It has been estimated that the accounting profession will go through three major changes in the next thirty years or so. These will not only affect professional accounting firms and their members, but also educational institutions that train accountants and their present curriculums. The changes are expected to prove quite challenging for the industry as a whole and could very well change what a masters of accounting degree means at the moment. This is why it’s important that we take a close look at these upcoming changes, to prepare accordingly.
Technological Evolution in the Field of Accounting
Revolutionary accounting technology will make it mandatory for accountants to be able to use various technological resources and software efficiently, to complete work with greater accuracy and in less time. To be able to work without being fluent in using complicated, smart tech will no longer be an option. Smart software resources like cloud computing are expected to bring in a lot of changes, some of which are mentioned below.
- Overseas outsourcing will increase
- Improvement of collaboration and engagement, alongside disclosure with shareholders and stakeholders
- Interpretation and utilization of Big Data will become a part of the job
As a double-edged sword, globalization will likely have both positive and negative effects on the accounting business. On one hand, the opportunities will increase for accountants globally because money will begin moving more freely as an automatic result of globalization, but on the other, this might also mean a marked increase in jobs being outsourced to other countries with weaker economies. It remains to be seen whether one manages to outbalance the other.
This one will probably have the most profound impact on the accounting profession in the future, but it is hard to tell how exactly the changed rules and regulations will affect the job of the present and future accountants without knowing the exact parameters. The newer and stricter regulations will be placed to snuff out financial crimes that have become too frequent in the US, such as tax evasion, tax fraud, and money laundering. Intergovernmental tax action might prove quite effective in limiting profit-shifting and base erosion, but there is no doubt that it will affect quite a huge number of accounting firms and individuals.
As can be seen, the focus on CPA and integration of new technology classes in the education programs is precisely what budding accountants need to flourish in this changing world, and that’s exactly what the online accounting masters degree course from Maryville University is offering. The change that’s coming is going to be big, but there is no need to be afraid of it because it’s neither destructive nor will it be rapid. It’s just that there will be an intermittent period before everything settles down again. The job of the accountant will never perish, but it most surely will evolve a lot in the next three decades.