The Changing Nature of Accounting

Australian’s are increasingly holding accountants in higher regard as accounting roles throughout business & government sectors are evolving beyond number crunching, making skilled accountants invaluable to more and more organisations.

According to survey results reported in a June 2015, ABC The Drum Article, accounting is the 3rd most trusted profession in Australia, just behind doctors and engineers!

Perceptions towards the accounting profession have changed over the years. Today, accountants are not just seen only as book-balancers, more and more they are being turned to for and entrusted with crucial business and government strategy advice.

So what has led to the diverging role of accountants and their heightening esteem within the business & the community?

The Global Financial Crisis (GFC) Changed Accounting

In the aftermath of the GFC, the business community began turning to accountants in droves for not only book-keeping and related accounting needs, but also for business strategic advice and financials.

Previously these specialist accounting demands had been mostly catered to by the larger, more resourced accounting firms, but digital technology was becoming more affordable, wider used, easier to adopt & integrate, and when it came to the business community (depending on sector), it was and is most certainly today, regarded by most as essential to remaining competitive in our modern changing digital, global & technological marketplace.

What do Smaller Accounting Firms Stand to Gain from Digital?

Digital technology lets even tiny practices (this includes even 1 person or 2 people businesses) evaluate mass sums of data taken from their clients which allows these firms to produce much more accurate, predictive analysis and speed the entire process up.

Accounting Transformations

Traditional accounting and financial reporting are not the only areas accounting finance teams need to concern themselves with these days. Increasingly their responsibilities are growing to encompass such roles as:

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