{"id":68891,"date":"2021-02-12T13:06:11","date_gmt":"2021-02-12T11:06:11","guid":{"rendered":"https:\/\/www.sage.com\/en-za\/blog\/?p=68891"},"modified":"2026-01-29T15:47:47","modified_gmt":"2026-01-29T13:47:47","slug":"a-new-purpose-for-the-accounting-profession","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-za\/blog\/a-new-purpose-for-the-accounting-profession\/","title":{"rendered":"A new purpose for the accounting profession"},"content":{"rendered":"
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\n\t\t\t\t\t\t\tMoney Matters<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t
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\n\t\t\t\t\t\tA new purpose for the accounting profession\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t

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\n\t\t\t\n\t\t\t\t\"\"\t\t\t\tTshepiso Sekudu<\/span>\n\t\t\t<\/a>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n

The words \u2018accounting\u2019 and \u2018bookkeeping\u2019 were once used interchangeably. But their respective meanings are drifting apart.<\/p>\n\n\n\n

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 \u2018balancing the books\u2019, they must find what is valuable within<\/em> them to the benefit of their clients.<\/p>\n\n\n\n

The status quo under threat<\/strong><\/h2>\n\n\n\n

Not everyone has acknowledged the winds of change in the accounting industry.<\/p>\n\n\n\n

In the 2020 Practice of Now (PoN) survey<\/a>, 46% of the accountants that participated still considered themselves as reporting focussed number-crunchers. It\u2019s a concerning admission, both in its scale and character.

\n\tGet the report<\/a>\n<\/div>\n<\/p>\n\n\n\n

Processing power will shortly assume total responsibility for counting beans and the like. And that\u2019s a good thing \u2013 it means that the accounting profession must shoulder a higher purpose, an ingredient that could not only make the profession more attractive for talented, ambitious individuals, but also work to uplift the image of the industry as a whole.<\/p>\n\n\n\n

What does that higher purpose look like? It\u2019s advisory. It\u2019s sophisticated. It\u2019s personal.<\/p>\n\n\n\n

Interpreting the numbers<\/strong><\/h2>\n\n\n\n

Another intriguing finding from the PoN survey was that 82% of accounting firms are willing to recruit people from non-accounting backgrounds. It\u2019s a trend that is being driven by the evolving needs and expectations of their clients; they don\u2019t just want the numbers; they want to know what they mean, and how they can leverage them.<\/p>\n\n\n\n

The disciplines of marketing, cashflow management, human resources, people management, and growth modelling\/forecasting are increasingly expected to be within the wheelhouse of those offering \u2018accounting\u2019 services.<\/p>\n\n\n\n

To be sure, understanding<\/em> the numbers is a prerequisite for interpreting them. It follows that it\u2019s the accountants who have the best foundation to deliver valuable insight across their clients\u2019 businesses.<\/p>\n\n\n\n

But it means that the professional bodies that shape the emerging accounting professionals must redesign their courses to include teachings on technology, business intelligence, data science, machine learning, project management, sales, communication, and emotional intelligence. That\u2019s not an exhaustive list, either. Luckily accountants aren\u2019t scared of hard work!<\/p>\n\n\n\n

This applies equally to experienced professionals; they must upskill themselves in these areas in order to serve the new, advisory-based purpose that their profession is quickly pivoting towards.<\/p>\n\n\n\n

Embrace software<\/strong><\/h2>\n\n\n\n

At AXCELERATE, most of our clients are accelerating the use of technology in their businesses. As a result, we have to understand and be able to assimilate with, the software they\u2019re using. The expectation \u2013 which is gaining momentum across the industry \u2013 is that we\u2019ll be able to integrate with their systems when delivering our accounting or payroll services.<\/p>\n\n\n\n

Our business, and others like it, must continually invest the time and money necessary to deliver sophisticated accounting services that leverage up-to-date technologies. Some of the advances we\u2019ve made include:<\/p>\n\n\n\n