The Changing Landscape of the Accounting Profession
As technology continues to reshape the accounting profession, the role of the future accountant is evolving. Advances in automation are set to transform basic finance processes, with 60% believing full automation within five years. Despite concerns, 89% view technological advancement positively, citing benefits like job simplification and time allocation. It's evident that accountants must adapt their skillsets to stay relevant in a tech-driven world. The future of accounting will rely heavily on embracing and leveraging technology to enhance efficiency and effectiveness.
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The future accountant AAT is a registered charity. No. 1050724
We know the accountancy profession is changing. Automation of basic finance processes is starting to take effect and this is a trend which is certain to continue. Job roles are already changing and skillsets are evolving accordingly. AAT is a registered charity. No. 1050724
So what will the future accountant look like and how will the role develop over time? AAT is a registered charity. No. 1050724
We surveyed over 250 AAT students and more experienced members to get a sense of the future. We wanted to understand how you see the profession developing. How will accountants and bookkeepers stay relevant in a world increasingly reliant on technology? AAT is a registered charity. No. 1050724
Here are your thoughts. AAT is a registered charity. No. 1050724
Overwhelmingly people think advances in technology is a positive. AAT is a registered charity. No. 1050724
89% Do you think advances in technology are positive for the accounting profession? 7% 4% Yes No Don t know. AAT is a registered charity. No. 1050724
Technology has helped in their roles. AAT is a registered charity. No. 1050724 AAT is a registered charity. No. 1050724
42% 33% How has technology impacted on your role? 14% 12% It has made my job easier It has freed up my time to concentrate on more interesting things It has made my role more complicated It hasn t changed my role at all AAT is a registered charity. No. 1050724
60% think basic accountancy processes will be fully automated within five years. AAT is a registered charity. No. 1050724 AAT is a registered charity. No. 1050724
13% 13% How soon do you think it will be for basic accountancy processes to be fully automated? 28% 46% Within two years Between 2 5 years Between 5 10 years More than ten years AAT is a registered charity. No. 1050724
The biggest change for the accountancy profession will be automation. AAT is a registered charity. No. 1050724 AAT is a registered charity. No. 1050724
34% 19% 18% What do you think the biggest change will be for the accountancy profession? 15% 6% 3% 2% 2% 1% AAT is a registered charity. No. 1050724
Understanding technology is going to be the most important additional skill. AAT is a registered charity. No. 1050724 AAT is a registered charity. No. 1050724
Please rank in order of importance the additional skills you think accountants of the future will need. AAT is a registered charity. No. 1050724
Role will become more strategic and reporting will be in real time. AAT is a registered charity. No. 1050724 AAT is a registered charity. No. 1050724
Please rank three changes in order of importance that you think accountancy will see as a result of automation. AAT is a registered charity. No. 1050724
Colleagues and clients now expect information quicker and in real time. AAT is a registered charity. No. 1050724 AAT is a registered charity. No. 1050724
How have your colleagues or clients expectations changed as a result of automation (tick all that apply)? They expect information in real time They expect information to be provided much quicker They need much more help with understanding data They need more guidance in deciding what software products to buy There has been no change Other please tell us. AAT is a registered charity. No. 1050724
Accountancy will become more IT based in the future. AAT is a registered charity. No. 1050724 AAT is a registered charity. No. 1050724
55% 53% 48% 36% 34% 31% 31% 28% Do you agree or disagree with the following statements? 14% 13% 10% 7% 7% 5% 4% 4% 4% 3% 3% 3% 3% 3% 1% 0% Accountancy will become more IT based in the future There will be growth in software development roles for the accounting profession Technological advancements will create more jobs in the accounting profession The skillset of new recruits into the accounting profession will need to change Strongly agree Agree Neither agree nor disagree Disagree Strongly disagree Don't know AAT is a registered charity. No. 1050724
The future accountant AAT is a registered charity. No. 1050724
