What does the future accountant look like?

The world of accounting is embracing a technological revolution that will bring new ways to transform the way financial information is collected, processed, and analysed. With advancements in artificial intelligence (AI), automation, and data analytics, the future of accounting holds great potential for increased efficiency, accuracy, and strategic decision-making.

As the field evolves, accountants will need to nurture an all-encompassing skillset to thrive in the future. Here are 10 skills that will be valuable for accountants in the coming years:

1. Technologically driven: Accountants will need to be adept at utilising various accounting software, data analytics tools, and emerging technologies such as AI and automation. For example, is AI the future of auditing?
2. Data Analysis and interpretation: Strong analytical skills will be crucial for accountants to extract insights from large volumes of data, identify patterns, and make informed business recommendations. Whilst tools are in place to help generate analysis, being able to provide trusted advice for clients is essential.
3. Critical Thinking: The ability to analyse complex problems, evaluate options, and think critically will help accountants navigate the evolving landscape and make strategic decisions. If you’re a career-driven accountant with your sights set on leadership, this is a big one.
4. Adaptability: As technology and regulations change, accountants must be adaptable to new systems, processes, and ways of working, ensuring they can keep up with the evolving demands of the profession. Joining associations or online communities is a great way to keep up to date with the ever-changing world of accounting.
5. Communication Skills: Effective communication, both written and verbal, will be essential for accountants to convey financial information, collaborate with colleagues, and provide insights to stakeholders. Whilst this is already an essential skill, the reliance on clear communication in an increasingly virtual world is critical to nurture enhanced relationships between accountant and client.
6. Commercial awareness: Understanding the broader business context, industry trends, and strategic objectives will enable accountants to provide valuable insights and become trusted advisors to their clients. What used to be a skill honed primarily by those in leadership positions, this valuable skill is highly sought-after amongst more junior accountants, ensuring a team as a whole is delivering service with strategy in mind.
7. Ethical decision making: With emerging technologies and complex financial transactions, accountants must uphold ethical standards and navigate ethical dilemmas with integrity. One argument against AI is how it uses people’s data and the transparency around such tools, so as the business landscape evolves, accountants need to understand all aspects of the choices they make.
8. Leadership and collaboration: Accountants who can lead teams, collaborate across departments within a firm, and influence stakeholders will be highly sought after in the future. Gone are the days where one accountant would solely lead a portfolio. Now, teams collaborate to ensure clients are receiving a comprehensive service.
9. Continuous learning: The accounting profession is evolving rapidly, and accountants will need to embrace lifelong learning to stay updated with the latest industry trends, regulations, and technological advancements. Not only does ongoing professional development help provide clients with a more robust service, but it also lines you up for a more progressive career.
10. Proactive problem solving: Accountants must be skilled in identifying and resolving financial challenges, finding solutions, and providing clients with effective strategies. Crisis planning was given a fresh lease of life following the pandemic and firms and clients alike will be looking for proactive accountants who can ensure their financial strategies are robust moving forward.

The accountant of the future will most likely possess these skills, positioning themselves at the forefront of a technology-driven and data-centric profession. Change is coming and accountants who embrace the future will be better positioned to build progressive careers within practice.

The importance of embracing change also lies with firms, and here at Public Practice Recruitment Ltd, we’re seeing some truly ambitious accountancy practices lead the way when it comes to new technology, modern benefits, and forward-thinking people management.

Are you a talented accountant eager to be a trailblazer of the future? We can match you with leading firms that are welcoming and shaping the future of accounting. To take a step towards your new role in practice, contact us today.