Understanding the 21st Century Accountant

Frequently I hear that cloud technology and anytime/anywhere accounting is here now, it’s great, it’s what all accountants should be using and encouraging their clients to use, and this new technology will free the accountant to do what he or she was actually trained to do. But exactly what is that? Many accountants, particularly small practitioners, actually were trained to do compliance work – trial balances, write-up work, tax return preparation. Automate these services and what have you got left?

As we move into an era of technology-driven accounting practices, where much of our compliance work is performed by software and we have the ability to connect with our clients’ financial records in real time, how will we restructure our practices so that we are still relevant and providing great value to our clients?

If more and more of our work is being automated, is there still a place for the small accounting practitioner? Will small- to medium-sized business clients think they can do all of their accounting and tax work on their own and no longer require the services of practicing accountants? Should accountants encourage their clients to jump on board with the latest technology, or should they ask clients to hold back so there’s more work for the accountant to do? That doesn’t seem right.