Leveraging Tech for CPA Talent Management

Accounting has faced a talent shortage for years, but there’s no shortage of tech on the market focused on addressing that very problem. In a recent Oak Street Funding podcast, Matt Lescault, founder at TydeCo, shared his thoughts on how tech can be used for talent management in CPA firms.

Read on to learn how technology tools can improve productivity and how to structure a smooth system roll-out.

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Keeping Tech in Perspective

The accounting profession is built on relationships and trust. That bond can never be replaced by technology. Tech can only be a guide, an additive to personal connections with clients and among team members.

Lescault points out that, “Technology is a way to allow us to elevate the services, allow us to elevate how we approach communication, and elevate how the industry in general can service the wider needs of the client base.” So how technology affects the human element in a practice – clients and team members – must always have priority.

Minimizing Admin, Maximizing Client Engagement

One of the obvious benefits of technology tools is their ability to streamline workflows and increase productivity. Allowing individuals to accomplish more in less time helps offset the talent shortage somewhat, but more importantly, it provides more time for direct client engagement.

Reducing time spent on administrative tasks frees up time for practice building, critical thinking, and other high-level work that promotes greater job satisfaction. And a happier team means better outcomes and less turnover. Client satisfaction increases, also, as team members can respond to their questions more quickly and provide more personalized service.

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Overcoming Resistance to Adoption

People are naturally resistant to change, but Lescault points out there are effective strategies for helping team members be more comfortable with new technology. He advocates building buy-in by starting out with small wins, by demonstrating how limited elements of the new technology can make their lives easier. Gradually, more complex parts of the system can be implemented.

He goes on to point out that it’s not just about explaining how the technology works but also about conveying the “why.” Team members may not understand the value of a new tool, so it’s imperative to explain how it will make the company stronger and how it will contribute to their individual professional growth and personal bottom line. He recommends demonstrating how tools can use data intelligence to reveal trends and barriers that could be standing in the way of a professional’s success, and how the tools can lead to expanded professional roles.

Using Technology in Recruiting

Lescault notes that AI and applicant tracking systems (ATS) have made a huge impact on recruiting, but they can only be effective alongside a strong in-person interview process. As a recent study published in the Harvard Business Review has shown, AI has made it easy for any candidate to produce a polished resume filled with keywords that will drive it through a company’s ATS.

Lescault’s firm uses ATS software to screen candidates, but they rely heavily on a rigorous interview process to ascertain whether the person is likely to be a good fit with their company culture. “I’d rather have somebody that really fits my culture - that really has an aptitude for what it is – and build them up than to find somebody that doesn’t fit my culture with all the knowledge in the world, personally,” Lescault notes.

Keeping Remote Teams Connected

Team members who work remotely can become disengaged, so firms need to be intentional about keeping them connected with each other and with the home office. TydeCo uses virtual game nights, food tastings, and other team-building experiences to keep their remote staff connected.

These non-work activities help team members who may never meet in person see each other as real, live human beings. And it’s those connections, says Lescault, that support a healthy work environment. People are willing to do things for other people when they’ve gotten to know them and can relate to them as real, physical people.

Summing Up

Technology is an aid in talent evaluation and can elevate a CPA firm’s capabilities and success. Starting small and gaining buy-in from team members can set the stage for a smooth adoption process.