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.
Bristol-based accountant Della Hudson is a... register with AccountingWEB for free to read the rest of this article.
About Robert Lovell
Business and finance journalist