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Like The Emperor, The Accountant Has No Clothes

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For some reason, accountants like to think of themselves as running a ‘practice.’ And, there’s the perpetual joke that follows them where their clients ask when they’re going to quit practicing and start actually doing accounting.

 

It gets old, but it’s not far from the truth, and that’s the biggest risk to most local accountants, they’re not running a business, they’re still practicing.

One of the most effective forms of leadership is leadership by example. Today’s accountants are no longer the ‘cypher clarks’ of yore. The future of accounting lies in the ability of the professional to adapt to the machine learning environment of the future.

Tomorrow's professional may no longer be called an accountant. Click To Tweet

Instead, they may be data analysts, digital analysts, software consultants, or any of hundreds of yet unnamed disciplines.

They will be acting as business managers, orchestrating a staff of multi-disciplinary experts in everything from marketing to operations, from mergers and acquisitions to biometrics.

In the future, technologies such as blockchain may make the audit obsolete. Advances in biometrics may make computer security almost inpenetrable. Data collection and storage may make interpretation techniques the realm of the specialist.

It’s all coming, and it is here now.

Facial recognition software, with claims of 99% accuracy has been rolled out already in China, where transactions are recorded and charged literally, with a smile. Facial recognition software can now inform staff of the name of a new customer as they enter a coffee shop allowing employees to greet them by name.

Advertising and communications are being tracked by complex algorithms, and researchers pore over the reports with even more algorithms to discern and give meaning to the numbers, so decisions can be made for future actions.

All this is happening right under our noses, and still we march along, hoping no one will notice we’re just practicing.


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Best to you and yours,

kirks-sig

 

Kirk

P.S. Think I'm full of B.S.? Maybe you ought to let me know what you think. Plop your comments in the section down below the related articles and let me know what you think.!

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