Future Forecast Panel: Navigating the Outlook for Accounting Trends - Accounting Voices Podcast

Episode 61

Panel: Future Forecast - The Outlook for Accounting

Published on: 1st April, 2024

This is an insightful discussion on the future of the accounting profession, featuring an esteemed panel of accounting industry leaders and experts - Gary Boomer, Val Steed, Sarah Beale, and Bob Lewis.

They delve into the current state of accounting, the need for change, potential threats like AI and automation, the importance of rebranding and improving the profession's perception, the relevance of accounting qualifications, predictions for the profession's future, and more.

The panel acknowledges that while accounting has historically been stable, it's currently facing the most profound changes from all angles - economic shifts, regulatory uncertainties, technological disruptions like AI, and a severe talent shortage.

They emphasize that to remain relevant, the profession must adapt, innovate, improve processes, diversify talent, focus on advisory services, leverage technology intelligently, and most importantly, change its perception among the youth to attract the required talent.

Key Takeaways:

- The accounting profession is amid a transformative period driven by the accelerated pace of change, AI/automation, increased private equity investments, and changing workforce dynamics. Firms that fail to adapt will struggle to survive.

- The biggest threat is from entrepreneurs and firms that don't change their mindset from just providing compliance services to becoming strategic advisors understanding and solving clients' core business challenges.

- Rebranding the profession is crucial to attract diverse, younger talent by changing the perception that it's just number-crunching to showcasing it as an exciting, entrepreneurial career with varied opportunities.

- Accounting qualifications must continuously evolve with changing business needs, emphasizing skills like communication, ethics, sustainability, and digital proficiency along with technical expertise.

- Key predictions include greater advisory services adoption, private equity/consolidation, AI-driven automation of routine tasks, and the rise of accounting "big-box" firms offering integrated professional services.

- It's an opportune time in accounting, presenting transformative prospects for those willing to develop required skills, embrace technology, focus on advisory/consulting services, and be part of steering the profession's narrative.

"There is so much change out there, which means so much opportunity. And I think we've got the opportunity to carve out our profession in a really different way that adds massive value to business, economy, and society, if we get it right." - Sarah Beale 

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The Accounting Influencers Podcast, hosted by Rob Brown, is one of the world's leading shows for accounting leaders, professionals, finance specialists, software vendors, tech providers and influencers. To participate in our international virtual speed networking events for the accounting community, book your place at the next gathering. Great for building your personal brand and making valuable industry connections in return for a small donation to charity: https://accountinginfluencers.com/events

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About the Podcast

Accounting Voices Podcast
Accounting Voices helps people in the accounting world stay relevant visible and vocal. Host Rob Brown interprets trends reshaping the profession and gives listeners insight to build authority influence and a stronger voice in firms and markets.
Accounting Voices, hosted by Rob Brown, helps decision makers and leaders in accounting and finance stay relevant, visible and vocal in a profession being reshaped by technology, private equity, regulation and shifting client expectations. Each episode interprets the trends disrupting accounting and finance such as AI, automation, M&A, talent and the move to advisory and translates them into practical insight that strengthens authority and influence.
Accounting Voices is also a platform for the wider ecosystem of networks, associations, educators, consultants, software vendors and technology experts who serve accountants and finance professionals worldwide. It extends into regular Accounting Voices networking sessions that connect this audience and amplify ideas that move the profession forward. With its international reach and long shelf life the show delivers credibility and commercial value for listeners and sponsors alike. Search for "Accounting Voices" on YouTube for all episodes and connect with Rob Brown on LinkedIn to find out more: https://www.linkedin.com/in/therobbrown

About your host

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Rob Brown

ob Brown is the creator and host of the Accounting Voices Network, a media platform that includes the flagship solo podcast Accounting Voices and the panel shows Accounting M&A and Accounting Tech. He chairs conferences, panels and virtual events worldwide and is recognised as a leading advocate for the accounting profession.

He is an accomplished speaker and authority on trust, reputation, employer brand, talent, succession, executive presence and the forces shaping the future of accounting. Rob is the author of the bestselling book Build Your Reputation (Wiley) and his TEDx talk The Personal Brand of You has been viewed more than 400,000 times.

A former co-founder of the Accounting Influencers Roundtable, Rob now focuses on amplifying the voices of leaders, firms, networks, vendors and influencers across the global accounting ecosystem.

Outside of work he is a stroke survivor, lives with epilepsy, holds a black belt in kickboxing and is based in Nottingham, UK. He plays chess and backgammon, loves orange chocolate and is allergic to grapefruit.