Just over one in two accountants are comfortable in advising their clients on technological changes impacting their business, despite an overwhelming majority acknowledging that technological trends will have a big impact in the future, a new MYOB report shows.
Close to three out of four accountants believe artificial intelligence and the global marketplace will have an impact on businesses over the next decade, according to MYOB’s latest Radar Report.
However, the report, which explored the opinions of 840 accountant and bookkeeper firms, found that just 54 per cent were comfortable advising their clients on technological changes impacting their business.
Nearly two-thirds of those surveyed also believed their clients have knowledge gaps when it came to technology.
“We are already seeing the impact technology is having on the industry and how it is helping our clients eliminate room for error or tasks that take them away from growing their business, but it’s moving in a way that’s complementary to the personal offering accountants and bookkeepers bring,” said David Weickhardt, general manager of product at MYOB.
“Technology development, particularly in the AI space, will definitely change the game for the industry, but being across those changes now — and knowing how to make the most of those changes — will be the key.”
Futurist and report co-author Tommy McCubbin said the continuing growth of global trading is something the accounting and bookkeeping industry can be an integral part of.
“For the first time in human history, everyone can participate in a truly global marketplace. With access to free trading platforms, manufacturing tools such as 3D printers and adoption of global cryptocurrencies on the horizon, the stage is set for every business model to be redesigned,” he said.
“We see this as a huge opportunity for accountants and bookkeepers to lead this step change for their clients, and themselves.”
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