For months now, there’s been growing concern among financial professionals—especially accountants—as businesses across the U.S. approach tax extension deadlines and fiscal year-ends.
In just the past two years, more than 300,000 U.S. auditors and accountants have left their jobs. That’s a 17% drop compared to 2019 employment levels—a troubling trend that many expect will only get worse.
Meanwhile, the Bureau of Labor Statistics projects that over the next decade, businesses will need about 136,400 accountants and auditors every year to handle tax filings and keep financial records in order.
Altogether, there were about 1.65 million accountants and auditors in the U.S. last year, according to the Bureau of Labor Statistics’ current population survey. But fewer students are choosing finance degrees than in the past. Some experts point to the 150 college credit hours required for a degree as too high a barrier to entry. Others say the industry’s talent drain is due to uncompetitive salaries—a problem that’s only gotten worse recently—and long, demanding hours.
Taken together, these factors paint a challenging outlook for accounting and finance careers—especially for early-stage businesses and startups.
Smaller finance teams as companies scale up
In the startup world, it’s normal for founders to juggle multiple roles. That often means a CEO is also acting as CFO, CTO, or wearing other hats—overseeing business strategy, product development, and even financial operations as the company grows.
One major challenge founders face as they scale and look for financial talent is the struggle to compete with larger companies on compensation.
This is especially tough for early-career accountants (a shrinking pool each year), but it’s also starting to affect where experienced finance professionals choose to work.
For example, in a recent Forbes article, Steven Wasserman of Bentley University notes that not only are his students steering clear of entry-level jobs at smaller companies (preferring higher-paying roles at public accounting firms), but even controller positions—once highly sought after—are now taking months to fill.
The good news? Founders and startups have options to bridge staffing gaps.
Using AI to streamline processes and capture credits
While artificial intelligence has been applied—sometimes well, sometimes not—across nearly every industry and task in the past year, the benefits of AI in accounting are real and could be a game-changer for startups.
By using AI for certain accounting tasks, startups can boost productivity, cut costs, and get real-time insights into their financial data. With this information, teams can make smarter decisions, plan more effectively, and become more agile—helping to extend their company’s runway.
“You have the data layer, then the insights layer, then the predictive layer. Right now, we’re seeing a complete transformation in the industry in how you can scale at the predictive layer,” explains Suresh Joshi, Boast’s VP of Engineering, in a recent podcast and webinar on practical AI applications. “The predictive layer will speed up not just course corrections, but also forecasting the future.”
At Boast, our AI-powered platform lets startups at any stage connect the systems they use for financial, payroll, and workflow data into a single source of intelligence. From there, teams can easily identify which activities may qualify for R&D tax credits, and track all the information needed to file a claim in one place.
Boast does more than just offer guidance on non-dilutive government funding. Our platform gives businesses a complete solution—combining advanced technology and expert advice—to optimize R&D, streamline capital management, and visualize a successful capital strategy.
Discover our latest product features here, or book a call with our team today to see how we can help you design a capital strategy tailored to your business.
Talk to a Boast AI expert today to learn how we combine cutting-edge technology, deep expertise, and a founder’s perspective to optimize your R&D and fund your innovation.
