Two Possibilities for 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, it states that, “There are two possible futures for the professions. The first is reassuringly familiar. It is a more efficient version of what we already have today ... The second future is very different proposition ... we will find new and better ways to share expertise in society, and our professions will steadily be dismantled.”  

If the first future is correct, then we, as professionals in the accounting and consulting profession, don’t have any major issues. The future of accounting will be safe. We will use technology as a tool to become more effective and efficient in the work we do. We will move to more standardized and system-focused activities but maintain our current value to society. After all, we are the ones who understand the Tax Act right? 

But what if the second future is the correct? What if we are moving in a direction where the professions are steadily being dismantled? Think about the technology that is coming down the pipe. Tax software and preparation programs that are better at tax planning and understanding the Tax Act than us. I remember phoning Taxprep software about an issue with their software only to find that the software was correct – was the software better than me or am I only getting old?

Think about accounting software that will not only track the transactions but offer expert advice on hiring, inventory levels, tax, and how better to enter various transactions. Think about Suri on your smart phone and where computer intelligence is going. Where does society or, more specifically, our customer need us if they can get the answers to their questions when they want them, easily and cheaply? Ten years ago a self-driving car was thought impossible. Now they are testing versions with most manufactures, and my current car has cameras for cruise control and to stop my wife from running into a pole again.

I think that the more likely future is the second one. As technology continues to advance at an increasing rate, we as a profession must adapt. I think we as a profession need to be aware of the changes coming and understand that our business models in the future will not be the same. Look out future – here we come.

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.