The Practice of Now is vital reading for any professional who aims to overcome changes in the accounting profession. It provides guidance about what the accounting firm of the future will look like by revealing insights from today’s accountant and bookkeeper communities.
Accountants and bookkeepers are disrupting their industries. We show how AI in accounting, changing regulations and a new generation entering the workforce, are all causing real change.
For the fourth annual report, we:
An industry on the brink of positive change demands accountants understand their client needs and keep abreast of technologies like automation.
Changing client expectations, new technology, and a new generation are impacting how practices work. Of those we surveyed:
This year’s report reveals an overwhelming majority of accountants recognise clients expect a diverse range of services and skills from them. Clients also expect accountants to understand disruptive technologies. Download the report and:
A range of events can trigger a crisis: a drought, a change in political leadership, a surge in the oil price or – as we know all too well – a virus. Crises can occur locally and remain more or less localised, as with South Africa’s recent unrest in KwaZulu-Natal and Gauteng. Or, as evidenced […]
In 2006, I predicted that accounting as we knew it then would be redundant by the turn of the decade. At the time, technology was starting to advance, and accounting scandals dominated the headlines. Two years later, the world plunged into a financial crisis, and the profession was partly responsible. Market for Lemons One reason […]
I was a bit concerned when the bank called to cancel my client’s finance application meeting. What did we do wrong? What did we forget? Turns out – nothing. In fact, our reports and financials were so thorough that the bank cancelled the meeting because it had more information than it needed to grant my […]
The words ‘accounting’ and ‘bookkeeping’ were once used interchangeably. But their respective meanings are drifting apart. As technology rapidly and unblinkingly learns how to perform routine accounting tasks, the traditional accounting value proposition of bookkeeping is being commoditised. Now, accountants, and the businesses they work for, must find a new purpose; instead of ‘balancing the […]
Artificial intelligence (AI) and automation have taken the accounting profession to a point of pivotal change, and it’s about to transform the way that accountants operate. AI is already great at automating repetitive accountancy tasks, which improves accuracy and productivity, and helps firms to discover hidden insights and trends that affect their clients’ businesses. It […]
With the Coronavirus raging across the globe, many accountants have been with their clients every step of the way. They were suddenly the beacon that everyone looked to, as help from governments and other bodies had been mostly financial. They assisted clients with explaining and compiling the required data and helped them to complete the forms. Positive disruption Following the events of 2020, people need […]
In the latest version of The Practice of Now survey, respondents were asked what pain–points their businesses experienced with their accountants, and what they expected. We candidly asked if they felt that their accounting needs were being met, and if not, how they could be improved. The 2020 edition includes a new element – a qualitative survey from Coleman Parkes, which conducted thorough interviews with users […]
“I always tried to turn every disaster into an opportunity.” – J.D Rockefeller. Over the last few months, accounting professionals have had to deal with equal measures of disaster and opportunity in the midst of the Coronavirus outbreak. Accountants have been a solid support to businesses during this time, providing advice and helping wherever they […]
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