In this episode of the SALTovation podcast, Meredith Smith, and Tram Le talk with Dan DeLau, a founding partner of TaxOps, and Professor at the School of Business at Colorado Christian University, with decades of domestic and international experience in accounting. DeLau and the team discuss why the number of students enrolling in accounting is down, what that means for businesses, and the future of the accounting profession.
They also talk about how globalization has created complexities in accounting and tax laws, and the additional requirements it places on smaller organizations.
Topics discussed in this episode:
- How globalization and the internet have changed tax laws
- The decline in accounting enrollment over the past 30 years
- Present-day hurdles to excelling in accounting and tax law
What You Will Learn:
- [01:44] Daniel DeLau on globalization
- [07:35] Complexities in the accounting profession
- [13:10] State-by-state requirements for obtaining an accounting degree
Quotables:
- “There are a majority of reasons we have seen a decline in the profession over the last twenty to thirty years. One of them is if you look at the traits of a good accountant they have good time management skills, pay attention to detail, and have good organizational skills. Those are the same traits that are important for someone who wants to focus in computer information systems.” - Daniel DeLau [09:13]
- “In finance and data analytics students don’t need that extra year of education. In Texas, we require one hundred and fifty hours, but in most states candidates need one hundred and twenty hours to sit and take the accounting exam. It is another big hurdle.” - Tram Le [12:38]
- “I have to put on my sales hat and entice students to pull the trigger on an accounting major today. I talk to them about the benefits associated with the profession but many of them ultimately have those critical thinking skills you need and they just get it. It is like a puzzle to them and they enjoy solving it.” - Daniel DeLau [14:19]
- “I think when you are younger people talk about different careers. But in terms of becoming an accountant, I feel I was recruited by my advisor in undergrad who was an accounting professor. He encouraged me to take this path and I’m not sure I would be in this field if it wasn’t for career mentorship.” - Tram Le [15:48]
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TaxOps Website: https://taxops.com/contact/
Production Support
This episode was produced with support from Truth Work Media. www.truthworkmedia.com
Mentioned in this episode:
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