The accounting profession is in full transformation. The technological and digital evolution is revolutionizing the CPA’s role.
Dependent on businesses’ digital shift and their evolving needs, accounting tasks are constantly diversifying, making today’s accountant a true business advisor.
Broader horizons thanks to technologies
When it comes to information technologies (IT), accounting experts are called to be adaptable and curious. Entrepreneurs have more and more complex digital needs and large accounting firms such as our own must know how to guide them efficiently.
Despite the democratization of tools, easily accessible on the Net, the accounting profession has become more essential than ever. Chartered Professional Accountants (CPAs) are governed by a professional order and comply with a code of ethics. This gives them the expertise and legitimacy needed to support executives and play a key role as advisors in a rapidly changing business environment where digital technology is pervasive in organizations’ activities.
The technological shift provides numerous opportunities for accountants to showcase their expertise. Accounting firms like our own should seek to develop new technological tools.
In recent years, we have developed a range of products and services adapted to the new technological realities :
- Taxo, an online personal income tax preparation service;
- Operio, a subsidiary specializing in cloud accounting for SMEs;
- Catallaxy, a subsidiary specializing in blockchain technologies;
- Abacus, a product that can audit businesses’ digital assets while complying with the strictest of auditor requirements.
Increasingly, CPAs will be able to work with artificial intelligence and advanced analytics to guide companies and organizations that want to benefit from process automation to improve their performance.
The evolution of audit
Although the profession is evolving, some tasks, such as auditing, will not disappear. More than ever, the chartered accountant will be called upon to express an opinion on the fair presentation of the client’s financial statements.
However, the auditors’ role will change, e.g., they may express an opinion on the security of a digital platform, which will be essential, particularly with cryptocurrencies.
A connected succession
Though technologies are shaking up the various functions of the profession, they’re also making it more interesting. Young, upcoming accountants must take an interest in innovation now to fully carry out their future accounting functions.
The profession is much more attractive today for young accounting students. It offers considerable opportunities. Technologies are everywhere in accounting functions and the next generation will undeniably contribute to the transformation of the profession.
19 Feb 2020 | Written by :