Accounting Insiders

How WISS Is Transforming Accounting with AI and Gen Z Talent | Paul Peterson

Episode Summary

Paul Peterson of WISS shares how the firm is redefining accounting by prioritizing employees, embracing AI, and adapting to generational shifts. With over 400 employees and a Top 100 ranking, WISS is leading the way in post-COVID flexibility, non-traditional hiring, and strategic tech investments. In this interview, Paul discusses: 🔹 How WISS is shifting from outdated accounting culture to an employee-centric model 🔹 Why Gen Z prefers hybrid work and how WISS supports that 🔹 Creating diverse career paths with educational support 🔹 Standardizing operations to foster collaboration and eliminate internal competition 🔹 Piloting AI to solve service bottlenecks and empower staff 🔹 The firm’s long-term strategy for sustainability, innovation, and impact 🔹 Advice for smaller firms starting their AI journey 🛠️ WISS is on a mission to reshape the accounting industry narrative—highlighting not burnout, but opportunity.

Episode Notes

🔗 Learn more: https://www.wiss.com 

🔗 Connect with Paul: https://www.linkedin.com/in/ppeterson1/

🎙️ Podcast Introduction & Firm Overview (00:14 - 03:06)

• Gary DeHart introduces Paul Peterson, managing partner at WISS, an AI-enhanced accounting, advisory, assurance, tax, and wealth management firm based in New Jersey/New York.
• WISS has over 400 employees and is ranked in the top 100 accounting firms.
• Discussion centers on talent pool challenges, Gen Z in the workforce, and industry adaptation post-COVID.

🏢 Changing the Accounting Workplace Culture (03:06 - 08:44)

• Paul reflects on his early career and the traditional, rigid culture in accounting firms.
• Describes a personal mission to change the narrative and improve the work environment within public accounting.
• Highlights the persistence of outdated practices in some firms and the need for a shift to more employee-centric models.

💻 Remote Work, Flexibility, and Gen Z Preferences (08:44 - 11:31)

• COVID-19 catalyzed the shift to flexible and remote work arrangements in accounting.
• WISS adopted a relaxed, open-minded approach to in-office versus remote work, encouraging but not mandating office presence.
• Younger employees, especially Gen Z, surprisingly prefer some in-person interaction and value peer connections.

🎓 Talent Pool Adaptation & Non-Traditional Hires (11:31 - 17:43)

• WISS offers educational reimbursement and supports non-accountants transitioning into accounting roles.
• The firm customizes career paths and encourages movement across service lines.
• Inspired by progressive firms, WISS actively recruits professionals re-entering the workforce and those with process-oriented skills.

🔄 Operational Investments & Standardization (17:43 - 23:27)

• WISS invests in operational infrastructure and support roles to increase efficiency and standardize firm-wide processes.
• Brings in professionals from larger organizations to help scale and implement best practices.
• Focus on removing internal competition and fostering collaboration.

🧑‍💼 Improving Quality of Life & AI Integration (23:27 - 26:28)

• WISS is committed to improving work-life balance, especially during peak seasons.
• Transparent with staff about technology investments and process improvements.
• AI expected to reduce bottlenecks and free up capacity in tax and outsourced accounting.

👩‍💻 Gen Z as a Solution & AI-Driven Transformation (26:28 - 31:29)

• Gen Z's digital-first skills are pivotal to AI and data-driven services.
• Their comfort with tech enhances both internal collaboration and client communication.
• Gen Z talent is actively engaged in WISS’s AI pilot programs.

🤖 AI Adoption Strategies for Firms of All Sizes (31:29 - 34:06)

• WISS pilots AI solutions to address capacity constraints and service bottlenecks.
• Encourages smaller firms to begin AI adoption by targeting their biggest workflow pain points.
• Paul offers to share insights with peers on implementing AI effectively.

📢 Industry Narrative & Closing Remarks (34:06 - 36:18)

• Emphasis on reshaping accounting’s reputation to highlight value and opportunity.
• Call for industry-wide collaboration to better communicate the modern accounting career path.
• Gary plans outreach to business schools to understand and improve perceptions of accounting internships and careers.