The Profession in 20 Years

Source: Accounting Today

Accounting Today interviewed prominent members of the accounting profession on their views of the next 20 years:

• Gale Crosley, Crosley+Co., consulting firm in Atlanta:
  • Virtual work places and what Crosley calls “electronic-based relationships” will be standard.
  • Time sheets will be used for cost-accounting only. Fees will be based on value, not cost.
• Bob Gaby, principal of Arxis Technology Inc., in Simi Valley, California:
  • Meetings will be held via video conferencing.
  • Client engagements will be conducted electronically, not in person.
  • Offices will be totally paperless.
• Gary Boomer, of Boomer Consulting in Manhattan, Kansas:
  • Fees will be based on value, not cost.
  • Women will be prominent in firm management.
  • Staff wants to know where the firm is going. So strategic planning will become more important.
• Larry Unruh, managing partner of Hein & Associates in Denver:
  • Office space will be reduced. Accountants will work from home or at client offices.
  • Information will be exchanged among clients, banks, attorneys, etc. on Web-based applications.
• Loretta Doon, CEO of the California Society of CPAs:
  • Productivity will increase tenfold.
  • Integrity, independence, and objectivity will continue to be endemic in CPA firms.
• Jim Koerber, principal of The Koerber Co., a litigation, valuation, and forensic services firm in Hattiesburg, Mississippi:
  • CPA firms will become more highly specialized. New standards and regulations will make this necessary.
  • One-stop shopping will become a thing of the past.
• Randall Wilson, partner in RGL—Forensic Accountants & Consultants in St. Louis:
  • Legal, brokerage, and accounting services will be delivered from combined companies.
• Todd Markus, vice president at Accretive Solutions in Santa Clara, California:
  • Accountants will use fair value of assets and liabilities in reporting.
  • Common global accounting principles will be adopted.
• George S. Willie, managing partner at Bert Smith & Co. in Washington, DC:
  • There will be more diversity in firms. Organizations like the National Association of Black Accountants will be become part of the professional fraternity.
  • Interstate mobility will become totally accepted.
  • There will be international reporting principles.
• Thalia Zetlin, principal and chief marketing officer at Berdon LLP in New York:
  • Accountants will communicate more openly, honestly, and plainly.
  • The profession will attract people who embrace this idea.

From Accounting Today, October 22, 2007, SourceMedia Inc., One State Street Plaza, 27th Floor, New York, NY 10004, 800-221-1809. For the complete article, click here, then select the article The Next 20 Years: Accounting on the Future.