Top 5 Biggest Challenges via Institute of Financial Accountants

Episode 17. In today's news episode, we discuss "Top 5 Biggest Challenges via Institute of Financial Accountants."

Really interesting points arising from a piece via AccountancyAge reviewing 2021 for the accountancy profession and the challenges firms have faced. All of these will loom larger in 2022.

Key takeaways from this episode include:

＞how the IFA has looked back at 2021 and looked forward to 2022 to see how the accounting profession has adapted to all that has happened

＞asking how accountants as a breed cope with change and can be agile and adaptive

＞the number one driver what generally tends to cause the most change and adaptation in accountancy

＞"As the year is drawing to a close, there is a growing expectation that many of these temporary adaptations will now become embedded in long-term business operations. This has resulted in the changing face of many business practices and a pivoting of services in order to survive."

＞the impact of Brexit, not just in the UK but throughout the world, and how it has created international business opportunities for accountants

＞"Evidently, the UK’s exit from the EU has created necessary demand and opportunities for practice outside of its borders."

＞how digital tech is transforming accounting and which technologies are adding most value to accountancy firm and their clients

＞"Digital transformation has continued, as the sector looks at ways to further embrace the digital shift and seize the opportunities that emerging technology presents."

＞why the day-long accountants training course has given way to more bite-size learning approaches for CPE or CPD and skills training

＞some of the various legal and regulatory changes accountants must stay current on, and how this affects their bandwidth for other things like innovation

＞the expanding threat to accountants and their clients of money laundering and fraud, leading to opportunities in cyber-security

＞"The pandemic has only served to exacerbate the growing problem of fraud, and as it has shown no signs of abating throughout 2021, neither have the efforts of fraudsters in finding new ways of operating."

＞why climate change represents significant opportunities for accountants with ESG and CSR initiatives becoming increasingly relevant

＞"As 2021’s door shuts and 2022’s opens, one thing now placed at the top of everyone’s agenda is tackling climate change, as businesses focus more on their impact on society and the environment."

＞the 'burning platform' of environmental and social governance in the light of COP26 summit and what it means for the businesses that accountants and CPAs serve

＞what the more proactive accounting professionals will be doing to capitalise on these challenges.

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