For CPAs, New Technologies Demand New Skill Sets

Source: AICPA CPA Insider

The following includes excerpts, reproduced with permission, from an article by Jeff Drew.

The accounting profession is in the midst of a technology revolution, with cloud computing, mobile devices, social media, and Big Data tools making the most impact. That's the main thrust of the CCH Technology Survey. "Each of these technologies is powerful, but brought together they will have a game-changing impact on the profession," said Kevin Robert, CEO of Wolters Kluwer Tax & Accounting.

Ninety percent of accountants indicated that new technologies have changed the list of skills essential for success in accounting. Whereas math and financial acumen used to be the top priorities, the proliferation of technologies that automate so much of the accountant's job has made the ability to leverage resources, such as mobile devices and cloud computing, the top skill needed for accountants.

Data analysis skills appear to be a potentially huge growth area for accountants, 67 percent of whom said they expect Big Data to impact the accounting profession. Why is Big Data such a big deal? One reason, the CCH study reported, is the astronomical increase in the amount of information being produced -- a growth spurt fueled in part by social media.

"The biggest challenge companies have today is how to mine all that data to better and more profitably serve their customers," the CCH report said. That challenge can create opportunities for CPAs, CCH said, citing a survey of Fortune 1000 companies that found that 70 percent are seeking to hire data scientists but are struggling to find qualified candidates.

"The role of data scientist is a natural fit for accountants and plays right into one of their strongest skills," Robert said. "It also is a way accountants will add even greater value to clients in the future."

For the complete article, read "Technology 'big four' poised to change the accounting game."

From AICPA CPA Insider, November 12, 2012, http://www.CPA2biz.com.