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Top 10 Challenges of the Accounting Professionals for the Future

The fast future is bringing about many changes that are both drivers of productivity and progress but also new competitive advantages and new opportunities.

Future Accountants

Accounting Professionals who cannot adapt quickly enough may not survive the onslaught of these upheavals. That is why, faced with this accelerated future, the accountant must also project itself into the preparation for the future and anticipate the evolution of its business today.

1) Accountants have a lot of work to do to improve their preparation for the future: Only 8% of accountants believe the profession is ready for the future.

2) Accountants need to understand and embrace emerging technologies more quickly to keep pace with their customers in a competitive global economy: 10% of accountants believe they are innovative; 82% recognize that it is necessary for them to better understand innovation.

3) Accountants will see their role change significantly, which will require them to improve the flexibility of their businesses to meet the demands of future markets: 58% of accountants agree that it is important to create a culture of innovation and learning to succeed.

4) Accountants need to be aware of how globalization and cross-border business transactions will accelerate and become a future driver of change in business: 45% of accountants recognize the need to prepare their customers for global markets.

5) Accountants need to improve their Accountancy Knowledge of emerging innovations such as cloud computing, predictive analytics and big data to enhance the success of their future business operations: 80% of accountants indicated the need for better understand emerging technology trends.

6) Accountants must understand that emerging technologies such as artificial intelligence machines, laptops, robots, and 3D printing will be drivers of change that will significantly impact business and society in the future, less than 20% of accountants believe that future innovations will be an influential factor in business in 2025.

7) Accountants need to understand the need for a strengthened workforce to adequately address the different cultural needs of the future work environment: 51% of accountants think it’s very important to understand evolution of the workforce.

8) Accountants need to deepen their understanding of the impact of mobile connectivity and digital business models. The Future accountants will use the Internet to deliver digital processes to its customers over the next five years.

9) Accountants must adapt to change quickly enough to keep up with the demands of their customers who want to adopt innovative technologies: 80% of accountants have concerns about recruiting talent to meet future needs.

10) Public accountants need to be prepared and expect to manage the increased complexity and uncertainty caused by governments, including new regulations and economic changes: 70% of accountants believe that government regulation slows productivity and profitability.

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