Accountants of the Future James Cumming – Director of Accountancy Programmes, BPP Robbie White – Director of Technology Programmes, BPP January 2019
Context
Historical Context Accounting has evolved with every technical development to keep pace and exploit the changes – make better decisions, provide better advice
The Accountant of the Future 1. Increased need for digital technical skills a) Machine learning and A.I. b) Blockchain and Distributed Ledgers c) Cybercrime, compliance and risk 2. Communication and soft skills 3. Repositioning accountants as advisers and strategists
Communication and Soft Skills As emerging technologies augment the profession, and as machine learning and blockchain take over or remove certain tasks, accountants will need to focus their skills elsewhere. If machines are able to perform an increasing percentage of technical functions, then accountants will spend more time communicating the findings to stakeholders. As technology increases the speed and efficiency of reporting, accountants will be able to give their clients insights in real-time, and they’ll be able to dedicate more time to conveying those insights. Accountants will need to be able to advise on the adoption of new technologies and assess how those technologies will impact businesses: the accountant of the future will act as the bridge between emerging technologies and their clients.
Repositioning Accountants as Advisers and Strategists With increased automation and technological augmentation, accountants of the future will be freed up to focus less on the process of accounting and more on strategic decisions informed by accounting insights. More time can be spent focusing on the overall purpose and integrating financial analysis more completely into business strategy.
Impact
Who are they
Who are they
Wider trends in technology Artificial IOT & the Blockchain Intelligence Empowered Cloud 2.0 building trust Everywhere Edge Autonomous Hyper Agile things Apps & Robotics Digital Digital Experience employees Ethics & Economy and smart Security Analysts spaces Gartner Trends Quantum Forrester Computing IDC CIMA (short review)
Deloitte Changing to create digital accountants
What you should know • ACL has developed 100’s of prewritten audit scripts • Accounting firms create technology • Analytics, AI and Machine Learning are widely used • Trust is lost in an instant with social media • We have had our first mega cyber attacks • ‘Uber’isation of everything - EaaS What you may not • Audits and ownership will be extra-terrestrial • Quantum computing – no privacy, no limitations • Anything can be made by anyone, new assets • 2020 100 mill shoppers use Augmented reality to shop • 2020 has 50 Bill IOT devices with $19 bill value add • 2020 Drone business is worth $127 billion • Neuralink will exist in the next 10 years
Do you know who this is Adriana Marais
What does this mean for your people and the skills they need? Innovate at the core Be creative around empowering employees Practical skills first Theory does not beat test Remain current Education as a journey Watch the horizon The future will not stay stable so be aware
How is training evolving to meet the changing needs of the profession and of learners? Changes already made Data and Data Science explicitly included – MSc and GDA Digital Leadership – how leadership changes in digital age
How is training evolving to meet the changing needs of the profession and of learners? Future changes - topics Future changes - method Data Science embedded Smaller units Familiarity with data tools On demand Prof Skepticism Constant throughout career Data Visualisation Change Management
Q&A
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