As technology evolves and the regulatory world continues to churn, today’s accountants must be proactive in assuring they have the skills needed to accurately and efficiently drive the growth of their firms.
As automation increasingly takes over mundane accounting tasks, accountants must step up to the plate to brush up on skills that empower them to advise on business strategy. Accenture predicts, for example, that robots could automate or eliminate up to 40% of basic accounting work by 2020, while “Digital finance will speed the CFO’s evolution from cost authority to business value architect.” Unsurprisingly, 73% of CFOs Accenture surveyed said their participation in strategic planning has climbed in the last two years.
“Accounting today is a blend of analysis, problem solving and detective work,” writes Tara Struyk in Investopedia. “The job's tasks are much more diverse than many people assume.”
So what skills will be most crucial to accountants moving into 2020? Here are some identified by industry analysts.
- Familiarity with data gathering and analysis. As the ability to gather and interpret data increasingly becomes a competitive differentiator, accountants must understand how to use the tools that enable that process. “Masses of readily available data, intelligent application programming interfaces, and the application of AI will collectively supersede human accounting capabilities,” predicts CEO Simon Bittlestone on CFO.com. “The people who will suffer most will probably be the classically trained accountants … they will have a harder time understanding the power of data.”
- Critical thinking acuity. Similarly, accountants are now expected to turn that data into key insights that will help their companies form smarter strategies and make better decisions. “Clients are no longer looking for just a rearview mirror view, but a view through the windshield on where we are going and how to navigate the landscape of risks, opportunities, changing regulations, competition and globalization,” notes CFO Chris Stansbury in a recent study by Forbes Insights/KPMG.
- Communication skills. For many accountants, the shift may mean leaving their ledgers more often to explain financial implications in terms others can readily understand. “(Clients) expect the auditor to communicate effectively, sharing information clearly, in a timely way and with candor,” explains Stansbury.
- Understanding of cryptocurrency and merchant markets. The more accountants understand about the decentralized payment forms, the better they can advise clients on their role in financial markets. “As more businesses begin accepting these alternative currencies as readily as they do good old-fashioned dollars, having crypto-friendly services will become more and more valuable,” writes CPA Amy Vetter in the Journal of Accountancy. “Simply understanding how to process and report cryptocurrency will give you a huge advantage when it comes time to court or advise future-facing clients who believe in the potential of cryptocurrencies.”
- Regulatory knowledge. Knowing the ins and outs of current government regulation can be invaluable in helping clients navigate business decisions, especially if they’re involved in international trade. “With new compliance rules and legislation going into effect, transparency in all forms of accounting will become more crucial,” predicts CPA Mike Whitmire in Accounting Today.
- Customer service. Accountants will always need to work hard to anticipate client needs and maintain positive and professional working relationships. “Customer experience will become a key offering in service industries, and controllers and CFOs will start to pivot their departments from cost centers into service centers,” predicts Whitmire.
Gravity Software, is one such solution that is helping firms efficiently grow their business through a cloud-based accounting application built on the Microsoft Power Platform. Gravity automatically keeps accountants on-task and organized so they can focus on building the strategic skills needed to succeed into the next decade.
If you want to learn more about Gravity Software, check out their webinar with Insightful Accountant on September 26 (2019) at 12:00 p.m. Eastern Time, called "Future-Proofing Your Clients for Success - Accounting for Growing Companies." Register Here.
For more industry-specific tips on how accountants can prepare for imminent market demands, download our free white paper on the Top Skills Modern Accountants Need in 2020 and Beyond.