Accountants and bookkeepers must embrace change
August 17, 2016

Regardless of the field you work in or the choices you make in life outside your career, one thing is inevitable: change. This is especially true for accountants and bookkeepers.

The fact of the matter is the accounting industry is changing very quickly. Technology especially has been one of the key drivers of change. For one, accountants and bookkeepers have more tools available to them to reduce the margin of error. Furthermore, the impact technology has had on the field means accounting professionals must adapt by fostering their IT skills in addition to their business expertise.

The cloud impact
Perhaps one of the most prominent instigators of change in the accounting world is cloud technology. Recent research from the Canadian Imperial Bank of Commerce illustrates how businesses across all industries in the Canada are making this important shift. According to the data, by 2020, 78 percent of small businesses are forecasted to be fully adapted to the cloud.

Businesses are shifting to real-time, cloud-driven accounting software because it reduces error, makes work more efficient and allows for easier collaboration. Additionally, as more businesses adopt this technology, they expect their accountants and bookkeepers to do the same.

The role of millennials
Millennials are also igniting many changes in the accounting world. According to Canada Business, millennials surpassed Generation X as the largest generation in the workforce as of 2015. This means the expertise, expectations and values of Gen Y professionals will have a major impact across industries.

As millennials grow in numbers within the Canadian workforce, this group of professionals will surely impact the accounting industry, too. As a result, many firms will work hard to become more millennial friendly. This translates to more technology in the workplace, improved benefits, office perks and more flexibility when it comes to hours and collaboration.

Agility and success go hand in hand
Top Accounting Degrees brought up an important point that due to technology, accountants and bookkeepers are expected to play a more strategic role. As formerly manual and time-consuming tasks become automated through technology, accountants and bookkeepers' roles are shifting tremendously.

At such a major turning point in technology across industries, the most agile accountants and bookkeepers who are willing and enthusiastic to embrace change will surely find themselves ahead of the curve.

Start embracing change today with Sage Live for Accountants.

Nexus: G-WEBCD6