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How Future Will Impact the Accounting

accounts-preparation

All the time, new technologies and trends are coming up in the professional domain. However, nine out of ten accountants think, a clear understanding of who they are will enable them to help their clients better in coping up with the changes happening in the workplace.

In a survey, one hundred accountants were asked what are the biggest challenges they face while working. The survey provided some surprising answer which can throw light on how to take the business forward smoothly.

For example, accountants said that the demographical diversity at the workplace, be it workers from different age groups or different sex and different cultures, are increasing swiftly and they find it as the biggest challenge they face.

When they were asked which human resource trends cause them the greatest worries about their clients, four major reasons came out.

  • Less homogeneity in skills, contacts and motivations are occurring from diverse workforce and challenges.
  • More roles are automated which means there is lesser middle skill based roles or job at work.
  • The rapid change in technology at the workplace and the advent of newer technology.
  • Performance based management and organisational monitoring to handle the same.

Only one out of six chartered certified accountants in London said that they are bogged down by the burden of compliance and the HR demands for strategic balance. However, three out of five said that this load was heavier for them half a decade ago.

It was very surprising to see that 86% of the accountants think that in five years from now, their clients’, existing and future, HR systems and capabilities would be outdated to cope up with the changes.

We believe, both large business and smaller businesses, to have a sustainable growth, must embrace the newer trends, technologies and strategies. This survey can help the accountants to understand the future challenges and give them the insight which can be beneficial in capitalising the opportunities which lies ahead of them and their clients.