendrapatil/
Twitter: https://twitter.com/HitendraRPatil
Facebook: https://www.facebook.com/HitendraRPatil/
Instagram: https://www.instagram.com/accountaneur/

Learn more about Datamatics Business Solutions, Inc. (DBSI)
Website: https://datamaticscpa.com/accounting-bookkeeping-outsourcing-for-usa-cpas/

Connect with Blake Oliver, CPA

LinkedIn: https://www.linkedin.com/in/blaketoliver
Twitter: https://twitter.com/blaketoliver/

Sponsor
ShareFile - https://earmarkcpe.promo/sharefile

Chapters

(00:47) - Hitendra Patil joins the show
(03:24) - Let's talk about CAS
(04:43) - What do you see firms call their communication with clients?
(12:19) - National Association of Tax Professionals 2023 study
(13:27) - CAS is vague and firms need to figure out what they want to offer from it
(14:17) - What is causing the accounting shortage?
(20:35) - How big of problems are the overwork and pay?
(25:01) - More and more firms are offshoring work
(29:34) - How long is offshoring a viable option?
(32:52) - What are the accounting student numbers in India?
(35:03) - Korn Ferry study on future shortages of working professionals
(40:13) - What is the real underlying cause of the talent shortage
(41:52) - Hourly timesheets and billing
(44:01) - How can accountants measure impact on clients?
(51:13) - Datamatics Business Solutions Inc.
(58:07) - Thanks for listening and remember to earn your free CPE on Earmark

Sign up to get free CPE for listening to this podcast

https://earmarkcpe.com

Download the Earmark CPE App
Apple: https://apps.apple.com/us/app/earmark-cpe/id1562599728

Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.app

Connect with Our Guest, Hitendra R. Patil

LinkedIn: https://www.linkedin.com/in/hitendrapatil/
Twitter: https://twitter.com/HitendraRPatil
Facebook: https://www.facebook.com/HitendraRPatil/
Instagram: https://www.instagram.com/accountaneur/

Learn more about Datamatics Business Solutions, Inc. (DBSI)
Website: https://datamaticscpa.com/accounting-bookkeeping-outsourcing-for-usa-cpas/

Connect with Blake Oliver, CPA

LinkedIn: https://www.linkedin.com/in/blaketoliver
Twitter: https://twitter.com/blaketoliver/

Previous Episode

The Young CPA Perspective on the Talent Shortage

Blake is joined by two "Young" CPAs, Hannah Hood, and Joey Kinney, both virtual CFOs with Summit Virtual CFO by Anders. Among the topics of discussion are challenges for young accountants including low starting salaries, lack of flexibility and career path at traditional firms, the value of remote work, and the need for more women leaders and work-life balance in the accounting industry. Hannah and Joey also promote changing the accounting profession to be more adaptable and inclusive.

Sponsor
ShareFile - https://earmarkcpe.promo/sharefile

Chapters

(00:49) - Welcome Hannah and Joey to the show
(04:47) - Where are Hannah and Joey located?
(07:12) - Hannah, what is it like being a virtual CFO?
(09:16) - What kind of clients do you work with?
(10:04) - Joey what is different about your job and clients?
(13:30) - How did you learn to do forecasting
(16:05) - Are accountants leaving the profession because of boredom?
(19:49) - Joey can you tell us about how you set your own schedule with hours
(22:14) - How is your pay determined?
(29:46) - Summit allows you to work fully remote
(33:43) - What do you think holds back most firms from making these types of shifts?
(41:15) - How do we get higher starting salaries in accounting?
(42:16) - How Hannah and Joey each got their 30 extra semester hours for CPA licensure
(49:10) - Is the old promise of the accounting dream gone?
(55:54) - What's one thing you would change about the accounting profession if you could change anything?
(01:01:28) - Wrap up and how to listen to The Young CPA Success Show

Sign up to get free CPE for listening to this podcast

https://earmarkcpe.com

Download the Earmark CPE App
Apple: https://apps.apple.com/us/app/earmark-cpe/id1562599728

Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.app

Connect with Our Guests

Hannah Hood
LinkedIn: https://www.linkedin.com/in/hannah-hood-7a4740b2

Joey Kinney

LinkedIn: https://www.linkedin.com/in/joey-kinney-cpa-60658188/

Learn more about Summit Virtual CFO by Anders

Website: https://www.summitcpa.net

Connect with Blake Oliver, CPA
LinkedIn: https://www.linkedin.com/in/blaketoliver
Twitter: https://twitter.com/blaketoliver/

Next Episode

Harness the Power of AI: Practical Uses for Accountants

On this bonus episode Blake explores how artificial intelligence will transform the accounting profession. You'll learn how leading AI tools and chatbots can help automate routine tasks, freeing you up to focus on more strategic, higher-value services. He'll also walk through real-world examples of using AI for document analysis, tax research, correspondence, transcript review, drafting/editing, and more. Whether you're a sole practitioner or work in a large firm, this episode will equip you with actionable tactics to drive efficiency with existing clients and expand your advisory services. Don't let AI disrupt accounting without you!

Chapters