A Complete Strategy to Thrive in a Changing Industry
In the near future, the accounting profession will see drastic changes. These changes will alter the accounting industry, leaving behind those who follow old models and outdated practices.
According to industry professionals at the 2016 Boomer Technology Circles Summit, the profession is going to change by 2020.
Chief innovation officer Dustin Hostetler states, “By 2020, we’ll see the shrinking of compliance work and the shift toward more consultative and advisory services.”
The reason behind this change is evident: modern technology is quickly transforming the world of CPA firms. Old ways of doing business are being replaced by technological advances, threatening the outlook for CPA firms who rely on compliance work.
Gary Boomer, founder of Boomer Consulting, notes that blockchain technology is a “real threat to the profession” and will eventually eliminate the need for auditing.
Despite the bleak news, there’s hope for CPA firms. By expanding your business to include advising services, firms can learn to thrive in the future.