Panel: Accounting's Changing Landscape: - Adapt or Die?
This international panel discussion explores the current state and future trajectory of the accounting profession. The distinguished panel includes influential leaders and innovators on the field such as Dianne Yetter, Sarah Dobek, Tom Barry and Jeff Seibert to share their diverse perspectives on the challenges and opportunities facing the industry.
The conversation goes through with an assessment of the profession's current shape. While the panelists acknowledge the existence of challenges, such as talent shortages and outdated perceptions, they also recognize the immense opportunities arising from technological advancements and evolving client needs.
The discussion highlights the importance of embracing change, upskilling in areas like communication and strategic thinking, and positioning accountants as trusted business advisors.
As the dialogue progresses, the guests share their visions for the future of accounting. Predictions range from the rise of accounting for virtual economies and cross-disciplinary education to the potential demise of the traditional partnership model and the globalization of services delivery.
The panelists also emphasize the need to address persistent myths and raise financial literacy to foster a better understanding of the profession's true value.
Key Takeaways:
- The accounting profession is in a state of flux, with a divide between those embracing change and those resistant to it. Firms unwilling to adapt risk becoming irrelevant.
- Accountants must go beyond traditional number-crunching roles and develop skills in communication, strategic thinking, and entrepreneurship.
- Technology, such as AI and automation, will eliminate tedious tasks, allowing accountants to focus on delivering value-added advisory services.
- Attracting and retaining talent is a significant challenge, and firms must invest in training and development, particularly in soft skills.
- Branding and storytelling are crucial for changing the perception of accounting as a boring profession and showcasing its dynamic nature.
Quotes:
"We have to tell a better story. What made Anderson great is the way that they onboarded people, the way that they ingrained them into what was great about the profession." - Sarah Dobek
"It's the best of times and the worst of times for accounting." - Tom Barry (paraphrasing Charles Dickens)
Watch in video format on youtube here: https://youtu.be/SuOqR21SLB4
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