News & insight

Will accountancy be the sexy profession of the future?

August 15, 2016

accounting-kreston-internationalFor many, the accounting profession may not seem the most attractive in the world. But with technology and innovation at our hands, this is about to change.

In one interesting article, Rob Nixon, CEO and co-founder of Panalitix, challenges our profession to innovate, to find the equivalent of Uber for delivering business advice. Rob is Keynote Speaker for two days at “Tomorrow’s Practice” – Kreston’s 45th Annual World Conference to be held in London next month.

According to Rob, to be “faster, more available, and smarter” are the keywords for today’s successful accountants. This is where the Uber model comes in.

After the sudden explosion of Uber’s popularity, the experience of moving around cities has become a new reality for users. The app successfully filled a gap that until then was not totally catered for by taxis. Rob argues that the same “Uber model” should guide the accounting sector.

In his article, Rob observes that we can learn lessons from Uber and apply it into the accounting world, such as making the process more transparent, accessible, and operating in real-time. Also, Rob cites three trends that will be the future of accounting.

1. Cloud computing – much more than just online storage or backup, cloud computing provides access to more information for more people – as a 24/7 service. This tool sees accountants taking a more active role in providing information.

2. Automating marketing solutions – such as newsletters. Accountants can use customer data in more innovative ways to create marketing opportunities that increase return on investment for both parties.

3. Data analytics – a deeper analysis of data is a trend that can give customers a competitive advantage.

Rob concludes, perhaps accounting “has never been sexy” as a profession. The key is to establish a transparent relationship of trust with the customer to offer a service that is essential for a successful business.

Source: Accounting Web