12 Predictions on the Future of the Accounting Profession
- Author Mathew Lewis
- Published February 27, 2018
- Word count 463
Technology has aggressively changed the world around us. Businesses are able to understand their target market with a greater ease and at pennies on the dollar. Giant tech corporations have made the most out of understanding, accumulating and establishing a highly intimate connection with the general public. In broader terms making the world a lot smaller than it used be, simultaneously opening up new horizons for scalability of small businesses.
Even though technology has made it easier for humans to coexist and build a stronger more united world, there are adverse effects of it as well. However, that is only relevant for those that let time slip away, and are not able to adapt at the rate that technology brings about innovations and rejuvenates how everyday functions are performed.
There are extensive lists of professions that have been determined to be in the danger zone due to technological advancements and progressions towards independent and self-aware artificially intelligent (AI) systems. A way out does exist, which is to adapt to the changes and be ahead of the game by keeping up to date and utilizing advancements to one’s own gain, professionally.
Here are some predictions on the future of the accounting profession.
Cloud Accounting vs Local CPAs
We have discussed about this in earlier blogs as well, where local CPAs were compared with cloud based computing. The future is all but cloud, the life of the hard drive is very limited, since all communications and important data is starting to get stored away in a system called cloud. This will enable the transformation and sharing of data at a much faster and more logistical way.
Small businesses rely heavily on small margins of profits; being a small business owner yourself, you would know this better. Every penny that is not being spent towards any unnecessary expenses can mean enhanced profits. Accountants are an integral part of your business; its well-being and structuration depend on them. However, local accountants can be extremely pricey especially accountants in Houston, Texas area. The point in having cloud based accounting systems in place is to reduce the overall expenses on this core business function, improving on the quality of management, and control that you as a small business owner need.
Corporations such as Monily, handle taxes and bookkeeping at extremely affordable rates all the while helping you focus more on your savings and business’s expenses on a reoccurring base at a quarter of the rate at which you would get a single accountant.
For accountants this means that they need to move up from providing just financial advisory services to small businesses, to providing cloud-based solutions that would help their client base save up on accounting expenses and cater to more clients through the integration of technology.
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