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Accounting professionals will continue to face more complexity, risk and ambiguity as technology, regulatory and business transformation converge, says one accounting industry leader.
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Further changes expected in accounting in 2020
02 January 2020
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8 minute read
The changes in the last decade are set to continue and there are still many unknowns, said Lielette Calleja, the founder and director of All That Counts, in her analysis of the year to come.
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She predicts that accountants will have more data available to them than ever before, which by default means that their role will change from one of compliance to one of consultation and advice.
“Technology will take care of the compliance piece and accountants will need to be skilled in analysing, interpreting and communicating information to the stakeholders,” Ms Calleja writes.
Admitting that it’s easy to feel overwhelmed by the change and the infinite number of options available, she said that we will continue to see profession niching across industries or specialties.
Ms Calleja explained that while many will sell the dream of being a 'one-stop' shop, many will struggle to execute and deliver.
“Firms need to harness the urge to remain relevant by accepting change and gaining professional agility,” Ms Calleja said.
“Some have already abandoned the typical image of the profession, so they are more relatable to tomorrow's client. This behaviour is not restricted to small firms as we will see the more substantial firms adopt this mindset too.”
She advised students entering the accounting profession to prepare for the challenges of dealing with constant change plus the ability to adapt and embrace new technology.
The nuances of the new accounting world
Ms Calleja is confident that accountants will survive “the media extravaganza that AI and bots would replace our jobs”, but believes that while technology will do the heavy lifting, it doesn’t mean that accountants will work less.
She predicts the following:
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