At the turn of the century, the accounting industry was incredibly different to how it is today. Accounting tools weren’t widely used, let alone cloud software. And there was no legislation (like Making Tax Digital) enforcing the use of technology.

Fast forward to 20 years from now, and we can expect another completely contrasting picture. Join us as we explore what the future holds for the industry in 2040…

The abolition of arduous admin

Emerging digital technologies are only likely to transform the accounting industry even further. Data entry has already started to be removed in virtually all aspects of accounting, and this is a trend that will almost definitely continue. In fact, as technology carries on advancing, this administration could cease to exist altogether.

This means that the time, effort and cost associated with accounting will be reduced significantly. Both accountants and those embracing cloud software alike will be able to benefit from these savings.

Almost always-accurate figures

Digital improvements will also allow for more rigorous and meticulous processes. In fact, automation will likely produce near-accurate figures.

However, whilst technology has come a long way in recent years and can be expected to do so again in two decades’ time, unfortunately there is always the chance of error. After all, a machine is doing the work. It will never be a case of technology vs the accountant – both will always be required. The number of mistakes may reduce, but there will still need to be someone checking the figures.

A change for the accountant role

An accountant will be the person necessary to review these numbers. Although some of their traditional skills won’t be required anymore, many of their basic capabilities will still be essential – including analysis and diagnostics.

For example, if cloud accounting software is providing a figure that doesn’t make sense, the accountant will be able to detect what the issue is and how to solve it. If anything, they will need to think more analytically. This enables those who secure their services to get the most advanced skills of the accountant, rather than their administrative abilities that can be capably handled by a machine.

This isn’t the only way in which the accountant’s skill set will change. As they will be more involved with their customers, they will need to be more personable. Traditionally, the role is seen as one quite distant from who they serve – delivering them with the required work, but not much in terms of great customer service or communication. But by 2040, they will be forced to change.

Whilst personability will be more necessary by 2040, that doesn’t mean to say it isn’t beneficial today. At Nabarro Poole, we pride ourselves on our personal touch. We believe communication is key, and it allows us to give our customers the very best service and propel their business forward. That’s why we interact with our customers every day – whether that be over email, phone, or face to face.

Nabarro Poole go beyond just offering a tax return service or bookkeeping; we do everything from financial planning to giving expert advice, so that wherever the future takes you, it will be a bright one.

Get the best from Nabarro Poole. Discuss your needs with our friendly team by dropping us a line or picking up the phone today.