Accounting & Finance Roundup: What did you miss in November?
Hello, and welcome to the accounting and finance roundup for November 2018. As always, we feature a mix of the best technology-focused finance articles from around the web!
This month, you may have missed stories on why accountants need emotional intelligence, what you need to know before the robots take over, and why the digital revolution is waiting for no one. There’s much more, so keep reading for your monthly dose of must-read news.
A caveat: These are the opinions of the writers themselves. We don’t always agree with every argument presented in these articles, but we do think you’ll find the stories interesting!
BEFORE WE BEGIN:
One of the biggest accountancy events in Europe happened this month: Xerocon London. We had a fantastic time meeting clients, partners, and prospects. You can read about our week in the ultimate roundup of Xerocon London 2018.
- How Accounting Firms Are Connecting With Start-Ups
By Cameron Cooper for In The Black
Cameron Cooper writes this piece for In The Black Magazine, wherein he looks at how accounting firms can use their relationships with start-ups to deliver internal efficiencies.
He cites Camplify as an example, and investigates how accounting firms should be involved in progressive industries. He also cautions against jumping on the bandwagon with technology start-ups. He finishes the article with some fantastic tips on how accounting firms can add value to their start-up clients.
- Accountants Need High ‘Emotional Intelligence’, Survey Finds
This article by Rob Stock details a survey conducted by Chartered Accountants Australia and New Zealand (CAANZ). The results of the survey revealed the top three skills that accountants need to possess if they wish to become successful in the next 5 years: 1) adaptability, 2) emotional intelligence, and 3) critical thinking. Of the three, emotional intelligence stands out.
This data does not surprise expert accountants and top accounting firms in New Zealand and Australia, though. They understand that the technical skills are a given for anyone who wishes to pursue a career in accounting. The empathy and ability to communicate in a jargon-free manner to clients is what will set your practice apart. The disruption of technology is also partly responsible for this shift. The automation has highlighted the human element of the practice.
- Where do AI and Blockchain Fall in the Future of Accountancy?
By Lucy Skoulding for Accountancy Age
In this Accountancy Age article, Lucy Skoulding details an interview with Colin Hewitt, founder and CEO of Float. In this interview, they investigated the potential impacts of AI and blockchain in the future of accountancy. Specifically, Hewitt defined the roles of AI and blockchain and how they are unique from the value that accountants offer their clients.
He points out that AI will enable firms to work smarter, as it helps predict trends and anomalies. As for blockchain, Hewitt believes that it will make automated payments easier to manage, which in turn also speeds up the process of executing approvals and payments for businesses.
- Finance Pros: What You Need to Know Before The Robots Take Over
By Shak Akhtar for Financial Executives International
With accounting firms adapting new technologies and automating at a rapid pace, the question about whether (or when) robots will take over the roles of accountants persist.
Shak Akhtar details in this Financial Executives International article why accountants have no reason to fear. Automation will cause a shift in the accounting industry in a way that he believes is long overdue. By integrating technology into the practice, accountants can be empowered. Find out how by reading the rest of the article.
- Digital Revolution Waiting for No One
By Louis White for The Australian Financial Review
This article by Louis White for The Australian Financial Review examines the urgency that is evident in firms when it comes to adapting cloud computing, automation, and AI. In 2019, it is predicted that Australian businesses will spend over $65 billion on technology as part of the digital transformation.
In a research conducted by Forrester, they pinpointed the main priorities of businesses when it comes to adopting technology. Cloud computing leads the list of priorities, followed closely by automation, and real-time data sharing. Find out what the implications of the survey result would be for businesses in 2019 and moving forward in this article.
- Not Enough Women in Accounting, Industry Leaders Lament
By Amanda Iacone for Bloomberg BNA
Recently, three women were appointed to run some of the top accounting firms in the industry – KPMG LLP, Deloitte LLP, and Ernst & Young LLP. The fact that women were picked to run these top firms demonstrate success when it comes the fight for gender parity in the industry. This was a far cry from 25 years ago when only one woman led an accounting firm.
However, American Institute of CPAs CEO, Barry Melancon, warns that the journey is not over yet. This was supported by AICPA’s Women’s Global Leadership Summit, which called on to increase the number of women leaders and diversity within the accounting industry.
With the impending retirement of baby boomers, women should be looked at to fill the gaps that would be left behind. Learn more about how the fight for female representation and leadership in the accounting industry is projected in the coming years.
Have we missed any great articles? Please do let us know, and if you’d like to submit your article for consideration, get in touch with matt@approvalmax.com.