Future of Accounting Profession

¶ … Computers on the Accounting Profession / Future of Accounting Profession Computers are widely used today in the field of accounting; computing hardware (e.g., printers) and software find extensive application in the profession, as do security options, which are employed for the purpose of protecting client-related information. All accountants, including auditors, need to be tech savvy to remain competent in the future. Mobile devices, such as smartphones, laptops, tablets, etc. are becoming key accounting tools, helping professionals with managing client services, as well as their everyday workloads.

Technology will enable greater flexibility with regard to how, when and where job tasks are performed. On-site presence will lose its importance, as the aforementioned tools permit (and usually require) anywhere, anytime work (Branwell, 2015). Within five years from now, the accounting industry, in particular, will witness a shift towards cloud-enabled technology. This is because tools like cloud-connected tablets and smartphones will allow companies to offer clients the facility of a 24/7 pocket-accountant. Information technology will be increasingly integrated into accounting systems over the coming five years.

Accounting will witness a revamp, with accounting companies implementing cloud computing applications and systems, together with mobile and social computing, sophisticated analytical tools, and larger data sets. Intuit states that the utilization of advanced IT tools will help accounting companies realize better data quality, successful computerization of data gathering, and reduced data validation time (Branwell, 2015). Increased automation along with growing company interest in partially or totally outsourcing financial operations and bookkeeping will be observed, giving rise to fresh opportunities for companies in the field to provide these services to clients.

Though there will still be personal interaction with client, computers will render virtual accounting an industry standard. Clients will start expecting real-time services to be delivered at the place, time, and in the way they require. Online support systems and CRM (customer relationship management) will gain increasing importance (Branwell, 2015). While one-on-one, high-touch dealings with client won't entirely stop, they will be improved through virtual collaboration and support. There will be increasing implementation of CRM, and automation of routine support tasks; clients will be offered the option of self-service (Branwell, 2015).

Additionally, spreadsheet programs will become faster, more user-friendly, and more accurate than current ones. There will be more extensive usage of these programs by accounting professionals for keeping records of sales, inventory, and costs, forecasting and budgeting future expenditure and sales, etc. (Business Forum, 2015). Consequently, spreadsheets will grow exceedingly in importance to become the most essential software tool for organizations.

Furthermore, some field experts are of the view that a few roles such as bookkeeping, data entry, and compliance will be assumed by computers in future, and personnel who carry out these roles must be ready to face the extremely competitive scenario the future will pose by improving their value-added skills, capability, and experience. Data collection and reporting roles that add low value will be completely automated, allowing accounting personnel to concentrate more on strategic insights and financial analysis tasks.

The benefit of this is that accountants can devote more time to guiding and advising clients, rather than spending it in compliance work. Accountants will need to work on how to gain proficiency in the role of advisors (Business Forum, 2015). Moreover, self-recording of transactions will take place, through the use of database.