Industry experts are becoming more important than ever, because they have critical thinking skills, ingenuity, and problem-solving capabilities. If I’ve learned anything on our startup journey, it’s that: 

a) there are lots of wonderful accountants out there. Having an outside third party (human) perspective on how the books are being run is such a valuable asset that I can’t imagine that need will ever go away, no matter how automated things become. While many believe that the cloud and other advances in technology are costing bookkeepers and accountants their jobs, a huge part of the driving force in the adoption of online finance suites has been the vast support received by accountants. So, while you should take the actual numbers with a certain amount of skepticism, it still seems to prove the point that senior accountants are expected to do a lot more than simply tally up figures and produce reports — and that these expectations are growing steadily. Not all analytic tools are created equal! By using The Balance Careers, you accept our. Labor and time-intensive facets of accounting — such as audits, tax preparation, banking, and payroll — are predicted to be fully automated by 2020, according to Forbes. The demand for specialization within industries and topical areas is also growing due to increased regulation, which is driving the use of outsourced accounting. He has been an investor and market watcher for 40+ years. The role of the accountant is about giving business owners the peace of mind that they’re not making a horrible mistake somewhere and ending up with an unexpectedly large tax bill, fines, or even a prison sentence. Embrace your future in accounting. If operating lean means moving to a smaller space, offering the chance to work remotely, and getting used to collaboration via video conferencing and shared documents, then firms are pivoting towards being more future-ready. 4 steps to prepare for the future of accounting Time is running out to start getting ready for the technology-transformed, new-world accounting profession that is evolving at an increasing pace. But I still believe! The primary lesson for accountants here is that career advancement in the near future is bound to depend more and more on the ability to take on duties and add value far beyond the relatively narrow job descriptions historically associated with accounting positions. Accountants generated value both by assuring that information was accurate when it came to paying taxes and by interpreting that data to help leaders make better decisions. Of course, this is a survey and not a detailed, scientific time and motion study. By coupling your experience and skills with great software tools to provide a better interpretation that is focused on key decisions, the role of trusted advisor is very much up for grabs. ACCA research indicates which drivers are most likely to shape the practice of accounting and the role of the accountancy profession from 2020 onwards – we call these the quotients for success. Few children admit to wanting to be an accountant when they grow up, while firefighter, teacher and astronaut remain at the top of the list. With such a fast-moving industry, it’s important to keep looking ahead – that's why we're taking a cold, hard look at the future of accounting. Even before the pandemic, there was a lot of work that could be handled more efficiently from home. The Future of Accounting is Working from Home and the idea of going into the office was made a part of workplace culture by the baby boomers, but it no longer suits the best interests of employers or their employees. On average, the CFOs surveyed believe that a typical senior accountant spends just over a third of their time on such non-traditional functions, and they projected this figure to climb steadily over time. This is because the accounting profession demands the utmost accuracy. Here’s How to Get It. Your Dream Job Requires Experience. Zach DeGregorio, CPA www.WolvesAndFinance.com Want to chat with me live? Cloud accounting packages like Xero and QBO have made accounting software finally accessible from anywhere on any device. When discussing the future of accounting, the conversation usually veers to the digitization of the profession or the role Artificial Intelligence (AI) will play in transforming the practitioner’s duties. With this in mind, many business owners and number crunchers alike are asking themselves, “what is the future of accounting?”. Another development that will define accounting practice in the future is the growing acceptance of remote work in the field. The world faces enormous challenges in securing a sustainable future. The accounting profession must learn and adapt to the needs of the post-pandemic world. SC386627, The Future of Accounting: Will it Still Exist in 2040? The accountancy profession has come a long way from the times of manual bookkeeping and ledgers. The challenge of capturing and presenting this information is also reducing. for productive contributors in the future. This requires new systems and processes, to accommodate new ways of doing and thinking. The future of accounting software will see more seamless, useful integrations, foolproof automation, and revolutionary analytics. Particularly interesting was a survey commissioned by the finance and accounting job placement firm Robert Half Management Resources on just this very topic. As more and more firms adopt lean management structures, multitasking by employees becomes increasingly important and expected. Buzzwords like ‘AI’ and ‘Machine Learning’ are increasingly bandied about, used by some to prophesy the extinction of accountants. Someone that really understands the technology stack and how to integrate them together. Current accounting trends tell us one thing: digitization is as ubiquitous in the accounting sector as it is anywhere else, but human roles remain just as relevant. The future of accounting: how to future proof your career Published on 6 th May 2019 Share. Additionally, by virtue of their intimate awareness of a company's financial position, as the compilers of the numbers, accounting professionals are the obvious persons being looked to for analysis and interpretation of those same numbers. I need to work closely with people who do details well. [Part 2]. In many companies, financial professionals are expected to do a lot more than just the traditional accounting and financial functions, especially in the financial services industry. 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