5 Factors That Will Change Accounting in 2015
Now that we’re well within 2015 it is important that every accounting candidate fully understand the trends that will affect the accounting industry in the years to come. Without being aware of or understanding these new trends it may become more difficult to find employment in the industry. Here are the biggest accounting trends you should be aware of for 2015 and the future.
- New Technology: The biggest news to hit accounting in 2015 will be the increased reliance on new technologies. Accountants and the companies they work for will need to implement and perform on new platforms that will enhance the business long term. More experienced accountants will need to learn these new technologies or they will be quickly replaced by recent college graduates who have these skills already.
- New clients: The new technology also means a completely new brand of clients. Younger clients, whether private or professional, do not want to work with businesses that use outdated technology. In fact, 72% of younger accounting clients indicate that they will replace their accountant or accounting firm if they do not embrace cloud technology.
- Social Media: Accounting firms and individual accountants will also need to embrace social media. Today’s clients are social media savvy and use the platform for investment purposes so it is important that a modern accountant be familiar with these sites and know how to use them. Social media is also the place where many individuals and businesses find companies they want to work with.
- Advising and consulting: 80% of accounting firms surveyed believe that they need to focus on the consulting and advisory side of their business in 2015. Firms that previously avoided these services will begin to acquire companies that do or hire new candidates to take on these roles within the organization. Consulting and advisory work may be a great focus for a new accounting career.
- Corporate succession: Lastly, the partner based firms that have been most popular in accounting over the last several decades will give way to a more corporate based structure. With increasing regulations and other requirements it is easier to manage these with a corporate environment. Outside COOs without accounting experience will be brought in to help establish these structures.