What's Next for the Accounting Profession?

Source: Accounting Today

Accounting Today checked in with leaders in the accounting field to find out what they're most excited about in accounting. Some of the most common responses included:

• Technology
• New services being explored
• Unique qualities of people entering the field

Opportunities

A lot of leaders are simply excited about the wide range of options and opportunities available to accountants. Leaders are talking about playing a part in reshaping the future of the field, and anticipating the profession will look very different within 10 years, including changes in competencies, expectations related to services provided, and robust job projections.

Technology

Technology has already changed much of how accountants do their jobs, and accounting experts expect to see much more transformation. Technology changes are anticipated to enhance the accountant-client relationship, further streamline workflows, and allow for easier access to real-time data, to name a few possibilities. In particular, big data — collecting, analyzing, and learning from mass quantities of information — is of interest to today's leaders.

Continued technology changes will also allow accountants to focus even more on adding value to their clients and serving clients in a more substantive, proactive way. Better technology will free accountants to more thoroughly fulfill the trusted advisor role.

On a related note, the internet has vastly expanded opportunities for accountants and firms. Blogs and other online tools erase brick and mortar limitations and allow accountants to establish themselves more broadly as credible experts in a specialty area or gain clients they otherwise would not reach.

People

Other leaders are excited about the rising generation of accountants — the opportunities they will have to bring their unique perspectives, talents, and innovative ideas to the rapidly changing field.

For the complete article, read “Look on the Brighter Side.”

From Accounting Today, September 29, 2016, www.accountingtoday.com.