ACCOUNTANCY PRACTICES IN 2020

Work within accountancy practices to become more chaotic by 2020 says new report
Tuesday, 1 November 2011

A new report on the future of technology in the UK predicts that accountancy practices will need to radically change the way they are structured and do business in order to adapt to an increase in workforce fluidity and the rise of the virtual office across the industry.

The report, commissioned by Access UK, a leading provider of business management and accounting software, predicts that accountancy firms will see a rise in staff connectivity on a global scale as technology becomes available across all platforms and devices, resulting in 50 billion devices being connected by 2020. It also predicts that smartphones will overtake PCs as the most popular device for accessing the web by 2013.

This will drastically change the way businesses, and in particular, accountancy firms operate, as processes become more accessible and transparent, paving the way for a continual virtual working world. New generation ERP (Enterprise Resource Planning) systems will ensure that firms are able to always maintain audit trails of all transactions, billings and payments, in line with different country-specific industry regulations.

The report, entitled "The future of technology: transforming mid-market business operations", was produced by the Centre for Future Studies. It suggests that the adoption of the virtual office will enable accountancy firms to employ qualified accountants on a project or modular basis, sourcing the best staff from across the globe as opposed to locally produced talent.

The report also predicts that the continued rise in the importance of cloud computing, and the development of mobile cloud, will help drive the so-called `smarter-planet' where technology talks to technology, with less human interaction in the transactional processes.

Chris Bayne, CEO of Access UK, said: "We believe this report offers an invaluable insight into some of the key technological trends and impacts facing all accountancy firms - from small to large - in the future. We believe that the accountancy industry needs to be prepared and aware of the new opportunities and challenges that future technology and increased connectivity will bring us.

"We are already beginning to see the impact of these trends and are committed to ensuring that we continue to offer our clients within the accounting industry the right services and technology to manage their business effectively - now and in the future."

"Access' report provides an excellent summary of the opportunities and challenges that the pace of technological change will create for companies," said Charles le Strange Meakin, Partner, KPMG LLP Cambridge.

"It helps to highlight that the successful organisations of the future, will be those companies who can seize on the technologies available to help adapt and change their cultures."

Other key findings from the report include:

- Accountancy software packages will become more intuitive to meet a variety of infrastructure and personnel requirements, including freelance and part time workers

- Having the right Accountancy and ERP software in place will be key to providing information needed to manage costs and increase the profitability in a continually tough economic climate

- Automation and integration of business services will play a vital role in connecting people and technology across a distributed workforce.

For further information on the report or to request a copy please contact Emma Batchelor or Ryan Jones on 01732 779 087 begin_of_the_skype_highlighting 01732 779 087 end_of_the_skype_highlighting or ryan@westgatecomms.com