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Future-Proof Finance: Navigating Accounting’s Evolution
Episode 6531st May 2024 • Accounting Answers Podcast • Rob Brown
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The Accounting Answers Podcast, hosted by Rob Brown, asks critical questions of the experts, leaders and influencers who shape the decision-making of accountants, CPAs and finance professionals. Today we ask:

What, if anything, will significantly change accounting in the next few years?

You'll hear insightful and passionate answers from these 5 experts and influencers:

Geni Whitehouse | Keynote presenter, CPA, Winery consultant, President of Information Technology Alliance

Greg Kautz | Finance and technology executive of a lease accounting software company

Harriet Formby | Founder of BelowTheLineFinance, Holistic CFO & Purpose-Led Business Advisor

Heath Alloway | Director at Upstream Academy and servant leader for career professionals

Hitendra Patil | President at Datamatics CPA Outsourcing, Top 100 Influencer, Author, Speaker

Tune into more on this daily show for short, sharp episodes that keep you informed of what's happening in the accounting world and the whole ecosystem of consultants, organizations, vendors and advisors who serve them.

To participate in our international virtual speed networking events for the accounting community, book your place at the next gathering. Great for building your personal brand and making valuable industry connections in return for a small donation to charity: https://accountinginfluencers.com/events

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Thanks to our sponsors:

CPA Trendlines. Actionable intelligence for the professional tax, accounting and finance community. Facts and figures, insights and implications, news, trends, tips and research serving more than 500,000 tax, accounting and finance professionals from around the world. go to https://cpatrendlines.com to sign up for free email updates.

Dan McMahon and Integrated Growth Advisors. IGA are the CPA firm experts in Growth, Building Infrastructure, and Exchanging ownership. This management advisory firm focuses on empowering CPAs to grow their revenues and increase their profitability and firm value. IGA’s methodology delivers on services built upon "IGA GBX" which represents the firm’s value creation model of "firm Growth, Building infrastructure, and eXchanging ownership. https://www.integratedgrowthadvisors.com

If you'd like to sponsor the show and elevate your brand with our audience, reach out to show host Rob Brown on LinkedIn and his team will reach out to fix up a chat to explore.

https://www.linkedin.com/in/therobbrown

You can also check out other Accounting Influencers Shows on YouTube:

https://bit.ly/AI-youtube

Transcripts

Speaker:

Hi, I'm Rob brown and welcome you.

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Accounting finance professionals,

tech enthusiasts to the

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accounting answers podcast.

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We've embarked on a captivating

exploration of the future of accounting

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and its profound connection to the

ever-changing technology ecosystem.

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I think for a moment, how access to the

minds of a range of accounting experts,

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influencers, vendors, and leaders would

keep you super informed about what's

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going on in this wonderful profession.

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You'd stay relevant and future focused.

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You'd make better strategic

and career decisions.

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If you know what forces are in play

and what factors are driving change.

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To unravel the complexities

unenviable future of accounting.

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I've personally interviewed 111

leading accounting professionals, tech

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leaders, and industry influencers,

each bring in their unique.

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Expertise and insights to the

table and together we'll delve into

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the five critical questions that

will shape the accounting world.

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Through the eyes and minds of people

living their accounts in life.

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I'll talk into accountants every day.

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We'll talk about five critical topics

that ignite in passionate debates

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and stimulate minds across the globe.

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We're mapping the transformative

trajectory of the accounting profession

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and its symbiotic relationship

with the technological revolution.

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We'll be asking about the next

gen accountants, how far down

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the advisory line firms are.

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What's going to change

the accounting world.

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What their software vendors

and tech providers could do

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better to serve accountants.

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And what's coming up in the future.

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Let's get straight into the

answers for today's topic.

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We've been focusing this week on

the question, what significant

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changes are on the horizon for the

accounting profession in coming years?

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Getting future-focused is top

of the agenda for accounting

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firms, professional associations.

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So titers governing bodies, her walls

shaped the reputation of the profession.

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So let's get ahead of these disruptive

forces as another five of our 111

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accounting influencers and experts

share their very best analysis.

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Shaman the thoughts now he's, GENI

Whitehouse a keynote presenter, CPA

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winery, consultant, and president of

the information technology Alliance.

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She combines her accounting expertise

with a passion for technology and wine.

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Geni Whitehouse: Well, I think we all

know that AI is going to have an impact.

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we can't help but apply it.

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I mean, it's so easy to use.

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It's so already taken over the space.

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Everybody's doing it.

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Whether we accept that or not at the top

levels of existing firms, our young people

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are going to new sources of learning.

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They're getting educated

by people on YouTube.

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That are teaching them about AI

and what they can do with it.

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And they're going outside of

firms to leverage these tools.

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So whether we like it or not, it's

already changing our profession.

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And that means we have finally the

chance to build the capacity to do

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services that our clients really

need and want and will pay for.

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Next we welcome grid counts, a finance

and technology executive at a lease

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accounting software company, leading

the way and simplifying complex

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leasing transactions for better

financial transparency and compliance.

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Greg Kautz: I think number one

thing is shortage of qualified

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accountants and corresponding auditors.

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I see a shortage in Canada, United

States heading the rest of the world.

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I think that's going to be

our biggest challenge ahead.

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So some of the challenges and problems

we're going to see what this is.

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first of all, we're going to see higher

audit fees, so that's going to result in

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companies have to be much more efficient

in the way they, prepare their numbers,

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analyze their numbers and have backup.

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So, again, it's going to be, you know, one

of the things is leveraging technology,

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finding ways to do more with less is what

the consequences of the shortages will be.

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Let's hear the perspective of Harriet

Folbigg, founder of below the line

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finance, the holistic C F O and

purpose led business advisor, who

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brings a comprehensive approach to

financial leadership focusing on

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the impact beyond the bottom line.

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Harriet Formby: So I believe that

we're going to move completely

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away from this focus on deadlines,

tax due dates, reporting cycles.

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And we are going to be moving into

actually sort of helping our clients

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create and build the businesses of the

future that are solving the big problems

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we've got with society and the world.

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I think we're going to

be bringing in as well.

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more non financial metrics, so it's not

going to be just about profit and revenues

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and targets and shareholder value.

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We're going to be bringing in more

diverse metrics where we're talking

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more about actually, you know, the

impact we're having and that might not

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be fully tangible and we're going to

have to work out how we measure these

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things and actually bring them in so

that they have a value and they're

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just as important as the financial rule

kind of pointing to the numbers data.

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I think we're also going to see

a shift because we run on this

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cycle as accountants of dealing

with deadlines and due dates.

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I think we're going to

make space for ourselves.

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We're going to give technology

the burden of sorting out all

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the deadlines and dates for us.

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And we're actually going to focus on

doing things in the moment that really

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matter based on like value creation

rather than like billable time.

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And I think we're going to take it as

an approach of kind of seeing business

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owners first and foremost, as humans

that have their own kind of world,

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their personal life, their ambitions.

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their past history with finance that

comes into it all, I think we're going

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to be approaching it in a more kind

of holistic, more trauma informed

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way when we talk about finance in the

way that we talk to clients in a way

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that embraces the fact that it may be

feeling shame about financial situations

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and the pressures of needing to make

the cash flow work and actually, you

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know, stepping back and seeing it

from a more sort of human perspective.

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Please welcome Heath Alloway director,

upstream academy, and a seventh leader

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for a career professionals dedicated

to developing the next generation of

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leaders in the accounting profession.

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Heath Alloway: this may be a

completely different path than

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what some others have answered.

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And I, I just, I've been thinking

about, you know, some, some common

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answers we could think about AI

technology, things along those lines.

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I'm going to take a little

different perspective.

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We, we have a lot of really

smart people in our profession.

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We have a lot of great

people in our profession.

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We have a lot of very hardworking

people in our profession.

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And.

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Whenever we set our minds to something,

I believe that we can get there.

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I believe we're better changed than

what we give ourselves credit for.

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And there have been a lot of things

over the past few years that are

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having firms rethink, you know, how

we work, where we work, you know, the

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type of work, the hours that we work.

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And I share all of that because

I believe that there are things

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changing in our profession.

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That will create a better future.

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I do.

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I strongly believe that

the best is yet to come.

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One of the biggest changes we

hear the doom and gloom, fewer

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people, people leaving, you know,

all the things that we continue to

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hear, I believe a different story.

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I think that it, this will

be a sought after profession.

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People will start to see the value

and start, you know, in a lot of

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ways, maybe directing their kids to

the opportunity in our profession.

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So that is one of the things

that I think will be different.

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And I think governance

structures will be different.

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We'll have to be more nimble

in how we make decisions and

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how we agree to be governed.

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It's just, things are changing

at a faster pace, so that will

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continue to evolve as well.

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Jumping into the conversation now.

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We've had tender PTL president, a

data Matic CPA outsource in a top 100

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influencer or the speaker who brings

innovative solutions and insights to

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the field of accounting outsourcing.

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Hitendra Patil: I think top of

the mind is client expectations.

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They're also aware that things

are changing technologically.

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Things are breaking and getting better.

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Things are getting, intelligence

driven data and information

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expectations that people had.

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They go, I need.

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my financial statement.

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I need to make sure my tax return

is done in time and all that.

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That information expectation will give way

to advice and intelligence expectation.

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More and more people will ask the

accountant, okay, tell me according

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to you what I should be doing.

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And that requires application

of mind on client situation.

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So that itself will change the business

model itself of accounting firms.

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To offer more real time, more

subscription based service models,

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where contents, intelligence expertise.

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advice will be in demand rather than

those just outputs and things like that.

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So client expectations will drive

the whole change in the profession.

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And technology will, of course,

evolve at a very warp speed.

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And again, because of AI, things will

be very, very different in terms of how

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technology evolves from here onwards.

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So those two are very significant

changes that I can see right now.

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Microphone (TONOR TC30 Audio Device)-1:

So they have five great

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answers to the question.

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What, if anything will significantly

change accounting in the next few

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years, every working day of the week,

Monday through Friday, we give you

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the insights of five top influencers

in the accounting world on this

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critical area of what is coming up.

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Change wise for accountants

that's 25 valuable perspectives.

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Viewpoints and best thinking every

week and with a fresh week comes the

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first question and more thoughts from

the best influencers and leaders we

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can find in the accounting world.

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Thanks for listening to the accounting

answers podcast and sharing this brand

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new show with your friends and colleagues.

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If you want to join the conversation.

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You can plug into our community of

influencers@accountinginfluences.com.

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And check out our virtual

speed networking events.

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These happen every few months

for the north American region

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and the UK Europe region.

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These are great opportunities

to raise your profile, build

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valuable connections and share your

thoughts with influential peers.

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Until next time, this is your host,

Rob brown, saying stay informed,

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stay relevant and stay connected.

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