Accountancy Age Roadshow – London, 2019

Earlier this month, Accountancy Age hosted it’s annual London Roadshow at One Great George Street in Westminster.

The beautiful building saw an eclectic mix of professionals in the industry gather for an opportunity to hear from industry experts on three different panels, to take part in round-table discussions about the most pressing issues affecting the profession, and to network with one-another over drinks.

The overarching theme of the topics discussed at the roadshow was change, and how the accountant today can adapt to the profession of tomorrow.

Panel one – Technology Health Check: Understanding how technological developments over the last decade, will affect the next decade and beyond

The first panel, titled ‘Technology Health Check: Understanding how technological developments over the last decade, will affect the next decade and beyond’, was chaired by Hillary Allen from Sheffield University Management School.

Dave Norwell, regional account manager at FreeAgent, a firm that supplies accounting software, stated early in the discussions that “the adoption of software has happened”, which set the tone going forward.

For those yet to fully embrace technology, there will be some catching up to do. Speaking specifically on automation, Abby Obomighie, head of financial planning and analysis at Hitachi said: “The journey starts now. The journey differs – now is the best time to start adopting software. I don’t think the journey has an end point. It all depends on where you are, and what your roadmap is. It’s a journey, not a destination.”

The assertion that the adoption of automation is a journey resonated with the other panelists. Katie Aundt of IBM said: “There isn’t one journey that fits all. In terms of automation, a lot of firms start by automating the simple tasks. When it comes to Artificial Intelligence, things are not quite as advanced.

“Digital Transformation changes your view on internal investment. You’re measuring the journey and there are several things it will disrupt.

“Some clients are prioritising their projects, and where they want to introduce AI and automation, based on risk.”

James Poyser of inniAccounts said the industry is just getting started with technology: “If and when MTD really starts to get traction, compared to what’s coming and the disruption that can bring, MTD is going to look like a walk in the park.”

The panellists agreed that firms of today need to ensure they are using technology to their advantage and to leverage technology to add value for their clients. The panel ended on a stark warning from Obomighie: “If we don’t like change, we’re really not going to look like what obsolete looks like. You will need to be curious and knowledgeable to survive.”

Round Tables

In-between the first and second panel, the roadshow opened its doors to roundtables, in which industry professionals debated the most pressing issues challenging the accountancy profession today.

The round tables covered seven topics: ‘MTD check-in: Where are you now?’, ‘What are you advising your clients and what should you be advising your clients about Brexit?’, ‘Managing technological disruption: How has this affected your workforce?’, ‘Tackling “the expectation gap” in the UK audit market’, ‘Improving adoption: Getting the most out of your new and existing IT systems’, ‘Can technology replace professional judgement?’ and ‘Young workforce – Millennial’s; engaging and retaining/Challenges of Agile work and how to deal with them’.

One of the roundtables, chaired by Christopher Humphrey of Manchester Business School and an Advisory Board Member on The The Brydon Review, Sir Donald Brydon’s Review into the Quality and Effectiveness of the UK Audit Market, focused on the topic of technological disruption.

From an IT company perspective, many believe accountancy firms should view technology as a useful tool, rather than shy away from it. Businesses should focus on getting the right mindset and not fearing change. This idea was supported by a participant, who used BI Microsoft as an illustration of a fantastic tool that has helped many companies. Above all, some argued technology should be an opportunity- an opportunity as well as a challenge. Around the table, experts suggested businesses who do not conform to the digital transformation would struggle in the future.

The round table enabled a debate in which both perspectives were covered. Opposing to this idea of opportunity, accountants argued dealing with multiple systems was a complex process which encompasses a massive change – for both mindsets and programs.

Joanne, Head of Early Careers at Grant Thortnon, said the challenge of adapting to new technology lies in keeping the people in the firm up to speed. She said: “The biggest issue is confidence. Businesses should invest in people to be trained and ready for technology. It’s all about balance.”

Panel two –  The future workforce: embracing diversity and technology in accountancy

The second panel covered the topic of diversity and technology in the workforce. Heather Self, who has been working in accountancy for over 30 years, championed diversity as a positive attribute in the profession and said: “Diversity is about having a range of people who think differently.” However, she believes there is still a long way to go within the industry, where young individuals need more role models.

Joanne Richie upheld how diversity can be achieved by promoting training: “We need to look at entry level, all the way to partner level in order to bridge that gap. There is a reliance on training at the moment.” She praised education for playing an important part in the process: “Today, school leaver programs, for example, facilitate diversity.” Most importantly, Joanne stated that diversity starts with inclusion, which should be the focus in the sector of accountancy.

Opening the debate on adopting digital transformation, Heather argued: “In tax, the challenge is the complexity. If all you have to do is press the buttons, how do you understand the skills and abilities you need?” In response, Professor Christopher Humphrey raised questions: “What is the difference provided by the accounting firm and a software company? What can an accounting firm offer that is different?”

The panel also introduced the idea of responsibility – questioning whether it is the profession’s responsibility or education’s to ensure implementation of technology is done well. Humphrey argued the accountability lies in the hands of the profession, a problematic area in which education is rule-based. He concluded: “I’ve got students who are being interviewed for jobs by robots, and my brightest students are not getting the jobs,” highlighting the issue facing the industry today.

Panel three – How will the future accountant feature in the business landscape?

A running theme throughout the Roadshow was just how vital technology will be for the future of the industry, and Robert Pope, SMC Territory Channel Manager at Microsoft, set the tone for the third and final panel. He said: “Accountancy firms of the future could become tech firms. There’s a lot to learn from tech firms of today, about how their culture of learning and how they operate.”

The audience, who were asking questions throughout this panel, questioned how its possible to bridge the skills gap that has developed as technology has developed as such a fast pace.

Becky Shields from Moore Kingston Smith, added: “There are some very traditional accountancy training providers that are filling those (technology training) gaps.” She explained that these courses are not as expensive as some may think.

John Morris of Smith & Williamson reinforced the idea that the world is changing due to technology, and that the accountancy profession is no different. “You can believe it or not, but the world around us is changing at an incredible pace,” he said. “How we respond to that, and how we respond to that as a profession, is driven by having the right mindset and right behaviours to make sure you are levering opportunities.”

Reflecting on the change that needs to be seen, Scott Morris, head of audit at BDO, said: “Accountants have charged for compliance and differentiated on insight. In order to be viable, you will need to be able to monetise the insight.”

Left with this advice to close the panel, guests made their way back to the main hall for drinks, and to discuss what they had heard throughout the day from the various industry experts, concluding another successful annual Accountancy Age Roadshow.