It’s not easy to keep at the cutting edge of this ever-evolving industry, especially with the fast pace of technological change.
But, for any accountants and bookkeepers wishing to future-proof their practices and careers, it’s important to stay on top of the trends that are shaping and disrupting the profession.
To help you get ahead, we asked seven industry insiders what they think will be the next big thing in accounting:
Chris Downing, director of product management at Sage:
Artificial Intelligence (AI) still has so much to give – it’s only just the beginning especially within this sector. AI can reimagine processes and enhance the client and accountant relationship beyond what it is now – bringing untapped business insights and recourses to the fore, enabling the accountant to deliver greater value and advice than ever before.
Our own research (Practice of Now, Sage, 2018) has shown that the majority – 66% – of accountants would invest in AI if it automated time-consuming and repetitive tasks. But AI is so much more; from machine learning to natural language processing, such as voice-based AI – this allows machines to sense, comprehend, act and learn. It can give better access to and understanding of big data, help to boost productivity and give an enhanced customer experience.
Richard Brewin, co-owner of Progress BB:
With digital disruption driving much needed change in the profession I think it will be the new look and structure of accountancy firms that will be the most strikingly different when we look back in the future. Firms will have moved from the ‘silo’ thinking, deadline driven practices of the 20th century to a much more fluid, client focused model built around the client relationship and delivery.
Although far fewer than today in number, these firms will have significant online services delivery for the many running in tandem with a high quality, high value specialist personal service for the few and backed up by diversified range of wider business support services. Client need will be everything but a re-education of those clients will finally have brought fees into line with value and a much more balanced relationship.
Rob Brown, founder and CEO of BD Academy:
The war for talent is the next big thing in accounting. When I ask guests on my Accounting Influencers podcast what they see as the biggest issue for growing firms, it’s finding the right people to drive growth. Recruiting and retaining good people will be at the heart of any growth strategies.
Firms will need specialists in niches, in technology, in advising and coaching, in leading and managing and in key technical areas. Data analytics and machine learning will be hot. Only the leaders who can set vision and attract the right people will gain a significant competitive advantage for their companies in 2019.
Alex Davis, business development and UK MTD lead at Intuit QuickBooks:
The fast-approaching Making Tax Digital (MTD) deadline on March 31 this year is a huge moment for accountants and their clients. The government has implemented the new system to modernise tax processes and improve businesses’ engagement with HMRC. As a result, many companies will start to make the jump to new technologies such as cloud accounting, AI and automation.
It is important that both accountants and software providers work together to communicate with business owners the options available to them to make the transition to MTD as smooth as possible. After all, compliance is one thing – but there are also countless advantages to managing accounts online, including access to current financial health and the ability to implement accurate tax forecasting.
Amanda Watts, co-founder and managing director of TwentyTwo Agency:
Many are talking about Automation and AI which will be scaring some firms even more so than MTD did. Whilst this will be the next big thing, I truly believe those firms who are leveraging automation and AI to enhance and build relationships will be the ones that thrive.
Let’s not ignore the fact that the world is made up of humans. Once firms understand that technology is a tool and still needs the human touch… the profession will evolve and thrive.
Glenn Collins, head of technical advisory at ACCA UK:
There will be a big demand from businesses for ‘immediate’ solutions. We see firms harnessing technology and new tools to become more pro-active and rise to the challenge of meeting these expectations.
Many firms are finding new ways to use tech to both cut the time spent on compliance and also glean new insights into clients and their prospective client base. Such insights help entrench them as a vital – and trusted – adviser to their clients.
Helen Thornley, technical officer at Association of Tax Technicians:
2019 is a notable year as it marks one hundred years since the professions were opened to women with the passing of the Sex Disqualification (Removal) Act 1919. While some more progressive accountancy bodies had already started to admit women before this date, it was not until this Act that the ICAEW finally allowed women to train to become Chartered Accountants. I’ve been researching the career of Ethel Watts, the first woman to pass the ICAEW’s exams, and am looking forward to speaking about her during 2019.