The Future of Accounting

Like many industries, a steady change is occurring in the field of accounting. Studies show that as many as 90% of accountants believe that the profession is undergoing a significant cultural shift. This evolution is being driven by increased customer expectations and marketplace demands, rapid advances in technology, and an increasingly diverse workforce. The profession continues to shift from a transactional approach to one focused on partnership with customers, demanding new ways of practicing accounting.

The ongoing digital revolution is one of the primary factors driving change in accountancy. Technological advancements such as cloud-based solutions increase productivity, reduce the need for repetitive manual tasks, and save time, both for accountants and their customers. Accounting firms recognize the benefits of embracing technology, and many firms are early adopters. Technology can inspire better ways of working and can also mandate how things are done. The digital approach to handling taxes, with legislation requiring that businesses file their taxes online, has created a significant shift in how accountants interact with their clients. Technological advances will allow data to flow even more freely between customers and their accountants and will increase the ways in which they engage with each other.

Customer expectations are shaping the future of accounting. While accounting and bookkeeping are still the primary services offered by accounting firms, more customers are looking to their accountants to serve in a more advisory role. Accounting firms are expanding their expertise to include payroll, tax management, and compliance and regulatory work, with opportunities for significant growth in business advisory and outsourced CFO services. Customers are looking to their accountants to assist in areas as diverse as marketing, strategy, and growth modeling, driving an increase in the hiring of employees with non-traditional backgrounds outside the accountancy field.

The growing diversity of today’s workforce is also influencing the evolution of accountancy. Employees across every industry include multiple generations, from baby boomers to millennials. And the workforce includes an increasing number of part-time, contract, and gig workers. In order to work with and advise clients across a wide spectrum of backgrounds, accounting firms need to leverage the diversity of their own employees. Furthermore, the types of skills necessary for success are evolving. In addition to a strong background in the traditional skills, today’s accountants need training in skill sets that include business management, problem-solving, and marketing. A workforce with a broad range of skills from a broad range of backgrounds will be critical for success. A diverse workforce allows you to match your experiences and expertise to those of your clients, fostering creativity and a greater sense of trust.

At MicroAccounting, we understand accountants and we’re committed to your success. We offer a broad range of cloud-based accounting and ERP solutions, including Sage 100. Call us today at 855-876-3773 or email us at [email protected] to find out more.