Tech savvy is now a survival skill

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Technology now underpins everything an accountant does and the pace of change doesn’t appear to be slowing down.

As revealed in the recent State of Accounts report published by Xero the majority of accountants (83%) believe understanding technology is now equally as important to their job as understanding accountancy.

In addition nearly half believe skills in risk analysis, management consultancy and computer science will be required to thrive in the profession beyond 2025 as technology evolves.

While most accountants recognise the importance of keeping up-to-date with new technologies, the majority appear to be failing to invest enough time in education to enable them and their staff to do so.

Just under half of accountants surveyed are taking internal courses and a quarter are on external courses to ensure they are proficient with new tech, including business intelligence tools.

The impact of changing technology

With all this change, 22% of respondents felt that the change will be so great they will actually need to leave the sector if they don’t adapt to modern methods by the end of the decade. However 60% were confident they can adapt to change.

One key trend across the profession has been the death of the traditional ‘9-5’ and the birth of ‘on demand’ accountants.

For many modern practices the working day is now more flexible and this is particularly beneficial to accountants with commitments outside of work.

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About Robert Lovell

Business and finance journalist


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    26th Nov 2016 10:18

    Whilst it is true to say that technology is evolving that has always been the case. I would say that Accountants need to develop a close relationship with a technology company and work closely with them. This means that the client gets the best in breed.

    Thanks (1)
    16th Dec 2016 11:13

    Great article, thank you. We need to keep talking about technology as it will be difficult for a practice to still be in business without embracing technology.

    So how do accountants get the best technology? It is a real minefield with so many different options available and new players entering the market all the time with newer technology than the traditional practice software companies.

    Do you go for 'Best of Breed' or a suite of software from one provider? Each have their pro's and con's, so it is a matter of what is right for the business and your clients.

    Take your time to research the market, there are some fantastic solutions available today so embrace technology and keep up to speed by following articles like this.

    Thanks (0)
    By Mike18
    16th Dec 2016 11:27

    Embrace the new technology because it will bring about a three day week. That promise sounds familiar.

    Thanks (1)
    16th Dec 2016 11:37

    You seem to be forgetting Carney's speech where (if you listened correctly) he stated quite forcefully that there is a ten year gap between "high techies" and "low techies". Considering that the small business contributes quite considerably to the coffers and most are relatively "low techies", Government are going to have to have some sort of transitional program.
    I'm all for changing technology but not at the pace these marketing gurus like to put out.

    Thanks (0)