AI & Accounting: Foes or Future Allies?

- Join the accounting influencers conversation at one of our virtual speed networking events for influential leaders and professionals in the accounting, finance and tech world: accountinginfluencers.com/events
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This panel discussion explores where the accounting profession is headed and what it needs to do to remain relevant. The all-star panel includes influencers like Daniel Dronsfield, Amy Vetter, Jasen Stein, and Andrew Harding.
The experts agree the profession is at an inflection point, with a divide between those embracing change and those resistant to it. Firms unwilling to adapt face potential irrelevance as the workforce ages and talent becomes scarce. Persistent myths like accountants being stuck in the past need debunking.
Successful future accountants will need skills beyond number-crunching, such as communication, strategic thinking, and an entrepreneurial mindset. The panelists urge learning from other industries' client-centric and innovative approaches.
Bold predictions include the rise of accounting for virtual economies, more cross-disciplinary education, the demise of the partnership model, and globalized services delivery.
If granted a magic wand, the panelists wish for raising financial literacy, closing the public's expectation gap on audit failures, and fostering a culture of technology integration.
While tumultuous times loom, the profession's future brims with opportunities for the adaptive. As Stein states: "It's the best and worst time" for accounting.
Key Takeaways:
- The accounting profession is at an inflection point, with significant changes happening due to technology, changing workforce dynamics, and evolving client needs.
- Firms and individuals who embrace change and upskill in areas like communication, strategic thinking, and advisory services will thrive, while those resistant to change may struggle.
- The traditional partnership model and accounting qualifications may undergo significant transformations to adapt to the changing landscape.
- Increasing financial literacy and understanding the true value of accountants beyond compliance work is crucial for the profession's future.
"If your business model is serving people in volume and you want the 100, 1040 or the 50 a month bookkeeping client, I mean, you're in for a rude awakening because frankly, nobody really does want that." - Jason Stein
"We'll see the emergence of cross-disciplinary accounting degrees, certifications that lend finance and technology with traditional accounting education. The accountants of tomorrow, they'll need to have a very broad knowledge base to navigate the complexities of modern business." - Daniel Dronsfield
3:20 - Amy Vetter describes the current state of the accounting profession as being in "a state of reflection" on long-standing issues.
5:00 - Andrew Harding sees an "inflection point" with the profession divided between those embracing change and those resisting it.
9:45 - Jason Stein states that while not facing extinction, firms will "struggle with staffing big time" as workforce ages.
14:45 - Amy Vetter highlights the often overlooked issue of a weak middle management pipeline to feed future partners.
19:15 - Andrew Harding aims to bust the myth that accountants are always looking backwards instead of providing forward value.
25:50 - Daniel Dronsfield urges accountants to look at other professions like software development for adopting agile methodologies.
35:45 - Panelists cite communication, strategic thinking and advisory capabilities as crucial future skills to upgrade.
41:30 - Daniel Dronsfield predicts accounting will intersect with decentralized finance and blockchain technologies.
46:15 - Jason Stein foresees the end of the partnership model as new corporate-structured firms emerge.
49:25 - If granted a magic wand, Jason Stein wishes to raise global financial literacy levels to benefit the profession.
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The Accounting Influencers Podcast is for accountants, bookkeepers, finance professionals and those who lead, work in, and serve them. Hosted by Rob Brown and special guests who are influential within their field, the podcast covers topics such as leadership, business growth, technology and automation, diversity and career development. Join the accounting influencers conversation at one of our virtual speed networking events for influential leaders and professionals in the accounting, finance and tech world:
accountinginfluencers.com/events