Demand For Accountants In The Future – By Danielle Lee CloseText About Danielle mailto [email protected] linkedin daniellelee1 Jun 13, 2019 3:07 am ET 5 min read
The changing face of the accounting professional was a big theme at the AICPA Engage 2019 conference this week—and in fact, that new professional may not always be a CPA.
- 1 Demand For Accountants In The Future
- 1.1 Master’s In Accounting Without Accounting Background
- 1.2 Accountants: Honing Your Technical Skills & Abilities
- 1.3 Ai Bookkeeping: The Future Of Accounting For Business
- 1.4 Is Accounting A Growing Profession?
- 2 Pdf) Future Of Accounting Profession: Three Major Changes And Implications For Teaching And Research
- 3 Key Accounting Trends To Watch In 2023 And Beyond
Demand For Accountants In The Future
As Barry Melancon, CEO and President of the AICPA and CEO of the Association of Certified Professional Accountants International, and Bill Reeve, President of the AICPA, explained in their keynote address at Engage, the role of the accountant continues to evolve alongside larger changes in the profession.
History Of Accounting: How It’s Evolved Over Time
“Every business today must change, regardless of size,” explains Melancon. “We have a responsibility to change to meet those expectations.”
Two major winds of change—technological disruption and the shift of the industry away from compliance and toward more advisory services—are converging to create an environment where accountants must offer a more diverse and valuable skill set. It also means that more accounting firms will hire non-CPAs.
As evidence of this evolution, Rib points to a statistic showing that client accounting services are growing at twice the rate of growth for the median CPA firm.
Melancon said this improves on “the traditional model of the last 100 years of public accounting,” where companies now “recruit people from the business who have more experience in the industry and are hired by the company to deploy that experience. It’s already starting to happen.” , we think it will continue.”
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Starting at the university level, “accounting enrollment is still very high,” he said. “The economic reality is that supply and demand are changing… In today’s world, the place of entry-level jobs is changing. The World Economic Forum in Davos discussed accounting and its decreasing role. We believe that this role is not going to decrease. It is important to convey this to young people – the opportunities are still there. We have to treat it as a career.”
“The compliance jobs are not going away,” she said. “Either we automate or outsource some of it, [then you have to] treat your existing staff differently and hire people differently. That will help in the war for talent and open the door for others.”
Wiley described what some of these new hires will look like, whether they are accountants who need to change their traditional skills, or non-accountants who can provide the internal support and customer service companies will need in the future.
She also explained that the company’s organizational chart is likely to evolve from its current pyramid shape, where broad “compliance doers” are later promoted to “analysts/thinkers,” and then “doers.” “Relationship Builders” in the middle, below “Strategists” at the top, drive the work for all but the lowest. Wiley explained that the new model will take a diamond shape, with some basic tasks being outsourced and automated so that strategists and thinkers surround a wider group of accountants rather than Accountants, from technologists to consultants.
Master’s In Accounting Without Accounting Background
Wiley explained that the “originators, managers and grinders” model will be replaced by a different hierarchy that includes leaders at different levels of the firm, which means that even senior people will not always play the role of traditional partners.
To support this new structure, Wiley said firms must be prepared to recruit and analyze different types of talent, detailing some examples of professionals that accounting firms should begin attracting, including:
“You can develop new services based on your needs,” Wiley explained, assuring attendees that “accountants and bookkeepers are not going away, but they may have to take on different roles in the future and understand what they are . . .”
In their keynote, Melancon and Reeb predicted that technological innovations that some see as threatening to the industry could actually help educate the industry.
Accountants: Honing Your Technical Skills & Abilities
Reeve envisions augmented reality coming into play so that when a corporate professional working on an estate plan encounters something “that he doesn’t know how to do… a video pops up. They don’t know how to fill out this form, so three cases appeared.”
Melancon explains that the ability to learn will be one of the most important skills for accountants in the future.
“The need to learn, disconnect and relearn… This is the future of literacy development – not reading and writing, but the ability to disconnect to relearn, and the general awareness that everyone has of all these activities. If you are a trusted advisor, you need the ability to understand the impact of the changes The goddess – broad knowledge and narrow knowledge.”
“How should licensing develop?” Melancon continued. “We need to understand blockchain. We tend to build audits around technology. For our core assurance services, we need to think about more and more dynamic audit solutions. We build these technologies into the framework and processes. Today, in our team, non-CPA employees work in the field The analysis of the data. It is conceivable that in the audit field, in a few years, more [these professionals] will be involved than CPAs.”
Ai Bookkeeping: The Future Of Accounting For Business
As Reeve warned in his talk, “We’ve become complacent—as a profession, we’ve never been more successful. We have a lot of compliance work to do. [What’s important] is the trust we have, to keep moving forward…leveraging our past to help clients create their future. More than 50% of the market needs more advice. We need to build our brand better and keep moving forward as life planners. Everyone here is already doing it, but we don’t necessarily own a brand.” Evolving technology, business landscapes and changing environments are all shaping the future of the accounting profession. They influence why and how things are done.
If you’re worried about the pace of technology, skills shortages, artificial intelligence, or the many other career-altering changes ahead, try reframing those concerns as opportunities. Because if one thing is certain, it’s that those who don’t adapt will be left behind.
There is no doubt about it: technological literacy will become a basic component of accountants. Customers will use more technology, and you will use more technology. It’s the truth.
But what does this say about the role of accountants and owners of accounting firms? Is it doom and gloom – or the call of sweet opportunity?
Is Accounting A Growing Profession?
Looking into the distant future, it is difficult to predict how far the digital transformation will go. But no, technology will not replace accountants.
In fact, technology has made it possible to perform many of the manual and repetitive accounting processes that used to consume your time, sooner rather than later.
Of course, artificial intelligence, automation, and even technology that doesn’t exist yet will mean that you won’t have to do many of the tasks you once did. But the reality is that machines can’t form relationships like humans can, nor combine intuition with experience to deliver superior customer service.
Technology will give you more time to plan, analyze data and fulfill your consulting responsibilities. So technology not only keeps your customers compliant, it also gives you the time and insight to focus on making their business (and yours) more profitable.
Pdf) Future Of Accounting Profession: Three Major Changes And Implications For Teaching And Research
No matter your experience or age, you should make it a priority to learn how to take advantage of new technologies. Or at least, try it. Learn how tools like ChatGPT work. Learn how to use low-code and no-code tools. Follow accounting technology leaders like Jason Staats.
By investing yourself in new technology and becoming an early adopter (even if only for trial purposes), you can better utilize the game-changing tools for your accounting firm.
The explosion of artificial intelligence has sparked an extensive discussion about the future of many professions, with some even making doomsday predictions. Accountants are not exempt from this discussion.
While AI has been around for many years, the use of AI tools (notably OpenAI’s ChatGPT) has been one of the most exponentially growing on record. This worries many financial professionals.
Accounting Stats 2022: Job Overview And Salary Info
OpenAI’s ChatGPT is the fastest growing app in history, reaching 100 million monthly active users in just two months. Source: Bessemer Venture Partners
According to the Future of Jobs 2023 report, less than 75% of companies surveyed expect AI to lead to higher job losses. On top of that, they predict that technological growth and digitization will lead to the loss of 26 million jobs by 2027 in specific industries such as accounting and bookkeeping.
But it fails to take into account the role of accountants as strategists, with human experience, nuanced understanding, passion and resilience. In addition, accountants who are able to leverage artificial intelligence are those who are at the forefront of technological trends and are more likely to provide flexible and modern services.
The way accountants prove their value is shifting to focus on examining trends, analyzing data and overall assessment of the business environment.
Key Accounting Trends To Watch In 2023 And Beyond
Although it is difficult to predict artificial
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