Accountants ‘at epicentre’ of growth in non-bank finance
Accountants are helping open the door to alternative sources of finance and investment as the trusted advisers to...READ MORE
The “underlying fear” that technology could displace financial industry professionals means accountants should reassess their business strategies, MYOB says.
CEO of MYOB Tim Reed says digital technologies will not displace accountants if they “transform the way in which they deliver value to their clients and the way in which they organise their business”.
“When we talk about disruption, there’s this underlying fear that ‘I’m going to be displaced by an algorithm’. I don’t think that will happen,” Mr Reed said.
“I don’t think small business owners are going to become better at understanding the tax app, I don’t think that they’re going to be more accurate in coding their transactions, but I do think what will happen is the wasted time from data re-entry, the amount of manual work that goes into the end-to-end process that starts inside the small business and ends up in the accounting practice will continue to be reduced.”
Mr Reed said that while the accounting industry is going through a “period of material transformation,” accountants need to embrace, rather than fear, technology.
While some accountants are already adapting to the new technological advancements, Mr Reed said many others are falling behind, adding that change “needs to take place”.
“The best road forward for accountants is to really embrace that and start to transform the way in which they deliver value to their clients and the way in which they organise their business,” Mr Reed said.
“Not because digital technology is a threat, but because digital technology is a reality and accountants who are dealing with it as a reality are continually adapting and moving forward and therefore setting themselves up for future success.”