Technology and Innovation - Future Proof your Career

We were recently invited by ICAEW West Midlands to contribute to their Summer 2019 edition of Abacus.

We share our thoughts on the accountants futureproofing their career as new technologies become more commonplace in the office. 

As the accountancy profession approaches a period of significant change with the adoption of new technologies – what does this mean for accountancy professionals?

Automating accounting practices will provide a host of efficiencies for firms and businesses as Making Tax Digital, AI and Blockchain are introduced. 

This market shift means that tax and audit professionals need to take the time to assess what the changes mean for their current roles and future careers. 

As much as there is a lot of negativity suggesting that the number of jobs will decrease with the adoption of automation – this simply isn’t the case!

The changes will open new opportunities for professionals to become more of a trusted advisor, reducing the amount of manual data inputting and building client relationships. 

Digital transformation isn’t not going to happen overnight, we envisage a wealth of opportunities arising to help businesses adopt and integrate new technologies. 

Managing your career has never been so important – this shift will transform the professional like nothing seen before. 

Taking the time out to allow you to sit back, analyse the landscape and assess what the changes mean for you is essential. 

This could be an appropriate time to refocus your career and view this digital transformation as your friend, not foe.

 

Do you have the right skills? 

Roles will become more focused on being a trusted advisor to clients. There will be a greater need to analyse and interpret data before delivering it to clients. 

Business Development could increase in importance as the efficiencies reduce fee income yet presents the opportunity to work a larger client base. 

 

How do I plan my career?

Planning as early as possible will allow you to make informed decisions on your career as you begin to see the changes taking place. 

As the audit and tax functions in firms begin to shift towards automation, you need to be in a position to either appeal to your current firm or be equipped with both skills and market intelligence to make a move. 

One interesting point to consider is that different firms will set out their offerings in different ways. In some instances, firms will be looking for candidates to perform a combination of compliance and advisory work. You will come across roles that are strictly compliance or advisory. 

Investing the time to understand what your strengths are, allowing time to develop the required skills and knowledge along with understanding which firms are best suited for is imperative.