In an era defined by technological innovation and rapidly evolving markets, accountants face two great challenges: shaking off their dusty, number-crunching image and enticing young talents who would rather be anything other than “that boring numbering guy.”
So how can we reinvent the wheel, or in this case, the balance sheet?
Embracing new tools not only saves time behind the screen but opens up the door for other productive endeavours. Less time number-crunching means more time to keep informed on the latest industry developments, mentoring the next generation, and innovating.
For too long, companies have outsourced not just the calculations but also the understanding behind those numbers to accountants. In an age where data access is easier than ever, businesses should own their financials and only outsource the mechanical aspects to a processing team.
Spend more time consulting with your accounting partners and understand the story these numbers tell.
Accounting has been around since 3300 B.C. It’s not going anywhere, but when was the last time we had a breakthrough? It’s been over 50 years since the first electronic spreadsheet, and almost 20 years since Xero.
It only took us 50 years to go from the first personal computer to ChatGPT! It’s time to stop skimming off the top with stocks and crypto and start pumping those funds into R&D that’ll propel accounting into the future.
Source: Wikipedia
VisiCalc, the first spreadsheet computer program for personal computers, is credited with turning the microcomputer from a hobby for computer enthusiasts into a serious business tool.
One of the first killer applications, some termed it “reason enough for owning a computer”.
The age of mindlessly pounding on keyboards is fading fast. The future is not going to be about who can transcribe a meeting the fastest or punch numbers into a spreadsheet. Jobs like these are on the fast track to automation a.k.a. the endangered list!
We need to flip the script and show our future leaders that careers like accounting aren’t just about crunching numbers—they’re about vital partnerships that fuel the business world.
Technology is moving fast but we have to move faster. Waiting for the education system to catch up could take generations, and let’s be honest, time waits for no one.
Enter cross-industry training—a dance floor where everyone’s invited and all moves are welcome, as long as you don’t step on anyone’s toes. Picture this: the same accountants you associate with spreadsheets could become your next data analysts, project managers, or organisational gurus. If a thousand accountants suddenly decided to ditch numbers, that’s not a crisis; it’s a talent goldmine for other industries.
So let’s not miss the beat, and seize the opportunity to reshape our workforce for this fast-paced tech landscape.
When it comes to future-proofing our workforce, the government can’t afford to sit back and play spectator. Instead of pointing fingers, governments should be rolling up their sleeves to nurture internal talent and capabilities.
So, let’s skip the red tape and dive into creating an environment where growth isn’t just a buzzword, but the rule of the day. It’s not just about keeping up; it’s about setting the pace!
Accounting isn’t just an old game in a new world; it’s a frontier of unexplored opportunities, waiting for us to roll the dice and reinvent the rules. We’re not just pieces on the board; we’re the players holding the cards. And let’s be clear, those cards are stacked with incredible potential.
The future is not a problem to be solved but a reality to be co-created.
So let’s get down to business.
Source: Harry Hoang | CEO of Tailored Accounts
Tailored Accounts took a deep dive into XeroCon 2023 and emerged with some invaluable insights into the future of our industries. From evolving security paradigms in our digital age to the pursuit of high-performance mindfulness, here are 6 takeaways from XeroCon to get your mind running.
In 2021, viral TikToks showcased influencers detailing illicit “loan” applications.
These videos have now spiralled into cases of GST fraud valued at over $4.6B. Accountants and banks point fingers at the ATO’s prolonged inaction.
ATO has revealed that more than half a billion dollars have been claimed by fraudsters between July 2021 and February 2023.
The fraudsters exploited a weakness in the identification system used by the myGov online portal to hack into genuine taxpayers’ ATO accounts, redirecting tax refunds and other claims to their own bank accounts.
