Accounting has been around for thousands of years, albeit in differing guises. As the society around it has changed, so has accounting. We no longer record information on clay tablets via hieroglyphics, and have even recognised that calculators are more useful than an abacus. But that doesn’t mean accounting should not keep on changing.
In a recent article by Rob Nixon (read it here) he points out three trends happening right now in accounting that will change the way accounting functions. While Nixon expands on these points in his article, in summary they are:
- Cloud computing – 24/7 access to real time data. Accountants can move from number-cruncher to information analyst
- Providing solutions – sending information to clients and stakeholders via newsletters, videos etc to keep them connected and informed.
- Data analytics – big data means loads of information that can supplement the traditional income statement, balance sheet and cash flow statement. The opportunity now exists for deeper analysis of trends and risks.
Accounting is changing, has changed, and we need to adapt to ensure we can meet the opportunities and challenges of this brave new world.
If you would like further information on how Avondale Business School can help your organisation, contact Warrick Long:
P: 02 4980 2168