What’s Going to Shape Up the Accountant of the Future?

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Hi everyone,

Is the accountant role dying or is it reincarnating into something else?

Was reading up on a few stats the other day and stumbled upon something really interesting. This was from Sage’s 2019 Practice of Now report which said, 62% of accounting leaders believe that ­by 2030 current accountant skills and training won't be enough to run a successful practice.

We often talk about accounting software, AI, regulatory landscape, niches and business diversification, and whatnot, but how often do we really talk about what the role of the accountant needs to evolve into around all these changes?

If it needs to be said again, automation and AI are changing the game. Why spend hours on bookkeeping when software can do it for us?

Truth is, crunching numbers alone won't cut it anymore.

As the traditional accountant’s role and contribution shrinks, I think the accountant of the future will need to regain the TRUST of their clients in ways that are unconventional.

This trust will give a new lease of life to the role of accountants.

But what does that new role look like?

Like that of a trusted advisor, who goes beyond reconciling statements and supports decision-making with their ability to translate financial information and apply it to different business areas to maximize profitability for their clients and their practice.

Think about the opportunities here.

There’s the Financial Advisory market that’s set to hit $155.30 trillion by 2028. Businesses are looking for advisors who can help them make sense of complex financial data. And that's where accountants well-versed with techniques such as predictive analytics will come in and deliver real value to their clients.

Another area is business growth. Did you know, companies using financial analysis have seen a 15% increase in revenue? Accountants who will be able to cross over into the role of financial analysts can help clients glean deeper insights to drive investments, pricing strategies, and market entries.

On the same lines, there’s great scope in risk management.

Businesses lose 5% of their revenue to fraud each year. And, if you’re already not aware, fraud detection and forensic accounting are already going big.

To level up, accountants with specialization into risk management and mitigation can develop strategies to safeguard their clients' assets, ensuring financial stability and compliance.

What’s more?

Digital marketing. Yes, believe it or not, accountants can pitch in here too.

That when you stop to think, 70% of marketers see the need for financial data integration – who better than accountants to deliver that?

Just having the basic know-how of how digital marketing works can enable future accountants to analyze the financial impact of marketing campaigns, helping businesses optimize returns on their digital marketing efforts.

As likely as it looks like accountancy will be taken over by AI, it won’t take away the accountant.  

The real ask here is that accountants start expanding their skill set beyond the books.

Skills like data analytics, business strategy, client engagement, and tech know-how will keep accountants relevant and in demand.

Personally, I see the accountant of the future as someone who accounts for the trust of their clients.

And the path to building and keeping that trust intact goes through learning skills that haven’t been traditionally likened to accountancy.

If you’d like to learn more about how the role of accountant is set to evolve into that of a trusted advisor, read our in-depth blog here.

Visit our website here to learn how Samera Global can support your firm's growth and efficiency.

Until next time,

Arun

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