Accountants of the Future James Cumming Director of Accountancy - - PowerPoint PPT Presentation

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

• 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

The Accountant of the Future

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.

Communication and Soft Skills

With increased automation and technological augmentation, accountants of the future will be freed up to focus less on the process

• f 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.

Repositioning Accountants as Advisers and Strategists

Impact

Who are they

Who are they

Wider trends in technology

Artificial Intelligence Everywhere

Analysts Gartner Trends Forrester IDC CIMA (short review)

IOT & the Empowered Edge Blockchain building trust Cloud 2.0

Experience Economy Digital Ethics & Security Digital employees and smart spaces

Quantum Computing Autonomous things & Robotics Hyper Agile Apps

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

• f 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

• f learners?

Future changes - topics Data Science embedded Familiarity with data tools Prof Skepticism Data Visualisation Change Management Future changes - method Smaller units On demand Constant throughout career

Q&A