Tax & Accounting Blog

The Future of the Profession: Building the 21st Century Accountant

Accounting, Accounting Firms, Accounting, Audit & Payroll, Blog, Business Tax, Checkpoint, Cleardocs, Events, Excel, Our Customers, Payroll, Technology, Thomson Reuters & You, Workflow & Processes October 25, 2018

What will the accountant of the future look like? Technology and disruption are at the heart of any debate on the industry’s direction. But just how these will impact the systems, processes, roles and the service value proposition of the profession over the next decade is a fertile line of inquiry. Though one thing is certain, a rethink of the role of the accountant and the industry offering is inevitable.

As entree to these discussions, we invite you to download our free eBook, “Accountant of Tomorrow”. The eBook covers a survey, undertaken in the UK, canvassed 345 accountants in practice and reveals key industry insights on where the profession sees itself in the next 10 years, a number of which will no doubt resonate with firms locally and beyond.

Some of the highlights include:

  • Biggest challenges: tighter regulation and the tech-enabled capabilities of tax authorities.
  • Biggest impact: technological advancements – over 95% said that cloud computing and real time data will prominently feature in shaping the profession.
  • Key to success? 96% agreed that diversification of services will be vital and that new skills and capabilities will need to be integrated in the role.

With these challenges comes opportunities.

While it looks that compliance will continue to be part of the accounting function, the anticipated move to real-time data, and cloud-based systems, will offer an ease in profiling the strengths and weakness in a client’s business. This will be an invaluable asset to firms looking to strengthen their advisory services, so they can guide clients through the complete life-cycle rather than just the end of year reporting.

Collaboration will also be an asset, as partnering with technology providers and other specialists can strengthen the firms offering and will be a must in meeting the intensifying regulatory burden for both accountants and their clients.

Where will the next decade take us and more significantly – how we can proactively shape the future of the profession? The World Congress of Accountants 2018 gives us a rare and remarkable opportunity to bring global perspectives to these questions and the insights revealed in our eBook.