Issue link: http://publications.winnipegfreepress.com/i/1527945
16 THE ASSINIBOIA CHAMBER OF COMMERCE • FALL 2024 A S S I N I B O I A C H A M B E R O F C O M M E R C E Adam Kilfoyle, managing partner at Heartland CPAs, specializes in supporting small to medium busi- nesses. In his 20-plus years, he has worked with a wide range of clients from various industries, including manufacturing, construction, First Nations, agriculture, retail, not-for- profits and real estate. As a financial expert and business owner, Kilfoyle has found himself in uncharted wa- ters post-pandemic and shares some of the workforce trends he's seeing in his own industry and across his clients' various sectors. "HR and staffing issues have prob- ably been our top business concern, certainly since 2020, and we're hear- ing from our clients about these is- sues as well," he says. "Everything changed with the pandemic. It seems that the pendulum has swung. Twenty years ago, I think the pendu- lum was more in the employer's fa- vour. Now, it seems to have swung in the other direction, where employ- ees are more in control of dictating terms when you're trying to find top talent." Kilfoyle says that while account- ing was largely spared from the challenges of the pandemic, people still needed accountants, and they were quickly able to shift to a work- from-home environment; the loss of in-person interactions impacted collaboration, productivity and team cohesion. He believes in the spirit of teamwork and that these types of interactions help personnel improve and grow. "Our preference is that our folks are in the office, but the younger generation really wants that flexi- bility [of working from home], so we have to honour that. We recently needed to replace some people who left, and it took a long time to find qualified people. It's tough to find talent, and we're hearing that from our clients as well." "At our firm we try to do things a little differently. I'm so proud of the team that we have. Our three key values of quality, responsiveness, and professionalism all come down to our people. These HR matters are so critical. Without the right people, we can't move forward, and grow the business and continue to serve our clients at the level of quality that we demand for ourselves," he says. In addition to recruitment woes, technological shifts in accounting and business management require both accountants and business own- ers to adapt. Accounting tasks are in- creasingly being automated through technology, pushing accountants to focus more on strategic planning and advisory roles. With the rise in digital transactions and data storage, cyber security is front and centre for businesses to ensure the security of their financial data. There is also a growing demand for integrating fi- nancial technologies and for accoun- tants with specialized skills in areas such as sustainability reporting and data analytics. Kilfoyle, who has an additional skillset in IT, understands the need to stay current with changing tech- nology. He combines his expertise in technology and his gifts for training in order to teach his clients how to use their computer systems and soft- ware to make their businesses more successful. Keeping up to date with chang- es in tax laws, financial reporting standards, and other regulations is another challenge facing businesses today. Kilfoyle also notes the increas- ing importance of internal financial management, which dictates a busi- ness's ability to weather a crisis or adapt to demands such as increased salary expectations. "Some of the changes that the fed- eral government's putting in place in terms of taxation rules are making it more difficult for small businesses to operate and be successful. I also think business owners perhaps ar- en't spending the time and resources on their internal financials as they should be." By Kristin Marand WORKFORCE TRENDS & DEVELOPMENT P rofessional accounting, like many industries, has undergone something of a transformation since 2020. Not only have changes to taxation, benefits, grants, and inflation altered the accounting landscape, but chartered professional accountants (CPAs) have also had to help their clients navigate incredibly tumultuous financial times these past four years. Count on change: Navigating workforce trends in accounting and beyond