Future of the Accounting Profession
Added on 2020-03-01
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Contemporary Accounting Practice 1CONTEMPORARY ACCOUNTING PRACTICEStudent’s Name Professors Name College Course Date
Contemporary Accounting Practice 2CONTEMPORARY ACCOUNTING PRACTICEThe future of the professional accountantArticle’s link file:///C:/Users/User/Downloads/Documents/1624003_1845812076_intuitcorpvision20200111v5.pdfAccounting professionals have shifted their primary focus on ensuring that automatically downloaded data are compliant with regulatory as well as tax law requirement. In relation, what does this mean for the future of the profession? To adequately address the question, this section of the paper will in an in-depth analysis analyze significant demographic, social, economic and well as technological trends and forces that are likely to impact accounting and tax profession shortly (Gallery & Gallery 2011). Subsequently, it is true to say that the shifting business environment is likely to create new opportunities for the profession. Competition is most likely to intensify as a result of new industry entrants; automation displaces of accounting with particular regards to routine and lower value services (Howieson et al. 2014). Globalization is also an important concept to analyze in regards to the case study. Technically, globalization will require accounting professionals to master crucial skills that are new to the field, knowledge, andstandards as a result of the growing number of clients across the borders. In summary, the next decade in accounting is likely to have the following characteristics: Specialization will lead to increased collaboration among accounting firms both internationally and domestically Many of the services currently provided by accounting professionals such as easily automated services like data entry will disappear due to factors such as outsourcing and automation
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