LISTEN: The evolving role of the accountant

LISTEN: The evolving role of the accountant

The latest episode of Accountancy Age’s latest podcast series, looks at how the role of accountants has changed over the years and what have been some of the contributing factors

As industries around the world move to adapt to best practices, and as the day-to-day functions of certain markets change, the role of accountants has also been impacted.

Gone are the days when accountants worked a normal 9 to 5 day, sitting in an office adding up the finances of their clients. Now, because of greater demand on the role, accountants are expected to do much more.

“I think our role has changed in terms of how we help entrepreneurial and small and medium businesses,” says Fraser Campbell, the UK Head of Accounts and Business Advisory Services (ABAS) at Azets.

Campbell notes that while the “outcomes” of the role of accountants have not really changed – in terms of helping clients meet their objectives and remain up to date with their accounts – how they do their job, and how services are delivered, has changed drastically.

Accountancy Age · Lightbulb Moments – Episode 2 – The Evolving Role of the Accountant

While technology has been a major contributing factor, aspects like regulatory changes, client expectations, and a cultural shift from a non-digital environment have also played their part.

“We are an industry that typically doesn’t embrace change,” says Lucy Cohen, co-founder of Mazuma Money.

“Whether rightly or wrongly, there’s a stereotype of the type of person who works as an accountant who maybe likes to do things a certain way. We learn our debits and credits, our trial balances, and our extended trial balances and everything we do is all about following processes from start to finish and not deviating from them”.

Factors like the Covid-19 pandemic, the cost-of-living crisis, and increased hybrid working have also contributed to the change in how accountants work.

With companies needing emergency budgets, navigating cost cutting measures, and the need to make tax digital, the right tools and resources are essential to be successful in the evolving role of accountancy.

“You must start with the services you are delivering, whatever they may be from pure compliance all the way through to a very proactive advisory service and then work back from there in terms of the types of clients that you’re looking to deliver that service to,” says Campbell.

Taking this approach, Campbell adds, will drive the app stack and the technology infrastructure accountants need.

“That sounds quite sophisticated and complicated but in reality, all you need to do is base yourselves around one of the core cloud platforms out there and build apps that suit your client base,” he says.

INDEX:

00:48 How has the role of accountants changed over the years

02:45 The effects the Covid-19 pandemic had

04:21 What are some of the major contributing factors that have seen the role evolve

05:37 Why has the accountancy industry been hesitant to embrace technology

08:18 How vital are government initiatives for the industry

12:43 What tools and resources are now needed to be successful in this evolving role

If you missed the first episode of Accountancy Ages’ Lightbulb Moments, click here

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