21st century has already seen major shifts in industries and the vast and constant developments in technology account for the majority of this change. The profession of accountancy is no different and change is already underway. These exciting times can pave the way for greater opportunities and flexibility, and here are some points to consider when deciding whether you feel that you have a future of accounting.
Ever-growing developments in cyber-security make it easier to take data away from a set workplace and into your home or on the road. This flexibility is perfect if you struggle to picture yourself doing the same commute in and out of a given location every day. As such, the opportunities here become endless and you can essentially travel the world while working on major projects for clients. This cloud-based working trend is already starting to show and is expected to pick up dramatically in the coming years.
Every year, the number of accountancy firms around the world is continuing to grow and with better technology and communications, these firms are able to do business better and more efficiently with companies on the other side of the world. This will naturally lead to an overall increase in the demand for accounting professionals worldwide, but also leads the way for greater opportunities to work and live in a multitude of different countries throughout your career.
As the trend of ever-growing government regulation in the finance sector continues to grow, there is the increasing need for accountants to have a truly in-depth knowledge of their sector and offer guidance to global clients. This will, of course, mean more to learn and you must have a more specialist knowledge of certain areas of global finance, but with such exposure, you can expect a career in accountancy to be something altogether different from some of the similar straightforward day-to-day roles of the past.
Future of Accouting- Technology to take over tasks
Technology has been mentioned frequently throughout this article, and not surprisingly as technology leads to greater levels of automation across a multitude of industries. The same will continue to be for accountancy, and tasks that were previously done by hand or in a laborious process will have transitioned now to a computer, and in the future will be done by the computer with little human interaction. This doesn’t necessarily mean a decrease in the need for accountants, but on the contrary, paves the way for your profession to develop and allow you greater time in your working day to explore new avenues for clients and think more strategically. Naturally, therefore, this will allow you to move towards greater levels of consultancy.
If you are looking for a career in accountancy and are deciding where to study for your degree, Mont Rose College in London provides tailored degrees that put you in the best stead for your future. For some already in an accountancy role, it could be a good idea to look at the avenue of top-up degrees in order to put you in a better standing for competing within the industry in the future of accounting.