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What Bean Counters? The Changing Face of Accounting

It's hard to believe that an accountant's toolkit once consisted of little more than a pen and paper. However, improvements in technology and the introduction of cloud has delivered accessible software platforms that enable accountants to provide a slick service and additional support to clients.

As a result, today's accountants are facing more competition than ever before in a quest to stand out and meet increasing client demands in the most innovative manner. Here, we take a look at the elements that have shaped the 2019 accountant, and why the role is more exciting than ever before.

On cloud 9.

There's no doubt that cloud technology has led to the biggest revolution in the world of accounting, enabling a more collaborative approach to the accountant-client relationship. Accountants are now able to provide insights into client's businesses to help them monitor performance, make decisions and plan.

Assessing risk.

Access to technology has opened up a lot of doors for today's businesses, but it's also exposed them to many challenges. Cyber fraud, data theft and even cyber terrorism have highlighted the importance of enhanced digital security. Whether it's assessing risk or monitoring an organisation's current state, accountants have a prime opportunity to help organisations successfully navigate the digital landscape.

Rise of the machines.

AI is already changing the accounting profession through eradicating repetitive functions and enabling accountants to provide fresh insights to clients. It offers the potential to accurately interpret vast amounts of data and develop insights that will go on to influence a client's business strategy. This elevated role of strategic advisor contributes to making today's accountants more challenged and fulfilled in their role, as well as playing an integral part in modern business success.

It doesn't stop here.

The role of the accountant will continue to evolve in line with technology, enabling them to become even more trusted advisors to clients. The key to staying ahead is to keep adapting and implementing emerging technologies, getting to grips with real-time data and analytics, and having the ability to pair the power of AI with human judgement. In short, there's never been a better time to be an accountant.