The accounting world is constantly changing in response to the global market and the evolution of the U.S. Tax Code. However, in this day and age, technology is also starting to have a big impact on what people are expecting from their CPA’s and how people seek financial advice.
The most apparent way that technology is influencing accounting is through automation. Complex math previously left to experts is now more accessible to laymen, taking away much of the grunt work previously performed by accountants. Furthermore, sophisticated programs are able to provide financial analysis and advice on ways to save and invest money.
Advances in technology have also opened doors for people in other countries to take the place of accounting professionals, as is the case with many industries in the U.S. “It will not be long before there are more people in India more knowledgeable about the U.S. Tax Code than there are CPAs in the U.S.” said Sage senior director Ed Kless.
All of this does not mean that the accounting profession is dying in the shadow of new technology. Instead it simply means that the profession is in a state of change. American Institute of CPA’s president and CEO Barry Melancon believes that technology and innovation must be embraced as a means of elevating the relationship between financial advisor and client. Instead of clinging to old traditions, someone interested in becoming a CPA should take the time to consider how technology can take them to the next level.
Clients have begun demanding of their CPA’s what they demand of their technology, a higher level of sophistication. Firms across the country are moving to give clients this very thing by using technology to provide accurate and timely information. Familiarity with technology and continued technological innovation is a must for survival in the accounting world of tomorrow.