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Reuters report says accountants expect change due to technology

Thursday 6th September, 2018

According to a survey by Thomson Reuters, over 95% of accountants surveyed state their role is likely to change due to technology, with 74% stating this change to be very likely to change.

The report called ‘The accountant of tomorrow Accountancy in 2028’ puts this mainly due to the digital capabilities of HMRC and the general availability of technology and cloud based tools to businesses and their accountants.

The survey of over 300 accountants in practice explored the potential impact of emerging technologies, changing regulation and the evolution of compliance services on the accountancy industry over the next ten years.

Wherever possible, tasks that can be automated will become the norm over the next decade, as accountants foresee bookkeeping (78%) and data collection (74%) as the tasks most likely to be taken care of by technology in 10 years’ time.

With digital/cloud technology cited as the most critical area of understanding for accountants in the future, the profession could see a rise in specific technology focused roles with titles such as cloud technology champion and cloud service manager over the next decade.

Charlotte Rushton, president of Thomson Reuters Tax Professionals business, said, “The tax and accounting profession is facing multiple sources of meaningful change, including new legislation and a wave of new technology that will impact both their own and their clients’ businesses. These trends raise many new questions, such as which areas of practice may require less effort and, in turn, where practitioners can create new growth opportunities.

“Accounting and tax professionals who increase their focus on adopting and becoming proficient with next-generation technologies, while incorporating higher-value advisory services into their mix, will position themselves for a stronger future.”