Wednesday, November 9th, 2016

What Top Leaders In The Profession Are Worrying About

Here’s an excerpt, about TECHNOLOGY, from a recent article in Accounting Today.

MODERN TIMES

The speed with which the future is demolishing the present was a major concern for many of the profession’s leaders, who worry that accountants are “not adapting to the fast pace of change fast enough,” according to Maryland Association of CPAs CEO Tom Hood. “Many CPAs are stuck in the current state and not taking the time to be aware, predictive and adaptive to the changes facing our profession. This is causing them to delay making changes necessary to leverage technology, develop succession plans and next-generation leaders.”

The rate at which technology changes —and the slower rate at which accountants adapt to it — was a frequent worry. “It is difficult to keep up with the pace of innovation today,” said Antonio Argiz, chairman and CEO of Top 100 Firm MBAF. “More firms are moving towards cloud computing, which raises more cybersecurity issues than we have had to account for before. Also, staying up-to-date with the changes in technology and innovation in the audit field will be challenging, especially for smaller firms where upgrading can be cost prohibitive.”

Technology thought leader and partner at WithumSmith+Brown Jim Bourke echoed that: “The impact of technological changes in the profession … is changing the game and how financial information will be viewed in the future. Firms that are stuck in the traditional compliance reporting role will be forced to change or will be left behind.”

Avoiding that fate will require accountants to develop greater expertise, said Confirmation.com founder Brian Fox. “The most important issue is the change that needs to take place in order for our CPAs to be effective in the future — specifically I’m referring to the need for CPAs to have a much higher level of education when it comes to technology.”

Be sure to read the entire article here.

  • "Worry never robs tomorrow of its sorrow, it only saps today of its joy."
  • Leo Buscaglia

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