What does the future of accounting look like? What will accountants actually do in 2035?
With the tech tools we’re already seeing (and using) in the profession today, it’s easy to imagine a future where AI handles the spreadsheets, reconciliations, reports and other routine work that have traditionally occupied so much of an accountant’s time.
But if technology can perform the tasks, where does that leave the accountant?
AI, your new coworker
AI is changing the way nearly every profession works. With AI and machine learning already embedded in most accounting and finance tools, it’s reasonable to expect that the routine processes and day-to-day work accountants implement today will continue to be automated.
Does that mean technology is taking over the role of accountants? No. It simply means technology is doing the heavy lifting by automating the tasks that previously defined the profession. What machines can’t do, however, is supervise or apply the judgement and critical thinking unique to humans.
Instead of the routine tasks themselves, accountants will be tasked with challenging assumptions, understanding context, communicating complex information and helping clients make decisions. The accountant of 2035 will spend less time producing information and more time interpreting it and turning it into action.
While AI tools may now execute the tasks previously performed by humans (think data entry, reconciliation, AP and AR, reporting), the people doing the supervising still have to understand the core accounting principles and concepts behind these tasks. After all, an accountant can’t effectively challenge an AI-generated solution without understanding the accounting principles, data and business circumstances behind it.
The question will no longer be, “Should we use AI?” It instead will become, “How can we use AI accurately, responsibly and ethically for our clients?”
A new set of “hard” skills
Technical knowledge across auditing and attestation, tax, and other core areas of accounting will still matter, and may even matter more when professionals are responsible for evaluating increasingly complex technology. But technical competence alone will not be enough.
Human capabilities like trust, judgement, ethics, leadership, critical thinking, communication, problem solving and adaptability will be increasingly vital to the profession.
The future accountant will need to combine technical knowledge with what we tend to think of as “soft skills.” Human capabilities like trust, judgement, ethics, leadership, critical thinking, communication, problem solving and adaptability will be increasingly vital to the profession, yet they’re often skills that cannot be easily taught.
From historical reporting to anticipatory advising
Much of accounting has been built around accurately describing what happened in the past: tax records, audits, financial statements. These responsibilities will remain, but they can also often be summarized or synthesized by an automated system. The overall role of the accountant will instead shift to using historical information to understand and predict what will happen in the future as a result.
Instead of, “Here’s what happened,” the conversation becomes, “Here’s what happened, here’s what could happen next and here are the questions you should be asking.”
Now and into the future, the accountant becomes less of a data historian and more of a business advisor and guide, which makes business acumen and critical thinking increasingly important.
From data processing to data translator
Today’s accountants have access to a lot of data, but that doesn’t necessarily mean clients understand it.
The accountant who can explain a complex issue clearly, challenge assumptions respectfully and help a leadership team navigate uncertainty will be highly valuable.
Instead of processing the data, the accountant of the future will increasingly focus on assessing accuracy, applying judgement and translating (as well as communicating) the data for the client: Is the information reliable and applicable? What’s missing? What risks should be considered? How does the data impact operations and people?
The accountant who can explain a complex issue clearly, challenge assumptions respectfully and help a leadership team navigate uncertainty will be highly valuable.
The accountant of tomorrow
The accountant of 2035 may (and likely will) look very different from the accountant of today, but the fundamentals of the profession won’t disappear. Technical knowledge will remain the foundation, with “soft” skills like communication, critical thinking and sound judgement playing more of a role than ever. And they’ll need to employ the ethics and trust that technology simply cannot.
As a profession, we have an opportunity to embrace technology not by competing with it, but by moving the work where accountants create the most value: asking better questions, providing context, navigating complexity and helping clients make better decisions.
Ready to build the skills that will matter most?
The soft skills this shift demands, like communication, judgement and critical thinking, take time to develop. INCPAS is your go-to resource for ways to start building them now:
- Stay current: INCPAS In the Know webinars are free for members with a variety of topics that offer insights on where the profession is headed.
- Build the skills: Register for INCPAS CPE and leadership programs, like Young Pros Leadership Academy (YPLA) and Next Level Leadership Academy, designed to strengthen your communication, judgement and critical thinking skills.
- Join a Member Section: Member section members receive free access to select Self-Study: CPA Excellence On-Demand Communication & Leadership courses — up to 14 hours of CPE.
