Panel: Future Forecast - The Outlook for Accounting
This is an insightful discussion on the future of the accounting profession, featuring an esteemed panel of accounting industry leaders and experts - Gary Boomer, Val Steed, Sarah Beale, and Bob Lewis.
They delve into the current state of accounting, the need for change, potential threats like AI and automation, the importance of rebranding and improving the profession's perception, the relevance of accounting qualifications, predictions for the profession's future, and more.
The panel acknowledges that while accounting has historically been stable, it's currently facing the most profound changes from all angles - economic shifts, regulatory uncertainties, technological disruptions like AI, and a severe talent shortage.
They emphasize that to remain relevant, the profession must adapt, innovate, improve processes, diversify talent, focus on advisory services, leverage technology intelligently, and most importantly, change its perception among the youth to attract the required talent.
Key Takeaways:
- The accounting profession is amid a transformative period driven by the accelerated pace of change, AI/automation, increased private equity investments, and changing workforce dynamics. Firms that fail to adapt will struggle to survive.
- The biggest threat is from entrepreneurs and firms that don't change their mindset from just providing compliance services to becoming strategic advisors understanding and solving clients' core business challenges.
- Rebranding the profession is crucial to attract diverse, younger talent by changing the perception that it's just number-crunching to showcasing it as an exciting, entrepreneurial career with varied opportunities.
- Accounting qualifications must continuously evolve with changing business needs, emphasizing skills like communication, ethics, sustainability, and digital proficiency along with technical expertise.
- Key predictions include greater advisory services adoption, private equity/consolidation, AI-driven automation of routine tasks, and the rise of accounting "big-box" firms offering integrated professional services.
- It's an opportune time in accounting, presenting transformative prospects for those willing to develop required skills, embrace technology, focus on advisory/consulting services, and be part of steering the profession's narrative.
"There is so much change out there, which means so much opportunity. And I think we've got the opportunity to carve out our profession in a really different way that adds massive value to business, economy, and society, if we get it right." - Sarah Beale
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