■ Accounting
■ Accounting
Continued From Page 28 ment , financial , and operational improvement services , driving greater value to clients and enhancing job satisfaction for these professionals .
Another emerging trend that is intertwined with technology is the continuing evolution of the flex work environment . The accounting profession needed to leverage digital technologies during the pandemic to continue serving clients without interruption . What we discovered was that professionals and their clients could stay connected despite not being able to physically be in the same place . Today , a work environment that optimizes both flex , hybrid , and in-person experiences is creating a more satisfactory experience for accounting industry stakeholders . Moreover , the industry is no longer bound by geographic / physical office considerations . This provides firms with the opportunity to recruit talent from any location – across the country or across the globe . In an industry where competition for talent is fierce , this has been a major benefit and will continue to be so in the future .
Goldstein , Lieberman & Company LLC Philip Goldstein Managing Partner
Accounting is a dynamic and evolving profession that is constantly adapting to the changing needs and expectations of businesses , regulators , and society . Based on the web search results , here are some of the trends that will likely change accounting in the future :
◾ Technology and automation . Advances in technology , such as cloud computing , artificial intelligence , machine learning , and robotic process automation , will enable accountants to automate repetitive and manual tasks , such as data entry , reconciliation , journal entries , and reporting . This will free up time and resources for accountants to focus on more strategic and value-added activities , such as data analysis , decision support , advisory services , and business partnering .
◾ Zero-day close . The traditional monthend or quarter-end close process can be time-consuming , labor-intensive , and prone to errors . With the help of technology and automation , accountants will be able to achieve a zero-day close ,
which means closing the books at any time with continuously available and up-to-date information . This will accelerate the speed and accuracy of internal reporting and data analysis , and provide real-time insights to business leaders .
◾ Talent management . The accounting profession will face a talent shortage as the demand for skilled and agile accountants increases . Accountants will need to possess not only technical accounting knowledge , but also soft skills , such as communication , collaboration , critical thinking , and creativity . They will also need to embrace lifelong learning and adapt to new technologies and regulations . Accounting leaders will need to invest in technology , training , and development to attract and retain talent , as well as foster a culture of innovation and diversity .
These are just some of the trends that will reshape accounting in the future . Accounting is an exciting and rewarding career that offers many opportunities for growth and impact .
Smolin , Lupin & Co ., LLC Paul Fried , CPA Chief Executive Officer
The accounting profession has several emerging issues reshaping its landscape . The use of artificial intelligence (“ AI ”) in data interpretation and long-term business planning is revolutionizing how accountants analyze information and offer strategic insights . AI algorithms can swiftly process vast amounts of data , facilitating more accurate financial forecasts and aiding clients in making informed decisions .
Client Accounting Advisory Services (“ CAAS ”) has emerged as a response to evolving client demands . This holistic approach combines traditional bookkeeping with strategic financial advisory services , allowing CPA firms to deliver comprehensive solutions . The shortage of available accounting talent has prompted CPA firms to seize the opportunity and expand their offerings to fulfill clients ’ internal accounting requirements . This shift towards CAAS enhances the value proposition by offering end-to-end financial services .
The adoption of cloud-based software has enabled remote work and global collaboration . Accounting firms can now tap into a global talent pool . Further , clients can reach accountants who can help them , from anywhere .
The accounting profession is witnessing the convergence of AI , CAAS , and cloud technology . These emerging trends are reshaping the role of accountants from data processors to strategic advisors . The profession ’ s future hinges on its ability to harness these trends to deliver value-driven services in an ever-evolving business landscape . At Smolin , we are focused on staying ahead of this curve .
Traphagen CPAs & Wealth Advisors Robert Traphagen , CPA , CGMA Managing Partner
The accounting profession is being transformed by emerging technological trends such as Cloud Based Systems , Data Analytics , and Client Advisory Services .
Cloud Based Systems , with an emphasis on data security , will be a dominant trend in 2023 / 2024 . Cloud Based Systems allow companies to provide digital solutions to clients anytime – anywhere .
A recent Accountant Technology Survey showed that 86 % of respondents agree that technology will play a significant role in the growth and expansion of their practices in the next year . Additionally , A Global CFO Survey found that nearly half of the CFOs plan to invest in technology .
Data Analytics will be transformational for the accounting profession in this new world of hyper Big Data , AI , and Process Automation . We are on the threshold of a new paradigm ; the need for a data driven mindset . Even the 100-year-old CPA gold-standard exam has now radically changed . The 2024 exam will place emphasis on testing data and technology concepts .
Cloud Based Systems integrated with enhanced Data Analytics will provide a real-time database ; then the use of predictive data analytics will be a catalyst for the expansion of client advisory services . This will and is enabling accountants to shift from their traditional role of historical financial reporting to an advisory role as an active strategic decision-maker .
Firms who embrace these technological trends will be in a unique position to deliver added value to their clients and support the transformational change in our profession – performing at a very rewarding level !
Photo : Getty Images / iStockphoto / matejmo
30 COMMERCE www . commercemagnj . com