The future of accounting is likely to be shaped by several factors, including advances in technology, changes in regulatory requirements, and the natural evolution of business needs.
Trends for the future of public accounting
And yes, the trends will impact the near future of accounting:
Automation : The use of automation and artificial intelligence (AI) will increase in the accounting practice. This includes the use of chatbots for customer service, automated tasks and artificial intelligence for fraud detection.
Cloud computing : The use of cloud-based accounting software is becoming increasingly popular and effective, allowing companies to access their financial data from anywhere, collaborate with team members remotely, and reduce the need for physical storage space.
Data Analysis Data analytics: The use of data analytics to derive insights from financial data is likely to become more widespread. This includes using predictive analytics to anticipate future trends, analyze customer behavior, and identify opportunities for cost reduction or investment.
Green Accounting (Sustainability) With growing concerns about environmental and social issues, sustainable accounting is becoming increasingly important. It is much more trendy to measure the financial reporting and environmental and social impact of a company than its financial performance. Recording environmental assets is critical to the future relationship between organizations.
Cyber Security As businesses become more reliant on technology, the risk of cyber-attacks increases. Accountants will need to be aware of cybersecurity risks and best practices to ensure the security of financial data.
The importance of soft-skills in accounting
Overall, the future of accounting will likely involve greater use of technology, but the accountant of the future will need a much broader skill set than cybersecurity, data analytics, cloud software, automation, or environmental awareness. By developing soft skills, you'll add high-value skills for everyone. But especially for customers. It is essential to be aware that, while the practice is apparently more automated and optimized by digitalization, today's business environment is also increasingly complex, competitive and demanding.
In addition to technical skills, soft skills work on non-technical skills such as communication, problem solving and interpersonal skills. These skills are essential to building positive relationships with customers and colleagues and providing exceptional customer service.
Communication Communication: Accountants must effectively communicate financial information to financial and non-financial stakeholders. Good communication skills build trust and credibility with clients and colleagues alike.
Attention to detail Attention to detail is essential in accounting to ensure accuracy and avoid errors. Good accountants must have a strong ability to concentrate. Attention to detail ensures that important financial details are not missed.
Problem Solving Problem Solving: Accountants are often faced with complex financial challenges that require creative solutions. Good accountants must be able to apply creative thinking and think critically about developing effective solutions to problems.
Time management Time management: Accountants often work on multiple projects simultaneously and must meet strict deadlines. Good time management skills and implementation of priority management processes are essential to manage task completion and/or deadlines.
Interpersonal skills Interpersonal skills: Accountants work closely with clients, colleagues and other stakeholders, and therefore need strong interpersonal and relationship skills to deal effectively and empathetically with others. These skills help professionals build positive relationships and lasting collaborations.
Adaptability The accounting industry is constantly evolving and good accountants must be able to adapt to changes in technology, regulations and, of course, client needs.
It is essential for tomorrow's accountants to build strong, human relationships with their clients and colleagues.
"No one is the same as another. Every human being is a strange stranger."
Carlos Drummond de Andrade
Xana PEREIRA
CMO VISEEON
xana.pereira@viseeon.com
