As long as you have a solid tech stack so you can operate and collaborate efficiently internally and with clients, there’s no need to go back to pre-COVID work habits. There is no doubt the pandemic presented personal and professional challenges for most of the planet. For tax and accounting professionals, these challenges varied from having to work virtually to assisting clients who amended tax return now needed services that weren’t part of the traditional portfolio of services previously offered. Whether you use accounting software, outsource your books to a virtual accountant or employ an entire team of in-house CPAs, bookkeeping and accounting are essential components of your day-to-day business operations. Staying on top of accounting industry trends is essential to making sure your business’s practices and technologies are ahead of the curve.
There are emerging tech advancements that have the potential to radically change the industry, for example, blockchain technology. But it is growing in relevance, and clients will look to their accountants for guidance on how (or if) to use it. In light of these trends, the critical skill set of the accountant—beyond technical accounting skills—is set to develop. Young accountants need to develop their soft skills (as well as their tech skills), so they can continue to build and foster client relationships while their tools handle the majority of the manual and repetitive tasks.
- The demand for public accountants is set to increase as more companies seek assistance in complying with new accounting standards and regulations.
- Tax accountants use their knowledge of tax laws and regulations to ensure that their clients comply with the law and minimize their tax liability.
- Not only are you fighting climate change, but you’re a more attractive option to potential clients and employees.
- There’s no question that digital transformation has radically changed the playing field.
- Your ability to combine imagination and experience with financial data trends (and many other factors) still needs a human touch.
If you’re ready to further your career, consider Google’s advanced professional certificates in Business Intelligence and Data Analytics, and build skills for handling large amounts of data. This type of accounting involves an independent review of a company’s financial statements to ensure that they are accurate and in compliance with generally accepted accounting principles (GAAP). Auditors may also perform operational audits to assess an organization’s internal controls differences between ebit and profit before taxes or compliance with standards such as Sarbanes-Oxley.
To become a public accountant, you’ll typically need to become a CPA and have a four-year degree in accounting from an accredited college or university. In addition to passing calculating opportunity cost the CPA exam, public accountants must also meet continuing education requirements set by state boards of accountancy. The specific certifications required for government accounting positions vary depending on the position level and the jurisdiction in which it is located. However, government accountants often complete the Certified Government Financial Manager (CGFM) from the Association of Government Accountants or certifications from the Certified Public Accountant (CPA) board. The most common certification for tax accountants is the Certified Public Accountant (CPA) designation. Other popular certifications include the Chartered Financial Analyst (CFA) and Certified Management Accountant (CMA).
Types of Accounting: Careers, Degrees, and Salaries
If you and your team are spending too much time performing manual tasks, reassess your tech stack. And if you have a problem that no tool can seem to solve, why not see if you can solve it yourself? If you’re exploring accounting AI tools, why not share that with your clients? Let them know you’re finding better and more efficient ways to work so that you can spend more time strategizing with them about the future of their business.
Careers, specializations, job outlook, and salaries
These four largest accounting firms (Ernst & Young, KPMG, PricewaterhouseCoopers, Deloitte) conduct audit, consulting, tax advisory, and other services. These firms, along with many other smaller firms, comprise the public accounting realm that generally advises financial and tax accounting. The profession has moved far beyond mere bookkeeping and payroll, and like its partner procurement, it’s taking an increasingly strategic role for forward-thinking businesses. For example, firms that allowed employees to work from home, including having laptops and access to a virtual private network (VPN), were able to transition more seamlessly.
As accounting professionals, it’s essential to understand what your clients need and expect. Another critical aspect of retaining good employees is ensuring they are satisfied with their accounting jobs. It can be more complicated and detailed than private-sector accounting because of the increased amount of regulations and requirements for how money is spent and accounted for in a public setting. This type of accounting provides information to internal users, such as managers and executives.
Key Takeaways
According to The Future of Jobs Report 2023, just under 75% of companies surveyed expect AI to lead to high job churn. On top of that, they’re predicting that growing technology and digitalization will result in 26 million fewer jobs by 2027 across select industries, including accounting and bookkeeping. By immersing yourself in new tech and becoming an early adopter (even if it’s just for experimental purposes), you’ll be better placed to leverage game-changing tools for your accounting firm. Evolving technology, the changing business landscape, and the environment are all shaping the future of the accounting profession. When looking at recruiting talent for accounting firms, some interesting stats look at diversifying the workplace and the importance of firm reputation. A public accountant has the opportunity to work with a variety of clients and different types of businesses, which can be interesting and challenging.
Tomorrow’s accountants will play a more creative and strategic role in their companies. As a result, their businesses will not only enjoy more efficient workflows and reap more useful insights from their accounting processes, but help strengthen their own resiliency, agility and competitive footing. Both the skill set and the job description for tomorrow’s accountant will be greatly expanded, while still hewing to the core competencies of the profession. Supported by technology in a collaborative setting, accounting teams will be populated with both dedicated accounting professionals and subject matter experts from other areas of the business.