4 Central Questions about the Future of Accounting

In Richard and Daniel Susskind's book, The Future of the Professions: How Technology Will Transform the Work of Human Experts, they state that we should “ask whether the grand bargain (we need experts with the profession) is a deal that still makes sense in the twenty-first century.”

To answer this question, the authors suggest that we ask and answer the following four questions: 

• Might there be entirely new ways of organizing professional work -- ways that are more affordable, accessible, and perhaps better quality?
• Even if human beings are indispensable in our accounting and consulting profession, does it follow that licensed experts should undertake all the work?
• Do society and our customers trust us as professionals to admit that we could deliver our services differently?
• Is the grand bargain actually working? Are the professions fit for the purpose? Are we serving our customers and society well?

The authors suggest that we are failing in six ways:

• Economically – not every customer or organization can afford a first-rate professional.
• Technologically – we use many antiquated techniques for sharing knowledge.
• Psychologically – we don’t empower people to access knowledge and solve their own problems.
• Morally – we provide important knowledge functions but restrict access.
• Qualitatively – not all services provided are the same and few are world class.
• Inscrutability – recipients of services can’t judge guidance (they can't determine if an audit was good).

Knowledge is really at the heart of our profession. We as knowledge workers use our knowledge to create value for the benefit of our customers. Are we always looking to ensure that we are succeeding at creating value for our customers? Are we looking for relationships with customers that create a win/win situation? I think our customers want professionals who are not only knowledgeable but are experts in their field. To remain relevant in the twenty-first century, we must be have both knowledge and expertise and be providing real benefits and value to our customers – or we will be replaced (maybe by a computer).

There is an excellent conference being offered this fall by the Strategic Leadership Association, “Fall 2016 Retreat – The Post-Professional Society,” which could be very enlightening about our future and the changes coming. There is an excellent conference being offered this fall by the Strategic Leadership Association, “Fall 2016 Retreat – The Post-Professional Society,” which could be very enlightening about our future and the changes coming.

Have thoughts or questions about the future of accounting? Contact us to talk about it.