What are the challenges faced by accountants?

There are many factors affecting the accountancy industry, including things like tax reform, cybersecurity, staffing and emerging technology.

Technology

The advances in technology have huge impacts on both society and economics. Factors like automation and the emergence of artificial intelligence are ushering in the start of what some call the Fourth Industrial Revolution. This will have an effect on long-term client relationships and demands, employment regulations and even how businesses are run. These could radically reshape the role of the accountant. For Cheltenham Accountants, visit a site like Randall & Payne

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New skill sets

Due to the above, accountants might find they must be prepared to develop a new skill set. As some services are streamlined and new tools become available, accountants will need to embrace new ways of working for their clients. This pressure to upskill will only grow if an accountancy firm wants to stay competitive and relevant.

Finding talent

To stay relevant and embrace emerging technology, fresh new talent must be trained well and attracted to the industry. Accountancy typically has an ageing population of senior professionals who are nearing retirement, so it is essential to breathe new life into the industry.

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Brexit

A great deal of uncertainty is being created currently by the looming deadline of Brexit. Tax and financial implications are still unknown for many businesses and this will influence the accountant-client relationship. Whilst many are braced for negative impacts, there could be a surge in demand for accountancy services as the desire for forecasting and expert advice grows.

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