What is the future of the Accounting Profession?
The Small Enterprise Association of Australia & New Zealand (SEAANZ) is a not-for-profit company which focuses on research, education, policy and practice in the field of small to medium enterprise and entrepreneurship. It organises annual conferences to discuss all aspects of business operations of small to medium enterprises.
This year’s conference took place on 1-3 July 2015 in Melbourne. One of the topics for discussions is entitled “Do Accountants have a future given new technology makes them irrelevant?”
Undoubtedly, new technologies provide great opportunities for small business owner-managers to monitor their business’s financial performance. Cloud accounting software can change the business for the better.
Cloud-based accounting systems such as Xero, QuickBooks Online and MYOB Live Accounts allow you automatically upload the bank account and credit card transactions data into your accounting system. Applications such as Receipt Bank and Xpenditure are designed to extract the key information from your bills and receipts and then seamlessly post that data into your cloud accounting software. Downloads, upgrades and data entry become a thing of the past. Business financial information can be accessed in real time from anywhere.
However, the accounting profession is much more than simply recording the business transactions. Data-entry is the first step in providing a comprehensive business and financial management service. Accountants not only ensure businesses meet their obligations on a timely basis, but:
1. advise on how to increase revenue and wealth;
2. help clients understand and improve profit;
3. analyse cash flow;
4. explain asset protection strategies;
5. help legally minimise tax payable
6. assist with purchase or sale of business or new business establishment.
Therefore, it is an opinion that the future bode well for Accountants – good Accountants will always be in demand! A survey undertaken in 2014 by Roy Morgan Research indicates that Accountants are the 11th most trusted profession after nurses, doctors and dentists.
The Quinn Group provides a total solution to match each client’s individual financial and business needs. We are here to help you grow your business and personal financial wealth. For advice and appointments, call 02 9223 9166 or submit an online enquiry.