By: Lauren Perrodin

If you’re wondering how digital transformation is affecting the accounting industry, look no further than the Certified Public Accountant (CPA) exam. Starting in January 2024, the CPA test is changing. Now, it’ll include questions on data analytics, automation and digitizing business processes.

A digital mindset is now critical if you wish to pursue a career in accounting.

Companies are automating accounting functions for a higher return on investment (ROI). Automation can help accountants improve and optimize their workflow without the challenges of human error. Accountants can focus their attention on improving the customer experience.

In a report by CGMA regarding agile finance, researchers found that around 70% of companies that automated 25% or more of their processes resulted in a moderate to significant ROI. Furthermore, if you’re already in the accounting industry or hoping to enter into a new career, you must be at least familiar with these technologies to support your teams and help streamline operations.

The Future of Accounting

Understanding these concepts and software can help you excel in accounting.

1. Data Analytics and Forecasting Tools

Artificial intelligence (AI) will help accountants with their daily activities and support a higher productivity rate. While AI works on the more mundane aspects of the job like data entry, employees can spend their time analyzing the data.

Using accounting software helps to integrate your enterprise resource planning systems and financial data to produce more actionable insights. Success in this field isn’t just about data collection, but interpretation as well.

2. Remote Workforce and Collaboration Online

Cloud computing, once saved only for IT teams, is now a cornerstone of the remote workforce. Cloud computing allows a dispersed company to work together. This means teams can share files and work on projects anytime and anywhere, in real time. This can make a huge impact on working with clients or companies outside of your immediate vicinity with remote file sharing and e-signature enablement.

3. Blockchain Technology

What started as an obscure form of currency has now become a compelling source of alternative currency exchange. New Bitcoin kiosks are popping up all over the world as a way for cryptocurrency holders to exchange their Bitcoin for ATM cash. It’s an accountant’s responsibility, then, to keep track of their client’s wealth management.

4. Cybersecurity and Data

As the accounting world continues to move toward more digitized processes and systems, accountants will need to arm themselves with an understanding of cybersecurity. Online data exchange, especially when it comes to clients’ sensitive data, is naturally vulnerable to data breaches. The right software and networking will ensure information security is top of mind.

How to Excel in an Accounting Career

All of this information may be intimidating at first, but once you get more familiar with the software and processes, it will become second nature. Stay ahead of the game and make a positive impact on your teams by connecting with courses and certificates. They will improve your proficiency in tech areas, while retaining the skills and knowledge you need to be a successful accountant.

Our Professional Certificate in Accounting can get you on the right track.