CPA Practice Advisor - 6

THE STAFFING & HR ADVISOR

4

Tech Trends Transforming
Public Accounting

PUBLIC ACCOUNTING LEADERS must continue to prepare for the
digital disruptions that will inevitably alter almost everything about
the way their teams and their clients work. Much of this change will
be positive, as breakthroughs help organizations become faster, more efficient
and better able to meet business demands.
In a survey for Robert Half's Jobs
and AI Anxiety report, more than
three-quarters of senior financial
managers said increased reliance on
technology has had a very or somewhat positive effect on accounting
and finance staff. Most companies
are still at the starting gate with the
newest tools, such as artificial intelligence (AI) and machine learning,
but that's about to change.
Here are four specific trends
affecting accounting.

1.

CLOUD COMPUTING IS BECOMING
THE STANDARD.

The Robert Half research found
cloud-based systems rank as the
most commonly used technology in
accounting and finance. Particularly
now that security concerns about it
have eased, the cloud offers many
advantages, from the ability to
view updated figures in real time
to potential cost savings.
This tool presents an excellent
means of interacting remotely
with clients who use cloud-based
accounting systems, as platforms
like QuickBooks and Sage make
it easy to share data securely.
The cloud also provides access to
intense processing power many
organizations lack, which is vital
when working with data analytics
and AI.

6

OCTOBER 2019 ■

2.

AI WILL IMPROVE
FINANCIAL
FORECASTS.

Machine learning is one of the most
commonly used forms of AI. Taking massive data sets and applying
statistical models, such as regression analysis, to recognize trends
and patterns, this tool can be used
to identify financial irregularities,
including fraud, and forecast future
trends.
Increasingly sophisticated
AI will be able to generate more
accurate predictions and even
offer advice on ways to maximize
business opportunities. Along the
way, executives also expect it to
eliminate errors, reduce costs,
increase employee output, and free
accounting and finance professionals to focus on higher-value work.

...more than
three-quarters of senior
financial managers said
increased reliance on
technology has had a
very or somewhat positive effect on accounting
and finance staff.

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3.

AUTOMATION
WILL HANDLE
MORE DUTIES -
BUT NOT ALL.

Automation is on the rise across
organizations of all sizes, the Benchmarking Accounting & Finance
Functions: 2019 report from Robert
Half and Financial Education &
Research Foundation found. Robotic
process automation (RPA) is a nextgeneration version of this technology
that uses AI and cloud computing
to automate even the most complex
processes. RPA can handle multistep
jobs and even follow processes that
branch in multiple directions. It
may also add value when used for
tasks that need to be completed with
robot-like accuracy, such as compliance controls.
Although increasing in general,
organizations haven't embraced
automation for all functions.
According to the benchmarking
research, most businesses don't
plan to automate processes like
financial decision making and
financial planning that require
strategic-thinking abilities.

4.

ACCOUNTING
PROFESSIONALS
WILL NEED NEW
SKILL SETS.

For most firms, the biggest challenge isn't technology - it's people.
In fact, 80% of managers in the

PAUL McDONALD

Senior Executive Director
Robert Half
paul.mcdonald@cpapracticeadvisor.com

Robert Half survey said finding
professionals with the requisite
abilities will be at least somewhat
challenging, and separate research
found technology skills are the
hardest-to-find attribute when hiring accountants.
In-house technology expertise is
limited in many businesses, and the
hiring market is fiercely competitive, leaving managers concerned
about skill gaps on their teams.
As a result, companies may need
to upskill employees, such as by
reimbursing staff for external professional development activities and
bringing in consultants to provide
on-the-job support.
As advances in technology
take on more routine processes,
accounting professionals will take
on higher-value work. As a result,
demand for soft skills, from critical
thinking and business acumen to
communication and emotional
intelligence, is rising.
You're no doubt focused on staying current on trends affecting the
accounting industry. Your efforts will
enable you to help your staff build
their skills and stay at the forefront of
industry trends, while ensuring your
firm can best serve clients as they
adopt new technologies. ■
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