This year showed us that disruption could happen at any time, but as a forward-thinking and innovative profession, it also showed us that we were prepared to handle it. While it’s true that 2020 disrupted how accountants worked, it didn’t change the importance of what we do — in fact, it showed us that we are more valuable than ever to our clients and employers because of our agility, adaptability and ability to problem-solve during times of extreme challenge.
We can be almost certain that the next few years will continue to bring the unexpected. We’ll need to keep a sharp eye out for emerging trends and changes impacting the business environment, and therefore our profession, and evolve to continue meeting the demands of a constantly changing, disruptive world.
Here are some of the things I’m thinking about as we go into 2021 that I think are poised to elicit change in our profession and how you can act to make the most of them.
1. Technology is impacting what we do at an exponential rate, and we need to embrace it. 2020 showed us that one event could accelerate what we thought would take years to change. While the pandemic upended our lives, it also fast-tracked our adoption of technologies like cloud-based solutions and digital communications tools, and hastened our need to address technology-related challenges like cybersecurity. The most prepared practitioners had already leveraged advanced technologies. Those who hadn’t quickly realized the value and pivoted.
Now is the time to reflect on the ways your firm has used technology this year and strategize how you can adopt emerging technological solutions for your firm’s management and client services.
2. Trust in the disclosure of nonfinancial information is increasingly important. The pandemic increased attention on how businesses interact with the world around them. A focus on a diverse and inclusive workforce — and the impact of natural disasters— are resulting in more and more companies thinking about the ways social and environmental issues affect how they operate and communicate the value of their businesses. This shift in business reporting provides opportunities for us to help our clients and employers make sense of how their business practices impact people, communities and the planet.
I’ve been an advocate of environmental, social, and governance reporting and related assurance for many years through the Association of International Certified Professional Accountants’ sustainability and integrated reporting initiatives, and I’m excited to see business and regulatory communities evolve around these topics. I believe there is a huge role for the profession in facilitating meaningful reporting and providing much-needed trust that builds stronger businesses. Accountants are uniquely qualified to measure, report and provide assurance on consistent, comparable and meaningful sustainability-related information. Here are some resources and learning to help you take advantage of this opportunity.
3. Committing to lifelong learning is mandatory. According to the newly released World Economic Forum Future of Jobs report, in-demand skills will change considerably over the next five years. Surveyed employers said the top skills needed by 2025 include critical thinking and analysis, problem-solving, active learning, resilience, stress tolerance and flexibility.
Clients, businesses and organizations will continue to need new and different things from us, and we must commit to constant reinvention. This requires new skills. I include myself in this category and have been advancing my own technological and people skills. I encourage others in the profession to do the same, and a good place to start is the Go beyond+ disruption podcast.
4. Successful firms and businesses are putting diversity and inclusion at the forefront.Companies that are more diverse and inclusive are more attractive to job seekers. They also have better outputs and productivity. However, that doesn’t mean every company is making diversity, equity and inclusion a priority. According to one Accenture report from earlier this year, only 34 percent of leaders identified diversity efforts as a priority at their organization.
Our profession is embracing the diversity of those we serve, but to maximize the benefit, we must create opportunity in leadership positions within our organizations so those we recruit can see themselves thriving and advancing. We support professionals and firms with resources and training to help with your diversity, equity and inclusion efforts.
5. Young people will want to join our profession because of the value we create and the good we do.For many young people, the pandemic has intensified a desire to do good in the world via meaningful employment. They had already considered themselves purpose-driven but are now even more motivated to make a positive impact on the world around them.
Accounting is already an attractive career choice, and as we evolve and add additional services to our client service portfolios, it will become ever more attractive. We’re demonstrating our profession is purpose-driven, serves the public good and drives sustainable business. Accountants’ role in the pandemic — particularly supporting small businesses’ access to the Paycheck Protection Program — reinforces our role as a purpose-led profession. The work we are doing around ESG reporting and assurance is similarly appealing. And the association is recognizing the profession’s purpose through our efforts to evolve the CPA. Through education and the CPA Examination, we are positioning the profession to continue protecting the public interest and driving resiliency in business.
I encourage you to reach out to young professionals and students in your area and talk to them about the ways our profession engages in these issues and how they can contribute through a career in accounting.
Get ready for more
In this year of tremendous disruption, it feels like the future has arrived faster than we anticipated.
It’s likely 2021 will also be a disruptive and transformative year, but it’s in times like these that we can truly find the extraordinary. By embracing disruption and leaning into a new, digital, dynamic era, we can reimagine our roles and set the pace of change for the profession, businesses, economies — and ourselves.