Accounting, like many other professions, is facing major challenges that are going to help the career evolve in different ways.
Those interested in this career, especially now that there is a shortage of accountants in Australia, need to be prepared to meet those challenges. This means it is the perfect time to study accounting and brush up on what you already know.
Communication is Taking a Step Forward
Some things are not going to change; for example, core values like transparency and honesty are still important, but technology is definitely moving things along.
One of the most obvious changes has to do with the ease of communication that technology has offered accountants. Today’s technology like the cloud has given accountants, their clients, and stakeholders the opportunity to collaborate like never before.
An accountant can share information through the cloud anywhere in the world at the touch of a button.
Furthermore, cloud services allow an interested party to work on a report live and make changes that the accountant can react to should he or she be logged into the cloud document. The preparation of financial records, the maintenance, the analysis, and the verification process has definitely been simplified.
The Analysis is Welcoming New Tech
Part of what an accountant does is analyze data, which helps create a precise financial report along with better financial predictions.
Today’s technology is allowing accountants to use information that is shared on social media to analyze personal trends, which makes this a bit easier. It should also be pointed out that big data is going to become a major tool to help accountants ensure that their analysis is on point.
This type of smart program can help accountants analyze all data, including social media and help, come up with a precise report that will simply need to be verified afterward. Accuracy should be much easier, and an accountant will have more time to focus on his or her skills or other aspects of the job.
Outsourcing is Definitely Shaking Things Up
Another big change that is affecting the industry is outsourcing. Part of what makes outsourcing such a big thing for accounting is the ability to share information through cloud services mentioned earlier.
Cloud services do improve communications, and it allows accountants to work remotely. Cloud technology also offers this to accountants overseas. There is nothing wrong with a little competition, but it could make things harder for accountants who are just starting off.
Of course, this new reality also creates opportunities for those willing to do the work. Just like accounting jobs can be outsourced, budding accountants can outsource their own skills to clients overseas using online tools or by creating an effective website that allows this kind of interaction.
Granted, it may be a good idea for new accountants to brush up on their IT skills because these will come in handy for individuals who are interested in competing for jobs on a global scale.
Regulation Changes are Just Over the Horizon
There is no way around regulations with the impending growth of global accounting; there will be regulations imposed on the entire industry. These changes will likely affect taxes though there are other parts of the industry that could change.
Each country is going to find a way to control the flow of information and the profit flow just a bit as this industry becomes more global. It is important that all students of accounting and those already within the industry pay close attention to some of these changes as they come along.
There is no telling how much more the industry is going to change in the coming years, but some of these changes are already revolutionizing the entire profession. Thankfully, change is something that an accountant is prepared to deal with, so the transition is likely going to be manageable.