Calling all bean counters and lovers of numbers! 🔢📢 The USA is in desperate need of certified public accountants (CPAs), and Ohio’s no exception.
As Boomers continue to retire, it’s important to get newbies into the profession, but that’s been easier said than done. Here’s all the tea and how Ohio plans to nurture more number nerds! 🤓
Here’s Five Fast Facts on Ohio’s accountant shortage:
- 🧮 By the Numbers - Right now, Ohio has roughly 33,000 CPAs across the state. That number continues to decline as more retire. However, the accounting profession isn’t one that younger people want to get into. High student loan debt, low entry-level pay, and long hours are some of the biggest reasons why.
- 📝 Don’t Test Me - To become a CPA, you need to sit for the CPA exam, which is another barrier to entry. According to an analysis, the number of candidates sitting for the CPA exam dropped 33% between 2016 and 2021.
- 🫘 Counting Beans - In addition to taking a crazy long test (we’re talking 14 hours), passing all four sections of the CPA exam costs over a thousand dollars. CPAs also need to get a bachelor's degree with 150 hours of related coursework, and we all know college costs…a lot. Unfortunately, new accountant salaries aren’t always enough to make all the education worthwhile.
- 😅 Easy Does It - Like other states, Ohio’s working on a way for aspiring CPAs to break into the career a bit easier. A draft bill would allow the Accountancy Board of Ohio to approve “up to 30 hours of educational credit derived from non-accredited sources, such as unaccredited courses, apprenticeships, certificates, experiential learning, or alternative educational programs.”
- 🧑🌾 Farm Financials - Small business owners lean on CPAs to help them keep their books and taxes clean. The shortage has made it more difficult to find a good accountant, especially in rural areas. Farm owners have to deal with their own specific rules and regulations. Without an expert accountant on board, things could get messy.
🔥Bottom line: If you’ve got a small business, you know accounting is a pretty big a$$ deal! Having a trusted CPA on your side can be a game-changer. Speaking of small business accounting, if you’re in the market for a new (and cheap) payroll system, we’ve rounded up the best options here in this article!
Having a tough time finding an accountant?
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