Big technological change is having a profound effect on the accounting profession. One of the most frequently asked questions is “what does the future hold?”
To help provide a picture of what the profession will look like in 10 years, Thomson Reuters has produced a report called The Accountant of Tomorrow. Don’t worry, the future is looking bright.
The report is the result of a survey of 345 UK accountants carried out in June this year. The majority of respondents were senior members of practices with fewer than 10 staff.
Six industry experts
Added to that are six industry experts, including Red Shoes Accounting founder Victoria Cooper, Freddie Faure, CooperFaure partner, and Principle Point‘s MD Richard Sergeant, who provided commentary on the survey results.
“Technology, changes in legislation and an increase in competition will drive us to become an integral part of our clients’ businesses – guiding them throughout their complete life cycle, rather than just a traditional end-of-year reporting role.”
The report focuses on how accountants can develop their skills to survive and thrive amid tech and regulatory upheaval. And how they can help their clients meet digital demands, tackle tax in real time and respond to the threat of robots!
Nitty-gritty of the report
I’ll be returning to some of the nitty-gritty of the report next week but, first, here’s a few words from the authors:
“Change has been a constant in the lives of accountants in practice and, although new regulations and a wave of technology continue to provide disruption, there are plenty of reasons to feel optimistic about the next decade.
“The significant regulatory burden for both firms and their clients is expected to be eased by software partnerships that, when in the cloud, will continually develop to meet demand and help to generate new opportunities.
“Accountants will continue to embrace tools that change working lives for the better, and rebalance core services to meet changing market requirements, which shows that there is plenty of life and opportunity in being the accountant of tomorrow.”