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:
Artificial intelligence and advanced cloud accounting software have shifted traditional accounting responsibilities from merely managing reporting, payroll, and tax returns to becoming business and financial advisors for SMEs. Both accounting firms and their clients want to grow, which means your role as an accountant needs to evolve as well. Here are five ways cloud accounting […]
Accountants are some of the most important people in our society, each helping to keep our economy going. They help make sense of (and solve) complex problems on an individual level for their clients, and then connect the dots to the wider fundamental functioning of all commerce, everywhere. So, we can’t afford to lose them! […]
Everyone wants an accountant’s help when tax season strikes. Few people, however, know the kind of value accountants can add outside of the systematic and detailed recording of financial transactions. Accountants can assist SMEs in numerous ways that will help their businesses grow into thriving, compliant entities. This is because today’s accountants are much more […]
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 […]
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