7 Facts About the Future of the Accounting Industry
Accounting, much like any industry, has seen its fair share of changes. It has proven to be a very challenging one too, but if you have a knack and drive for it then it might just turn out to be a really lucrative one.
Accounting is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations.
People who are already in accounting or are planning to jump into it as a career, often think about the future of the industry and what will happen to it with the rapid technological development and automation being rolled.
Below is a list of 7 interesting facts about the future of the accounting industry:
1. You will not lose your job to technology
Yes, while we all harbour a small fear that we might just have to give up our work desk to a shiny robot, it is highly unlikely that an accountant will be replaced by a robot. However, with the advancements being made in artificial intelligence and enterprise resource software, you will be at the helm while the technology helps you do a better job.
2. The industry will keep thriving
With every day that passes entrepreneurship becomes increasingly popular which makes way for more and more start-ups to surface and eventually grow into companies. These very companies then seek out services in administrative procedures as well as financial ones which means accounting will never go out of business. Now is a time as good as any to be an accountant.
3. The more you are qualified the more you will grow
If you manage to get a master’s degree in accounting then you can rest assured that you will experience a career with a lot of room for salary growth. The extra time and money that you will invest in getting yourself a master’s degree will pay off twofold for you and more. So, take pass your official CPA exam as soon as you can and venture beyond that.
4. Having a specialty is sought out
It is true that hybrid careers have become the most sought-after ones such as people who have a degree in engineering as well as law or candidates who have a degree in finance and law as well. For accounting, however, if you can find yourself a niche and become an expert in it then you will be able to stick around in the industry for the long run. Try to take as many relevant courses as you can to grow your expertise.
5. International opportunities are abundant
With companies branching out and exploring new waters overseas, they send their delegates to form fronts and setups abroad. The core teams that go along include accountants so that they can cater to the corporation or enterprise away from home and it keeps it running as efficiently as they can.
6. There will always be opportunities in teaching
As future accountants enrol themselves for education in this domain, they will seek out business and finance schools to enable and provide them with the knowledge and the tools that they need. This is will be a cycle that will continue to go forever so you can try your hand in the field and in the classroom as well. Both experiences will benefit from the other.
7. Implications for Research
Accounting firms are conducting researches on the side as well to see the feasibility of new and upcoming technologies and the new kinds of frauds that come with those. Therefore, accountants with knowledge of digital technologies will help front the research endeavours which the entire industry will benefit from.