Welcome to the roundup, covering accounting and finance news for September 2018. In this edition, we cover blockchain (a recurring theme!) and look into how millennials are having an impact on accountancy. We also look at empowering women to take leading accounting roles, and ask, what are the accounting trends of tomorrow? Enjoy!
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!
- Blockchain is Not a Threat to Accounting, It’s An Opportunity
By Andrew Arnold for Forbes
Blockchain is a new buzzword that has far-reaching scope. Whilst part of its hype stems from the cryptocurrency phenomenon, its application can be seen in a wide range of industries, including accounting. In this Forbes article, contributor Andrew Arnold looks more closely into how blockchain can be used as a technological tool for accounting professionals. In particular, he suggests using blockchain as an “immutable and transparent record” of your company’s accounting data. He cites how legacy tech startups like Ibinex have hopped onto the blockchain bandwagon.
Arnold also points out how blockchain technology will cement the value of the services offered by CPA firms. According to him, accountants can leverage blockchain as a means to offer safety and security for their clients’ data. He concludes by saying that blockchain will change the roles of accounts, not eliminate them from the equation.
- How Millennials Are Driving Innovation and Helping to Reinvent Accounts Payable
By Nilay Banker for Payments Journal
Millennials are one of the most powerful change agents of today’s era. They are ushering in innovation and blazing new trails, and Nilay Banker takes an in-depth look into their impact on the accounts payable and accounting landscape in general, in this Payments Journal article. Since millennials grew up in a world that is powered by technology and the internet, they also expect businesses to deliver the same level of “instancy” that they are accustomed to.
This particular level of demand will create a ripple effect in how businesses handle their accounts payable and their business processes. Since millennials will form a huge majority of the adult population and the workforce in the next 5 to 10 years, its immediate impact in the accounting workplace is felt. To find out what specific impact millennials are making, you can check out the full article by Nilay Banker.
- Accounting Trends of Tomorrow: What You Need to Know
All the talk about a robot revolution and human-less accounting is more sensational than factual, according to Nick Chandi in his article for Forbes. He cites how the impact of cloud technology to accountants in the real world is far more beneficial. In particular, he believes that the technology has empowered accountants by reducing manual work. Cloud technology has also helped accountants advance their roles to become value-added advisers and analysts. Gone are the days when accountants are simply crunching numbers; he believes that accountants will be tapped to provide real-world intelligence and crucial business decisions.
Nick Chandi concludes his article by reassuring accountants that the human factor in accounting will never be outdated. If you would like to learn more about the future trends that he has foreseen, you can read the full article to find out.
- How Can the Cloud Turbocharge the Audit Process?
In this article written by contributors of Netsuite for Accountancy Age, you can get an insight on the impact of cloud technology to the audit process. As an important aspect of compliance, efficient and accurate auditing is an important process that firms and businesses need to look into. The article enumerates the different ways in which cloud accounting and technology can be tapped to simplify the audit process and make it less time-consuming. Since the accounting data are streamlined and accessible from one location, it makes auditing faster and less at risk for human error.
If you’re interested to know about how cloud improves the efficiency and accuracy of the audit process, make sure to read the article in full!
- Be the Bridge: Empowering Women in Accounting
By Mary Margaret Prange for Accounting Today
In this article by Mary Margaret Prange for Accounting Today, she cites how women make up 51 percent of the accounting workforce. And yet, how come that only few (if any) of these women take on the highest level leadership roles? Only 24 percent are partners and principles, while only 25 percent are part of the management committees. Prange takes a more in-depth look at the circumstances that could have led to this scenario, and she even goes as far as to claim that this is an industry issue.
In this article, Prange also maps out the steps that firms can do to create a cultural change within the firm. She starts by claiming that having a clear purpose or goal in mind is the first step to succeed in giving women more leadership opportunities in any accounting firm. You can check out her article to find out what other steps she suggests to create more opportunities for women in accounting.
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 email@example.com.