Summer is in full swing and we are ready explore key trends shaping accounting’s future, from fostering strong workplace culture through storytelling to tackling the talent shortage. Discover how to attract and retain top talent, embrace digital transformations, and prioritize client-centric approaches. These insights and tips will guide your firm’s success in 2024 and beyond.
Introducing our Hiring Scorecard, specifically designed to help DFW hiring managers identify their blind spots and provide immediate, actionable steps for improvement.
- It takes just less than 5 minutes
- It’s completely free
- Receive customized results instantly
June Jobs Report Highlights
The latest jobs data are here and it presents a balanced perspective: robust hiring continues, complemented by a slight rise in the unemployment rate.
Key Takeaways:
- The U.S. economy added 206,000 jobs in June, indicating sustained economic growth.
- The unemployment rate rose to 4.1%, reaching its highest point since November 2021.
- Significant job gains were observed in Healthcare (+49,000) and Construction (+27,000).
The job market demonstrates remarkable resilience. Although the uptick in unemployment calls for observation, it also reflects a dynamic economic environment. For job seekers, this is an opportune moment to distinguish yourselves by emphasizing your unique skills and experiences. Employers should consider this an ideal time to enhance recruitment strategies to secure top talent. How do you anticipate this report will impact your current situation?
Candidate Spotlight
Director of Accounting
- Master of Science in Accounting and Information Management and a Bachelor of Science in Cognitive Science from The University of Texas at Dallas
- 10+ years of experience
- Extensive multiple entity experience being in the hotel industry
- Currently has one direct report and has a lead a team of 13 with the IRS
Senior Accounting Manager
- Senior Assurance Manager
- Bachelor of Science in Accountancy
- Active CPA
- Straight public background with experience work with Big4 both with Deloitte and Grant Thorton
- Client industries include: manufacturing, distribution, PE, financial services, insurance, etc..
Assistant Controller/Controller
- MS, Taxation
- CPA
- Big 4 public combo
- 9 years of combined experience; fund accounting, management company accounting, financial statement prep and review as well as tax review
Accounting Manager, Assistant Controller
- MS, Accounting, UTA
- CPA
- 9 years of experience
- Prior public accounting experience working on clients in a variety of industries including agriculture, legal, retail, individuals, etc.
- Full cycle accounting, preparation of full financial statements
SEC Reporting Manager
- Master in Business Administration and Accounting The University of Texas at Arlington
- Active CPA
- 10+ years of experience
- SaaS company experience
- Public company reporting experience as well as on the G/L side
Tax Manager
- CPA
- 8 year public combo
- Experience with individuals, HNW, S Corp
- Has led a small team of 3
Private Equity Associate
- Master’s Degree in Financial Management and a BBA in Accounting from Texas A&M
- Active CPA
- 6+ years of experience
- Big four experience with KPMG
- Buy side and sell side experience, investment banking, modeling, etc..
Senior Accountant/Associate
- BBA and a Masters Degree in Accounting from Texas Tech University
- Currently studying for CPA
- Big 4 Tax Senior currently working at Deloitte
- Variety of clients including Real Estate and HNW family offices
Tax Senior
- Master of Accounting and Bachelor of Science in Business Administration in Accounting from Ohio State University
- Active CPA in Ohio and is in process of filing paperwork to be certified in TX ( 3-5 weeks)
- Big Four experience working with KPMG
- Mainly working on 1120s but does work on a few partnerships and individuals as well
- Industries include oil & gas, pharmaceuticals, consumer beauty products, and manufacturing
June Jobs Report Highlights
A company’s culture is its greatest asset. It drives employee engagement and, in the end, fuels them to be innovative and successful. But really, how should a culture be built to energize and empower?
Building an energizing culture involves storytelling, as Debra Roberts highlights in “Shape Your Workplace Culture by the Stories You Tell.” Stories establish trust, build relationships, and create a sense of community. Shared stories establish relatability in finance and accounting. When leaders narrate their journey, the highs and lows in their careers, sharing the subsequent learnings, they become relatable and bring employees closer to them.
Celebrate the power of storytelling in the workplace. Share experiences, triumphs, and challenges: your stories spark, encourage, and generate unison among your team in their infinite glow.
Addressing the Accounting Talent Shortage
Facing a massive talent shortage, the accounting industry presents a golden opportunity for companies based in the DFW area, according to an article by CNBC.com. More seasoned accountants are in incredible demand, and salaries generally come at well over $100,000. Remote work is shaping the job market.
Mid-year hiring is surging as companies reassess and prepare for year-end reporting. This surge is very evident in the DFW area, which has a robust business landscape that supports the demand for skilled accounting professionals.
Offer competitive salaries to attract and maintain top talent, and embrace telecommuting or hybrid work arrangements. Investments in proper training, mentorship, and clear paths for advancement demonstrate a commitment to the growth of your employees. Develop a high-performance accounting team—driving business success despite the shortage of skilled talent. Proactive steps seize this opportunity, further fortifying your workforce toward continued growth.
Retaining Top Accounting Talent
Addressing the accounting talent shortage isn’t just about attracting new hires—retention is crucial. The Illinois CPA Society (ICPAS) survey, 84% of accounting departures are voluntary. leading to increased workloads and decreased morale.
In the fast-paced Dallas-Fort Worth market, a stable and motivated accounting team is essential. The ICPAS survey reveals that accountants leave due to salary, burnout, and lack of work-life balance, though they remain in the profession, presenting an opportunity for employers.
To retain talent, companies should:
Focusing on these critical areas can foster a supportive and engaging work environment. Invest in your team to ensure long-term success and growth.
Key Trends Shaping Accounting in 2024
The field of accounting is undergoing rapid transformation driven technological development, changing client needs, and a highly competitive market. With every passing moment, we are already past the midpoint of 2024; new ideas and strategies are being implemented that move independent firms to the leading edge in this business. On top, key trends include:
- Digital Transformation: More and more firms are adopting cloud-based solutions, automation, and data analytics to usher in efficiency and real-time insights for gaining a competitive edge.
- Clients-Centric Approach: The focus is on customized services for meeting unique client requirements for developing better relationships and increasing satisfaction in a competitive market.
- Developing Talent: The need to invest in upskilling and reskilling programs is therefore about attracting and retaining the best talent.
At the same time, continuous learning brings about teams possessing only the latest skills and knowledge, hence improving employee satisfaction and the enhanced capability of the firm in serving clients. The successful accounting firms in 2024 will be characterized by embracing digital transformation, client-centric services, and investment in talent development. These things will keep firms innovative, agile, and thriving within a dynamic environment.
Meet Matt Horinek: Hancock Whitney Bank’s new Head of Business Development for North Texas
Matt Horinek brings extensive experience and talent to his role as Head of Business Development over Commercial and Middle Market Banking at Hancock Whitney Bank.
With a strong background in finance and business strategy, Matt is set to lead and expand the business development team across Austin, DFW, and Northwest Louisiana. His expertise spans various revenue sizes and industries, positioning him to drive significant growth and partnerships.
Matt and Benchmark Search have a significant number of shared clients and would be glad to facilitate introductions. We are committed to fostering connections that enhance client success and satisfaction.
Hancock Whitney Bank, a $36B regional bank has been a strong and stable partner for 125 years helping publicly traded and privately held, family-owned and sponsor-backed, companies achieve their dreams by providing sophisticated financial solutions delivered with expertise and warm 5-star service!
Learn about HWB’s Commitment to Service: hancockwhitney.com/commitment-to-service
How to Connect with Matt
Email | LinkedIn | D 972-987-1367 | M 918-527-4917
