What were the industry challenges for accounting leaders in 2019?
I’m putting together a massive financial professional round-up post. If you have just a few minutes to answer this question, it will provide some great exposure for you and your brand. Here is my query: Accounting leaders reveal industry challenges for 2019.
Most people think of accounting as a monotonous job with predetermined rules and SOPs. While this may be true, the industry has constantly been evolving for the last couple of years. Policy and procedural changes have caused accountants to face many uncertainties. Some major challenges that accountants face today are:
1. Dealing with tighter deadlines and continuously improving efficiency.
With the increase in new firms and a new generation entering the accounting industry, work efficiency standards are also increasing. Many accountants now need to complete twice the work in half the time to keep up with newer accounting firms and younger accountants who are knowledgeable with the latest tech. Since the newer waves of accountants are very familiar with using automated tools, they can complete more work in a more efficient manner compared to traditional accounting firms.
2. Changes in technology.
Like any other industry, accounting firms that familiarize themselves with new technological changes can use that as leverage for faster growth. Software solutions and data science have enabled accountants to handle more accounts than ever before. Improvements in technology are always great, but many accounting firms struggle to keep up with them. If they invest time in learning about new tech, there’s the possibility that something better will come out even before they’ve achieved complete mastery of it.
3. Keeping up with tax changes.
Tax structures are constantly changing in most countries. Changes in tax policies require accountants to keep themselves up to date with these said changes. Whether they’re implemented to save taxpayers money, close certain loopholes, or create more revenue, changes in the governing tax structure can sometimes be very complicated. This can lead to some accountants committing mistakes, which can tarnish their credibility.
I'm currently working as a senior business analyst in a software development company.
I personally believe that the biggest challenge of this era for any accountant is being able to stay up to date with emerging technologies. Each day a new piece of technology intervenes in our world, resulting in a more challenging phase for an accountant on how to integrate their approaches with that technology. Whoever is more adaptable to these advancements, is for sure living a much easier life. And quite frankly, being unable to keep up can be a cause of becoming stagnant in the market.
Another big issue that an accountant's face is Cyber Security. He/she is responsible for the safety of all accounting information (e.g., credit card information, bank account numbers, passwords) as it is an especially hot target for hackers because of higher-value.
Hope this helps!