As the Accountancy Futures Academy chair, I am often asked ‘So what does the future look like?’ As a practitioner myself, I think that the accountant that we know today will be different in ten years’ time – but how different?
For starters, the accountancy profession does not operate in isolation and its main challenges will certainly mirror those faced by the global economy. The areas that will impact the profession the most are: trust and reporting (strengthening public image by providing a more transparent, simplified but holistic picture of a firm’s health and prospects), regulatory expectations, standards and practices (a global approach), intelligent systems and big data (exploiting the repositories of big data), and finally, organisational remit (the increasing expectations that CFOs and the finance function should play a far greater role).
So how can a global accounting professional be better prepared to adapt and respond in a decade of uncertainty and rapid change?
As businesses adapt to a turbulent environment, accountants need to take on a far greater organisational remit, from strategy formulation through to defining new business models, the accounting professionals will need to embrace an enlarged strategic and commercial role. At the same time, accountants will need to focus on a holistic view of complexity, risk and performance and establish trust and ethical leadership. There is growing consensus on the need for reporting to provide a firm-wide view of organisational health, performance and prospects and must acknowledge the complexity of modern business and encompass financial and non-financial indicators of a firm’s status and potential.
Accountant’s global orientation, the ability to master the technical, language and cultural challenges of cross-border operations will be in the spotlight as the pace of global expansion of firms from developed and developing markets increases.
Lastly, the profession needs to reinvent the talent pool. The diverse range of demands on the profession is forcing a rethink of everything from recruitment through to training and development. Entrepreneurial spirit, curiosity, creativity and strategic thinking skills could be the key competences in the selection of tomorrow’s accountants.
There are significant uncertainties about how the driving forces will play out but the accountancy profession will need to be nimble enough to adjust and evolve and be able to maintain the balance between entrepreneurism and pursuing the highest standards of financial stewardship.
How certain is this? From my point of view, pretty spot on but only time will tell!