Accounting & Finance Roundup: What did you miss in July 2018?
Welcome to the roundup of news and opinion from July 2018, focusing on the best content from accounting and finance, with a touch of technology and business thrown in for good measure!
This month, we have featured great articles about the shrinking accountancy talent pool, facing the challenges of new technology, the changing role of accountants, identifying automation opportunities, Brexit and the accountancy industry, and digital transformation.
A caveat: These are the opinions of the writers themselves. We don’t always agree with every argument presented in these articles, but we do think you’ll find the stories interesting!
The Unlikely Heroes of Accounting’s Shrinking Talent Pool: Boomers
By Bob Criscuolo for Accounting Today
Bob Criscuolo writes this opinion piece for Accounting Today, wherein he takes an in-depth look at the major challenge faced by the accounting profession: a shrinking talent pool. According to this article, this is the decade that the accounting industry has been anticipating for years. Unfortunately, the growth of opportunities in the accounting world is not matched as there are too few accounting professionals. One of the biggest challenges faced by accounting firms would be to retain their current employees. Hiring continues to be a challenge and is expected to get more difficult as it’s estimated that about 70 million baby boomers will retire soon.
Thankfully, boomers that are leaving the accounting firms are not necessarily leaving the workforce. Many are opting to provide services from home as independent accountants and consultants. Bob Criscuolo examines what this will mean for the accounting profession in the coming years.
From the Finance Desk: Challenges Facing the Tech Industry Today
By Brock Killen for CIO DIVE
In this article for CIO Dive, Brock Killen talks about the challenges that are faced by private and public companies in terms of adapting to ever-evolving technology. He cites recruiting and maintaining top tech talent as one of the most pressing challenges that are faced by companies. Despite the latest innovations in technology, he believes that a tangible factor, such as talent, is one of the most powerful tools for any business to succeed.
He also cites two other challenges that are faced by companies when adapting to tech. Read the full article to discover what these challenges are, as well as his suggestions for coping.
Adapt to Grow: The Changing Role of the Accountant
With the advent of fast innovation and tech, there is no denying that the roles of accountants have changed. In this article by Jennifer Warawa for CPI Financial, she looks into another aspect of how these roles have changed, outside of the scope of technology.
According to Warawa, businesses expect more from their accountants today, specifically in terms of business strategy and advice. Knowledge and confidence in business strategy is now expected by clients from their accountants. Warawa also acknowledges that this new change will be intimidating for some accountants, particularly new ones. Aside from being able to crunch numbers, your ability to provide guidance and consultancy will make you a more valuable asset to the business.
Jennifer Warawa goes on to suggest some steps that accountants and businesses must take to cope with the changing roles of accountants. The professionals that can adapt to these changes are more likely to rise to the forefront of the industry.
How Your Firm Can Identify Automation Opportunities
Automation. It is the current buzzword in the accounting industry. However, Hitendra Patil notes in this Accounting Web article the importance of being able to identify automation opportunities for businesses. It is more than just a fad – incorporating automation to your accounting practice can bring in efficiency gains. He also suggests other ways that you can optimise the ability to automate your accounting processes. You can find his suggestions in the full article.
How Will Brexit Impact the Accountancy Jobs Market?
This Accountancy Age article details a research study conducted by AJ Chambers to get a pulse on the impact of Brexit to the UK jobs market. According to the result of the study, only about less than 10% of the respondents believe that Brexit will have negative consequences.
In fact, 15-20% cited that it could trigger a positive effect, especially within the accountancy sector. There were over 1,100 public practice professionals that were asked as part of the survey. If you want to learn about the other findings from the research study, you can check out the infographic included in the article.
Three Ways Change and Innovation Drives Digital Transformation
Daniel Newman writes this article for Forbes to discuss change in the realm of business and digital transformation. He invites business owners to be introspective – to reflect on the level of changes experienced in the past months or years. According to him, change and innovation are two factors that can drive digital transformation. This is a surprising claim as most people, even business owners, often look at it the other way around. However, the ability of companies to change their business processes and develop new ways to adapt to technological products or services is what is driving digital transformation.
He likens it to the classic chicken-and-egg debate: change and digital transformation are fluid concepts that will continue to affect the way people do business moving forward. One thing is for certain, according to Newman – the companies that fail to innovate and change will fall behind from their competition.
Have we missed any great articles? Please do let us know, and if you’d like to submit your article for consideration, get in touch with firstname.lastname@example.org.