The future looks...

The future looks…

The changing vocabulary of accounting offers an insight into the future of the profession. Notions such as cloud computing, automation, integrated reporting, shared ledgers and digital disruption will be increasingly in vogue as firms seek to grow in highly competitive markets while responding to clients’ needs.

David Hill, corporate finance partner at Deloitte Private, believes the future for accountants is bright, as long as they adopt digital platforms and other web-based technologies. binary complaints “Those who are able to embrace these changes have the opportunity to position themselves to provide significantly more value than they have previously provided,” he says. And those who do not? “Those who resist the change will have significant challenges on their hands to remain competitive,” warns Hill.

trading on line fineco binario New era

The other game changers for the accounting profession have been the global financial crisis and ongoing economic volatility around the world. Fallout from these scenarios means accounting and financial reporting issues are dominating the international regulatory space. “That’s never been the case before,” says Andrew Conway, chief executive officer of the IPA.

This spotlight provides a significant opportunity to shape a new direction for accounting.

“Accounting as a profession is in its most exciting phase,” says Conway. He believes that accounting has become the must-have qualification for business leaders and board members. As a result, accountants are “the backbone of any business”.

“Accountants and accounting are very much at the core of business, and accounting is not just a business function – it is business in every form,” he says.

Conway expects three principles to guide the profession in the coming decade: value (how a firm analyses data and provides advice, enabling a client’s business to prosper); clarity (how that financial information is presented to clients); and diversification (how firms, big or small, must provide a full range of services).

On the last point, Conway says clients want from their accountants a one-stop-shop that includes services and traditional compliance counsel that also extends to broader advisory needs. “Clients are expecting more.”

[breakoutbox][breakoutbox_title]What are the biggest changes that will shape the future of accounting?[/breakoutbox_title][breakoutbox_excerpt]Roger Burrit, David Hill, Andrew Conway and Tony Markwell share their thoughts.[/breakoutbox_excerpt][breakoutbox_content]

opcje binarne za darmo Roger Burritt
Found director of the Centre for Accounting Governance and Sustainability

Accountants of the future must increasingly become problem-solvers in areas such as sustainability accounting, according to Professor Roger Burritt. To properly meet this need, however, he believes different education pathways will evolve, whereby courses in accounting and commerce are complemented by study in other disciplines that focus on the use of natural, social and economic capital.

Professor Burritt’s empirical research with 121 accounting firms in South Australia reveals that accounting firm managers prefer staff to obtain their sustainability accounting skills from universities rather than via in-house training.

“They want this public interest aspect, as they see it, to be part of the standard education and to be embedded in education at university level.”
[hr] David Hill
Corporate finance partner, Deloitte Private

Clients are making the shift from the shoe box to web portals when they present business data and accounts, according to David Hill.

As firms rethink client interaction, he says, web-based solutions such as portals allow accountants to constantly engage and advise clients, while in specialised areas, such as SMSF, compliance work is being managed efficiently online.

Underpinning this digital era is the migration to cloud computing for shared-ledger accounting. Hill welcomes the change, saying it allows real-time advice that can help transform a business.

“You [move] from looking in the rear vision mirror and saying, ‘Oh, by the way, nine months ago it would have been good if you could have done this’. That’s not really helpful.”
[hr] ثنائي خيارات التداول أنها لا تعمل Andrew Conway
Chief executive officer, Institute of Public Accountants

Andrew Conway says the focus is shifting to the education of accounting graduates. The IPA has been constantly reviewing its Master of Commerce (Professional Accounting) qualification to ensure students have appropriate skills for the digital economy. “Candidates will increasingly be expected to have a broader knowledge base and a broader academic base,” says Conway.

He also emphasises the importance of a “mentored experience” for graduates, whereby they learn from experienced industry professionals. “We have a strong focus on producing as well-rounded an accounting candidate as possible.”

As younger clients populate the business community, Conway says they expect to be able to text or tweet their accountant for advice – and get a quick reply. “You have to adapt to the way clients are functioning on a day-to-day basis.”
[hr] forex leverage example Tony Markwell
Senior partner, Grant Thornton Australia

Accounting firms have to get back in touch with the real needs of clients, according to Tony Markwell.

“Clients want real advice on how to run their business, how to become more profitable and how to interpret numbers so they make sense,” says Markwell.

He warns more traditional firms that they risk being superseded by a new generation of accountants unless they embrace shared-ledger accounting through platforms such as cloud computing.

“Gen Y accountants are really in tune with this technology. They are okay with this transition into live data and accessing data and producing reports in a way that the client can understand.”

[/breakoutbox_content][/breakoutbox] Challenges ahead

While accountants will have significant business opportunities in the coming decade, they face a raft of tests and will need agile and flexible business models.

In short, the industry can expect increasing collaboration among accountants and third-party suppliers, more automation of basic tasks, greater attention to real-time data analysis as they act as business facilitators and problem-solvers, an evolving approach to building client relationships, and added emphasis on integrated reporting and business sustainability.

All of this will come against a backdrop of the rising burden of regulatory compliance.

2 thoughts on “The future looks…

  • February 22, 2013 at 10:19 pm

    The above is very well written and I would like to add my views.

    In the future different reports will be needed for compliance purposes that will be quite diverse in content.

    What is out of the square for accounting now may not be in the future. This can be part of understanding different types of people around the world and then interpreting the law to them to answer their particular concerns.

    This can all be part of what a public accountant can be expected to answer and report.

    Commenting confidentially some aspects of some industries are unique. I believe this will remain in the future and may increase in diversity to be expressed.

  • March 5, 2013 at 10:47 am

    As much as i enjoyed reading this article there is no way firms will hire the physical disabled on boards I know because i have had a hard time in getting into this profession as a public accountant on my own and the future is not looking that great.

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