![]() Date: 2025-02-16 Page is: DBtxt003.php txt00015452 | |||||||||
People / Accountants | |||||||||
Burgess COMMENTARY | |||||||||
Accountants to Watch: Dr. Sean Stein Smith
In my experience, both working in industry and more recently as I have transitioned to academia, I would say that accounting professionals are definitely open to the technology changes. The specifics will, of course, differ from person to person and firm to firm, but overall the mood toward technology is decidedly forward-looking. Driven both by anxiety of jobs being automated and by the opportunities automating some tasks will open up, every practitioner I engage with is excited for the technology tools moving forward. ![]() Dr. Sean Stein Smith introduces the next speaker at the Accounting and Finance Show NY. What impact will this new tech have on the profession? What can professionals do now to make sure they and their firms are prepared for the future? Echoing comments I have heard at large conferences and other events previously, I would say that, driven largely by technology adoption, the profession will be unrecognizable in 3 [to] 5 years. One piece of advice that I recommend, and that I do myself, is to try and read one article, listen to one podcast, or watch one video every day on whatever topic I am trying to learn more about. If you are able to do that most days, and do so for an extended period of time, you are going to end up reading, literally, hundreds of articles during the course of a year. What better way to become an expert that to leverage the massive amounts of content already being produced? Where do you hope to see the profession move towards over the next decade? What should a professional ten years from now be equipped with, concerning knowledge and know-how? It is my hope, and one grounded in reality and evidence from the market, that the accounting profession is going to be completely transformed over the next decade. The shift from backward-looking and compliance-oriented reporting is already underway, and the increasing pace of automation will only accelerate this trend. The firm, and practitioner, of the future is going to spend less time preparing financial information and more time interpreting, explaining, and assisting management in understanding data that is increasingly available in real time. The shift toward trusted advisor has been a topic discussed for years, but now practitioners have the tools and processes to actually become a true partner in the business decision-making process. Reflecting this shift and evolution, accounting professionals are going to, in addition to technical skills, also be able to explain, educate, and connect the changes underway in the business landscape to the implications these changes will have on business. To sum up, those “soft skills” we all hear so much about are going to be more and more important, which is why I have rephrased them as “business skills.” Information drives the decision-making process, and accounting professionals, augmented by technology, are well-positioned to develop, grow, and lead organizations moving forward. 'Accountants to Watch' highlights standout members of the profession who are striving to push accounting forward. If you or someone you know would like to be considered, send a submission to AcToday@sourcemedia.com with the subject line 'Accountants to Watch.' See these recent installments: Millennial financial planner Cortlon Cofield Newly-elected NJCPA president Sarah Krom The Daily CPA editor Jeremias Ramos #QBOChat leader Cathy Iconis Sean McCabe ... Sean McCabe is a senior editor with Accounting Today. More from Accounting Today https://assets.sourcemedia.com/4a/66/8258b5ca4e18864341ebae83c99e/at-111217-aiinvestment.png From artificial intelligence to accounting intelligence July 25 https://assets.sourcemedia.com/6c/4e/249c236640f58c9a1b7c63b0de41/ernst-and-young-building.jpg Ernst & Young acquires cryptocurrency tech July 23 https://assets.sourcemedia.com/0e/b0/546aa1354689adf94811cf195edd/323756726-1-8.jpg 10 tech stories you may have missed: Tax compliance vendors get busy July 20 https://assets.sourcemedia.com/87/72/dfe498e749f7a7670640ebb0d885/proxy.jpg MPs grapple with changing firms and technology July 19 https://assets.sourcemedia.com/bc/c6/8d605fba480bada05fa0721945a2/nasbahq.jpg NASBA and AICPA sign pact with CPA Australia July 19 https://assets.sourcemedia.com/83/63/61e49c85449d93a59ef14c08c9cd/calcpa-1710-gilbreth-road-700px.jpg CalCPA grows to 45,000 members July 16 |