January 17, 2019
Maybe everyone who reads this has felt the same way at some point in their life. If you are younger than 50, you can look forward to saying that someday.
I attended the AICPA Leadership Conference and Fall Council meeting in October 2018. I was sitting with other members from Kansas listening to the speakers talk about emerging trends in our profession. I was so impressed and excited by the outlook of the future that I said, “I wish I was 30 years younger”. I forgot that Natasha was sitting close by. She asked if I would share my feelings with our members and the reasoning why I’d jump at the chance to toss a few pennies in the fountain of youth to experience the exciting future that lies ahead for our profession.
A PENNY FOR THE PAST
I will turn 70 in two months and have known I wanted to be a Certified Public Accountant since my junior year in high school. Our profession has changed so much in those 54 years, and yet is still based on the same principles as it was when I started my career. I am sure that my choice of an accounting career was the right choice. I am thankful for the direction that my career has taken me, but also feel a bit sad that I will not experience another 30 years as our profession advances.
A PENNY FOR THE PRESENT
The goal of the KSCPA is to be your bridge to the future while serving as your professional link to the past. While recognizing and appreciating our path to the present, KSCPA also has its finger on the pulse of emerging trends. Natasha along with Past Chair Chad Allen, visited local chapters last year to discuss and explain some of these trends. The following is a short list of emerging trends in our profession:
Social Media Strategy
Real Time Collaborative Accounting
A PENNY FOR THE FUTURE
Nick Chandi of the Forbes Technology Council discussed accelerating automation and its impact:
“Labor intensive tasks like tax preparation, payroll, auditing and banking will be fully automated. A trend that’s considered the greatest transformation since the introduction of double-entry bookkeeping 500 years ago.”
Substantiating the magnitude of this projected trend, the AICPA announced new software that is available which combines automation, artificial intelligence and other innovations for audit and attest services. The software will be integrated with the latest AICPA technical guides. This software uses dynamic checklists to structure and manage engagements.
EVERY PENNY MAKES A DIFFERENCE
Some people, including some of my own family, think that accounting is boring; however, I cannot imagine a career that provides as much personal satisfaction and challenge as ours. In a world that is changing so fast, it is rewarding to know that our profession is evolving in order to stay ahead of the times. Here’s why I’m excited for the future:
While I wish I was 30 years younger in order to experience our profession in the future, I am excited for the future generations of accounting and finance professionals who will get to embrace the trends and utilize the technologies that will guide our profession for those who follow in their footsteps.
The Ignite blog is an official publication of the Kansas Society of CPAs.
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