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THE FUTURE OF FINANCE
THE FUTURE OF ACCOUNTING

IS THE END OF ACCOUNTANCY

(AS YOU KNOW IT)

You cannot have missed massive advances in technology which have sped into our lives at
an ever-increasing rate in recent years. This is, of course, having a significant impact on many
aspects of our professional and personal lives.
Whether for the better or worse (in the numbers and translate them advice they are able to offer is far more
most cases probably both), every into tangible, real advice and valuable, enabling business owners
business and sector has been affected recommendations. to overcome obstacles, maximise
in some way by technological A big benefit to clients is that they will opportunities and minimise threats to
advancement, and accountancy is no pay less for traditional accountancy their business.
exception. services. Already compliance services Business is a complex web of finance,
With the right systems and tools, are seen as an enforced purchase by processes, products, sales, marketing,
computers can easily perform tasks many businesses and there is strong innovation and people. A business
like tax preparation, reconciliations competition between accountancy might be family owned, franchised
and make short work of bookkeeping. firms and fintech new entrants to the or have complex shareholding
Increasingly sophisticated technologies market. arrangements. There will be multiple
allow accountants to enhance their CLIENT BENEFITS motivations with varied short and
traditional ways of working, meaning The advantages clients will enjoy long term goals. That’s why the best
that accountants are no longer simply goes far further than just saving a few firms won’t just have accountants to
“bean counters”, but professionals who quid on their accounts, bookkeeping provide advice – they’ll have a team
are able to use these tools to be of or payroll services though. The of experienced business experts, who
even greater value to their clients. stereotypes of number crunchers and can offer guidance and insight from a
As a profession, accountancy is “bean counter” jokes have plagued range of perspectives. At my practice,
certainly not exempt from technology- accountants since the dawn of the we’ve put together a team of highly
driven change. In fact, financial profession – and perhaps once upon a experienced business advisors each
technology (fintech) is radically time, these had a basis. Now however, with extensive ‘hands on’ business
disruptive to traditional accountancy things are very different. I’m loud, experience. They are not accountants
on many fronts, and like many sectors, extrovert, tattooed and rarely seen out but work closely with the team to
AI is very likely to replace many job of my (designer!) jeans and trainers - provide an exceptional range of
functions. While this a concerning and yet I’m director of two financial support services.
prospect for many in the industry, service firms! Accountants can of This is where the future become
the most forward-looking firms are course be as interesting and diverse as really interesting and exciting for
actually very comfortable about the any other profession – but at the same accountants and their clients. Business
fact that in the near future, provision time who would want to be the client advice combined and informed
of basic compliance services will no of an accountant that wasn’t good by financial expertise is a powerful
longer require the time and services with numbers? combination. Business owners and
of expensive qualified professionals. I’d argue that number crunching their management have always had
Cloud-based technology that is alone hasn’t been enough for some coaches, mentors and Non-Executive
faster, more effective and even more time – and especially looking forwards, Directors they could turn to – in the
accurate than humans will be used to just being good with numbers isn’t future those services will be available
provide most traditional accountancy enough anymore. The accountancy from your accountant. Clients will
services. firm of the future will of course need benefit not only from expert financial
Future-focused accountants are “numbers” staff, but the true value professional support, but also from
already actively focusing their energy, they can offer clients will be in using access to a business expert with a
not on resisting change, but on taking those numbers and a wealth of strong support team of qualified
the opportunity to be of even greater business experience and acumen professionals.
value to their clients. to help businesses succeed, not in The end of accountancy as you know
FOCUSING ON THE FUTURE compliance. it is already underway. “Bean counter”
New tech tools free up accountants’ Good accountants will work closely stereotypes will probably continue to
time to focus on providing higher- with clients to understand and bash accountants for a few more years,
value services, using their professional address their needs. The numbers but the industry is changing - and it’s
insight and capabilities to “read” will be important, but the insight and fantastic news for business.

AUTHOR:
CARL READER - THE BUSINESS EXPERT
Carl is a highly sought-after and internationally recognised leading business
expert and advisor to small businesses. His focus is on offering straightforward,
accessible advice to entrepreneurs and businesses. Carl has significant business
experience and expertise and has worked with thousands of businesses of all
sizes.
He is a highly successful entrepreneur and businessman, heading up d&t, a
multi-award winning accountancy firm.

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