After a long period of stagnation, change is quickly becoming a constant for those who work in public accounting. In particular, industry changes are happening in the form of the blockchain, artificial intelligence, auditing tools and big data. The top accounting firms have invested hundreds of millions of dollars in advancing and implementing these technologies.
Prepare for Change
It is only a matter of time until the changes detailed above dramatically alter the public accounting industry. The question is how these tech innovations will change the industry. CPA firms will likely decrease the number of traditional jobs such as tax accounting and auditing while hiking the use of additional disciplines ranging from data analytics to the use of artificial intelligence. Once these changes take shape, certified public accountants will either wilt or accept the challenge.
Those who adjust to the avalanche of tech improvements will stay in the black while those who do not rise to the challenge will likely end up in the red. Though there is a chance the tech advances noted above will take longer than anticipated to implement, there will likely be more changes in the next couple of years than there were in the prior three decades.
Breakthrough Accounting and Audit Software
Accounting firms will have to make sizable investments in the latest technologies as well as an array of new software in order to survive in the decades to come. As an example, the Mindbridge platform provides the latest auditing tech powered by artificial intelligence. This platform functions with regular accounting software such as Intaact and QuickBooks. Onpoint, a compilation and review solution created by CaseWare and AICPA is another example of an emerging software tool. AutoEntry is an essential emerging bookkeeping platform. This package automates data entry in QuickBooks, functioning with both the desktop and online versions.
Autoentry, Mindbridge and Onpoint are merely three examples of how technology is poised to dramatically alter the accounting industry. As time progresses, even more tech solutions will come through the pipeline, changing public accounting that much more.
Opportunities Might be Available in Advisory Services
Advisory services have emerged as one of the fastest growing segments of public accounting. This means small CPA firms will expect additional demand for business advice ranging from how to stragegically plan for the future to how funds should be invested and when money should be borrowed. The bottom line is advances in public accounting are inevitable. Embrace these changes, continue to adapt and you will stand a much better chance of staying in business. Ideally, these tech advancements will liberate you and your team to find new clients and better serve current clients. Adjust to the changes and it will be that much easier to benefit from the latest tech rather than succumb to competitors who heavily invest in automation, artificial intelligence, advanced software, etc.