As noted in my last post I have number of speaking commitments coming up over the next couple of months, so I’ve spent a lot of time recently reflecting on the role of a CFO and, indeed, the wider accounting profession.
During my presentations and panel discussions, I’ll be speaking to audiences from across the APAC accounting community about the tech trends that are going to shape the future of the industry.
In a world where time is money, it can feel like a double-edged sword when efficiency is deemed the only measure of success.
For all accountants, providing compliance services is still a necessary part of the job, and will be up until the day we no longer need to lodge tax returns. It is a required service, and one that accountants should charge for. However, as technology continues to speed up the rate at which such tasks can be completed, the issue of perceived value comes into play.
For many accountants, they believe that because it takes less time to do, they should be charging less for the service. Wrong. It is still a valuable service.
The digital age has transformed the way businesses operate – from interacting with customers to financial reporting – and has provided the opportunity to make efficient and effective business decisions.
“Technology has brought about positive change when it comes to how we can interact with clients and suppliers and be more connected to them than ever before,” James Solomons, Head of Accounting at Xero told The Pulse.
While the partnership model remains “old-school attractive” in the industry, it is becoming increasingly less appealing to younger accountants with different career and lifestyle priorities to the previous generation, Xero’s head of accounting and director at Aptus Accounting and Advisory, James Solomons, told AccountantsDaily.
Mr Solomons is finding that younger accountants who are eyeing more senior positions are thinking either “I’m going to go my own way, or stay an employee”.