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Future of Accountancy Profession
Accountancy profession will face significant challenges in coming times with the evolving technologies, globalization and new form of regulations. Along with tough challenges come exciting opportunities which accountants in business and practice are going to face.
Emerging technologies and global trends are definitely reshaping the accountancy profession in many countries across the world including India, China, and Europe etc.
The new changes and challenges demands better marketing and branding of the accountants. A survey from ABN says ‘87% of the respondents thought that the accountants needed to market themselves better’.
It is demand of the profession that accountants build of brand of themselves or the company to gain belief of the respondents. They would not just give you world as soon as they meet you. They would first like to know more about you, gain confidence that you are reliable and then an accountant can expect work from them. It is very important to build good relationship, “Accountants need to be multi-disciplinary and to acquire and develop skills and knowledge such as psychology, leadership, negotiation, critical thinking and creativity,” says Fung.
With the automation handling basic work, Accountants now have much time left with them to learn new and smart technologies to enhance their traditional approach of working. Smart software includes cloud computing, greater use of social media etc. This will lead to better outsourcing and engagement with stakeholders and help reaching broader communities.
Though accountancy is going to change radically in future but the change will be slow since people still rely on its stability. “It’s not a future where there’s nothing for people to do, but it is a future where the sorts of things that they do are quite different to what has been done traditionally” says Daniel at ICAS Conference 2017.
Accountants will have to be smarter and learn more technical and integrative skills because this change will definitely give birth to more exciting and new opportunities and exposure to the accountants.
Skills which would be required by accountants to align with the future changes:
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Communication and relationship
Strong communication will lead to good relationships. A successful must be able to explain complex issues in a lucid manner. Building relationship with client is important to gain their confidence and this helps a lot in profession.
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Technologically updated
Accountants must keep abreast of the latest technologies bringing in automation and taking over the traditional way of working. Because no matter how much we develop the systems and machine, there would always be a need of human intervention to make it reliable and stable. An accountant must be able to suggest and advice clients and bosses to get the best out of technology.
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Flexible and adaptive
The best in the profession are those who are well prepared for the change and welcome it with open hands. And this is tested even more when the pace of change is accelerating. Ability to adapt is the sign of a good accountant.
Bookkeeping vs. accounting
- Accounting and bookkeeping are similar in many respects, and some people consider bookkeeping to be a subset of accounting. However, if you want to separate them,
- Bookkeeping is the process of recording and categorising financial transactions, whereas accounting is the process of putting that financial data to good use through analysis, strategy, and tax planning.
