Expert Predictions on the Future of Accounting: What's Next? - Accounting Voices Podcast

Episode 83

Panel: The Future of Accounting - Top Expert Predictions

Published on: 2nd September, 2024

How are the most successful accountants navigating the rapid changes in technology, regulation, and talent shortages? What secrets are the top industry leaders using to stay ahead in this ever-evolving landscape?

Rob Brown leads a dynamic panel discussion with industry leaders Randy Johnston, Harry Blum, Jennifer O'Carroll, and Trevor Greenway. They discuss the profound shifts happening in the accounting profession today, from the impact of private equity to the essential role of technology and the future of talent management. The conversation explores through the challenges and opportunities presented by AI, regulatory changes, and the evolving role of accountants as trusted advisors. 

The panelists provide actionable advice on how firms can embrace change, enhance their value propositions, and future-proof their businesses. They also discuss the critical importance of upskilling, the integration of technology, and the need for accountants to adapt to a rapidly changing environment. Whether you're a firm owner, a practicing accountant, or someone interested in the future of the profession, this episode is packed with valuable takeaways.

Key Takeaways:

✓ AI is transforming how accountants operate by automating routine tasks and providing deeper insights through data analysis.

✓ As technology continues to advance, accountants must develop new skills to keep pace. This includes learning to use advanced software tools, understanding data security, and becoming proficient in data analysis.

✓ The growing involvement of private equity in the accounting sector is changing traditional business models. Private equity firms bring significant capital and a focus on efficiency, which can lead to innovations but also challenges to established practices.

✓ The accounting industry is experiencing a shift from compliance-based services to advisory roles. This change is driven by the decreasing profitability of compliance work due to automation and regulatory changes. Firms that want to thrive must pivot towards offering more value-added advisory services, where they can provide strategic insights and guidance to their clients, rather than just focusing on routine tasks.

✓ A firm’s culture and sense of purpose are key to attracting and retaining top talent. In an environment where competition for skilled accountants is fierce, organizations that clearly define their mission and foster a positive, inclusive culture will stand out. 

Quotes:

"Different is not always better, but better is always different." - Harry Blum

"Accountants aren't just number crunchers; they're the key to unlocking business success." - Rob Brown

"The future of accounting isn't about compliance, it's about being a proactive, trusted advisor." - Trevor Greenway

"If you're not leveraging AI, you're already behind the curve." - Randy Johnston

View this episode in video on YouTube here: https://youtu.be/g0ewmI109bE

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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.

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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.