Around the world, professionals are changing the way they do business. Over the last few decades, technology has advanced at an exponential rate, vastly increasing our global connections and access to information. The development of sophisticated technology in combination with current global events - namely the coronavirus pandemic - and we are poised for the landscape of business to change forever.
In the world of accounting, many businesses have already taken the step to outsourcing their services, opting for remote accounting help rather than bringing in full-time on-site staff. The transition from paper to virtual-based accounting is both a sign of the times and a way for companies to access better resources.
“This generation of entrepreneurs is very technology savvy, embraces technology, and doesn’t really want to go back to a paper-based process…It’s a next-generation taking over an existing business where they want to embrace technology, and they want to use technology and an outsourced leverage model to do that; to really get that high-end skill where they need it [without having] to worry about “hey, how do I find the right CFO?” - Scott Dawson, CPA - Kruggel Lawton CPAs
In virtually every corner of business, there is an absence of qualified CFOs, leaving many business owners and entrepreneurs without financial advisors and support. As technology has advanced, and we have become more accustomed to meeting virtually, the need for geographical closeness could no longer be a factor in selecting a CFO.
“The technology that we’re using right now, people being able to connect face to face even if they’re not in the same physical location - people pretty much had to embrace that model to continue to do business and continue to have meetings. I think that’s going to continue to open up opportunities where, like I said, somebody doesn’t have to necessarily be in the same city to be your service provider and to feel like you can develop a one-on-one relationship with them.” - Scott Dawson, CPA
Beyond connecting with one another across large distances, and service providers being able to expand their customer base, the constant advancement of technology could be ushering in a new age of accounting and business altogether. In addition to the world’s workforces transitioning to remote work, the future of accounting could look very different as technology continues to grow, change, and advance.
“I think we know that [technology] is not going to slow down, and I think that it’s going to continue. You see the interest and kind of the convergence of some of these technologies being put in place, whether it’s AI, sensors, quantum computing, all this stuff kind of converging and just making some of these transactional processes more and more automated. I think where it’s going to really impact accounting is not only in CAS and open up opportunities, but also by taking some of that work out of the tax side and the assurance side and leveraging those technologies to reduce that physical footprint that you needed to do those services.” - Scott Dawson, CPA
To keep up with the times, and to remain competitive in this new landscape, accounting firms will need to embrace new technology. Though some professionals may be intimidated by change on the horizon, Scott Dawson from Kruggel & Lawton CPAs has a positive view of the future.
“I think there’s a lot of opportunity for everyone in this technology. Maybe if you’re not embracing it, it will change jobs. People sometimes don’t like to embrace it because they’re afraid it’s going to displace them, but I think if we embrace this technology people are going to see a lot higher satisfaction, and some of the transactional work is going to go by the wayside and you’ll really get to add value, which I think increases job satisfaction and client satisfaction.”