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Accounting for Change – A practical guide for accountants

In preparing for the future, accountant must think about what tomorrow looks like from accounting perspective and how

Published By - knowledgeNile

The Current Scenario:

Over the last 20 years, technology has changed the way we live and work forever, and with a constantly evolving digital landscape, things are not about to slow down anytime soon. Companies are having to re-think how they do business with their customers, the skill-sets of the people they employ, and the tools they have in place to maximise efficiencies and safeguard profit. If they do not demonstrate flexibility and adapt, they risk losing out to the competition or worse, risk dying.

What does it mean for Accountancy?

The same applies to one of the world’s oldest professions – accountancy. As the technology we use in our personal lives becomes more advanced – customers and firms alike are beginning to demand the same level of access to information and security of data, in the workplace. For accountants this means that as well as providing the benchmark for compliance, today’s firms are expected to act as trusted advisors, forward thinkers, and increasingly, become digitally savvy.

What does future hold?

In preparing for the future, accountants must think about what tomorrow looks like, how they remain relevant, and how they position themselves and their firms for this change.

As the workforce becomes multi-generational, employers need to respond. This has never been truer than in Accounting – with baby boomers and millennials working side by side, employers need to motivate teams at very different levels, as well as provide a career path than halts a hemorrhage of talent. So how do accountants take action and work in a different way to the way they did before?

A great deal of an accounting firms’ decision making will be underpinned by technology, whether that be in the form of cloud computing today, or Blockchain and artificial intelligence (AI) tomorrow. Clients are going to expect accounting firms to have the latest and greatest technology on offer. They will also expect accountants to have the knowledge to go with it, alongside a detailed understanding of what the benefits will look like. However, it is not just about adopting the right solutions; it is also about discovering the niche that will give the practice a competitive advantage.

What does this guide provide?

Most accountants understand the theory behind being the accountant of the future, how the chances for success are exponentially greater if they can anticipate trends, and future-proof themselves for success. This practical guide provides the steps that can be taken to help accounting firms become even more competitive, generate new customer acquisition and increase their bottom line.

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