Ep: 14 Top experts answer: "What, if anything, will significantly change accounting in the next few years?"

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:

Karen Chalmers | interVal's VP Marketing, helping firms grow revenue efficiently with AI

Kate Serpe | Former CAS leader and recovering accountant, current SIAP Partner Executive

Katie Thomas | Helping accountants stand out online and owner of Leaders Online

Ken Schmitt | Recruiter, Author, Podcast Host and Founder of TurningPoint Executive Search

Kevin Steel | Founder @ ClarendonFS: Fractional CFO & Strategy for B2B Service Companies

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.

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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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Today, we're focusing on the evolving

accounting landscape and what's driving

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transformative changes in coming years.

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The rise of cloud-based accounting

software, the growing adoption

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of artificial intelligence or AI.

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The increased emphasis on data analytics.

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These are just some of the forces in play.

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There are plenty more so have

joined our experts and influencers.

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As we decipher the changes that lie

ahead and our counselors can best

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prepare to thrive in a fast moving world.

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Let's hear it from current Charmaz

intervals, VP of marketing, helping

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firms grow revenue efficiently with

AI, leveraging advanced analytics to

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drive strategic marketing decisions

and foster sustainable growth.

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Karen Chalmers: I think that there's

more than just, adopting a I there's

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probably a bit of a rebranding of a I

that's required as well, recognizing that

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it's had a bit of a difficult adoption,

throughout the industry, but I think that

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it's going to be the thing that saves it.

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So if we adopt a I tools, how do

we rebrand it within the industry

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and within firms as a whole to

Address maybe some reservations

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that clients have for us using A.

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I.

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And you can tell clients that you're using

tools that are better than everybody else.

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that's a one way that you can say,

Hey, I'm using it, but it's making

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me a better accountant because of it.

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and you can rebrand yourself

in your firm as a forward

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thinking future focused advanced.

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firm within the industry, so showcasing

impressive tech stacks and rethinking

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what AI integrations can do for

your firm and for your clients.

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I think it's going to be one way

that the adoption of AI can be

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Put a little bit more gently.

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Rob Brown: Up, next is Kate SERP CPA,

an expert in client advisory accounting

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solutions upon executive at Sage Intacct,

helping the count invent leverage.

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The technology to drive,

practice growth and innovation.

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Kate Serpe: I think there's a part of

me that feels like we've been hearing

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about how AI and machine learning will

change the accounting game, right?

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Literally, since I've been in the

profession, which is over 10 years

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now, while we have seen little things

here and there, whether it's improving,

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productivity with a good tech stack

or processes and procedures, I think

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what's particularly different about

right now in this moment and the

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next few years is that we're actually

going to continue to see a significant

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decline in interest in this profession.

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and I think more people are going to

keep seeking jobs in the tech space.

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And so I think that's going to be

really interesting to watch, to see

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how the tech space works to push more

into the accounting space, because the

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accounting space is going to need it.

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I just don't think people are

going to be as interested in

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becoming an accountant anymore.

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The pay's not there.

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So hours aren't very

pleasant for a lot of people.

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So I think it's going to be that decline

in interest in the accounting profession

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and seeing how technology is going

to creep into the accounting space.

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Rob Brown: John and the conversation

is Katie Thomas, helping the accountant

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stand out online and the odor of

leaders online, where she combines her

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expertise in digital marketing with

a deep understanding of accounting

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to elevate freedom's online presence.

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Katie Thomas: I think the first

thing is who is doing the work

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and where it's being done.

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We likely all know that accountants

are leaving the industry, CPAs

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and accountants are retiring.

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There are less.

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accountants coming into

college to become accountants.

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So overall, there are less accountants

that are going to be available to

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work, which means that we're going

to have to rely more on technology.

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I think that we're going to see

an increase in offshore labor.

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The big firms have been doing this

for a long time, and now we're

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seeing small firms catching on.

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We're also going to have to fix

things like The working environments

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so that we can actually start to

bring more people into the industry

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and give them what they want.

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Technology, of course, is

going to be a big change.

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continues to advance.

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We have the increasing use

of AI and machine learning.

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So that's really big.

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And I think that all of these together,

it's just going to create a big change

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in our industry on a whole, but I think

it's going to create a lot of important

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changes that people have likely wanted

for years, but there just hasn't been

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a big enough pain to actually solve

them, whereas now it's like, Hey,

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we have to change things and how.

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The work is getting done so that we

can continue to be a profession in

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the future because small businesses

and big businesses, they need us.

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And we can't just simply

continue to do what we're doing

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now because it's not working.

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Rob Brown: And now insights from Ken

Schmidt, recruiter, author podcast,

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host, founder of turning point executive

search offering a wealth of knowledge and

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expertise in career development and talent

acquisition within the accounting world.

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Ken Schmitt: Yeah, everybody is

talking right now about AI, right?

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The two most used letters in any alphabet

these days is AI, which is crazy.

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But there's a lot to be said about

how that's going to have a ripple

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effect, throughout an organization,

not just in the technicality of

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punching something into chat GPT.

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But understanding what

does that mean, right?

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You're going to have to have a better

understanding of how you can edit and

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understanding what the tone is of whatever

that response comes back as right.

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And beyond that, I think also the

technicality of what you offer

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is not going to be unimportant.

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But it's going to be a little bit

less important than the advising that

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you're doing on behalf of your clients.

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And again, the

collaboration there as well.

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I also think that, going forward,

middle management is going to have

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a completely different role, right?

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And middle managers may be a little

bit less prevalent if you will, because

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they're going to be less focused around

the tactical day to day things that now

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any kind of AI or automation can do.

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And instead their role is going

to be mentoring and developing

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and reviewing and supporting.

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Really, they are staff internally and

then also advising up, into the higher

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levels of the organization advising

about what trends are out there.

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So that strategic mindset is going

to be extremely important, much more

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so than the tactical knowledge that

they might have going into the role.

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Rob Brown: We now turn to Kevin steel,

Foundry, Clarendon, Fs, fractional, CFO,

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and strategy for B to B service companies.

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ProVantage strategic financial

leadership and insights.

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To help companies navigate

growth and other challenges.

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Kevin Steel: I believe the biggest change

to accounting in the next few years, no

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surprise, will be, uh, AI and automation,

uh, which will definitely free up the

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back end work, so accountants will

turn more into the reviewers of work,

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as opposed to the primary processors

of work, and chat GPT, et cetera, will

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definitely help with technical and tax

queries, allowing management to focus on

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higher level work, and by management, the

senior management of the accounting firm.

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although tech and AI, are experiencing

rapid improvements, I would say about

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50 percent of accounting firms still

don't leverage AI and technology

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as much as they possibly can.

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I believe this will change in future

though, because the exponential increase

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in AI technology is going to basically

take over society, in my opinion, and

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I think the uptake for the accounting

firm, will be a lot higher in the next

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couple of years, and I expect that to

spread into different sectors also.

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Rob Brown: So they have five

great 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.