Accounting's Image: Innovate or Stagnate?

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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Is the accounting profession facing an existential crisis? How can accountants stay relevant in a rapidly changing world?
Rob Brown brings together three industry experts to discuss the future of accounting and the challenges facing the profession. Laura Day-Henderson, Michael Hsu, and Alan Morgan share their insights on the threats to accounting, the resistance to change within the industry, and the need for a shift in focus from compliance to advisory services.
The panel explores the role of technology, talent acquisition, and education in shaping the future of accounting. They discuss the importance of soft skills, the need for a more entrepreneurial mindset, and the potential for accountants to provide tremendous value to businesses. The conversation also touches on the role of professional bodies, the impact of AI, and the opportunities for specialization within the field.
Key Takeaways:
- Relevancy is a major challenge for the accounting profession
- Resistance to change is holding accountants back from embracing new technologies and practices
- There's a need to shift focus from compliance to advisory services and providing value to business owners
- Education and training in technology, including AI and coding, will be crucial for accountants in the future
- The accounting profession offers diverse opportunities for specialization and passion-driven careers
Quotes:
"I think the biggest threat to us is ourselves. We have a resistance to change." - Laura Day-Henderson
"We need to start seeing the application of accounting to achieve dreams, aspirations of businesses, or even personal lives." - Michael Hsu
Chapters and Timestamps:
00:02:40 - Threats and challenges facing the accounting profession
00:05:20 - Resistance to change in accounting
00:11:10 - Driving change in the accounting profession
00:15:30 - The role of governing bodies and professional institutes
00:20:00 - Talent acquisition and branding accounting
00:25:00 - Technology and software in accounting
00:28:50 - Myths and faulty thinking in the profession
00:32:20 - Wishes for the future of accounting
00:36:30 - Messages of hope for the accounting 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