Last year was one of the most successful for audit and accounting firms,as the world saw an increase in their income. However, in order to be on the crest of success, audit firms must not only understand the current needs of clients, but also to predict the future ones. Let’s consider what services will be in demand soon.
Artificial intelligence, robots-accountants, cloud solutions and other wonders
According to most experts, services related to the introduction of the latest technologies in the business processes of companies will become more and more popular.
Today global technology giants combine their efforts with consultants, offering business the best solutions. For example, with Microsoft software products, now it is possible to fully automate the business process of both a small company and a giant corporation. Such opportunities will grow every year. Consultants need to learn how to choose the best technology offerings of the market (there will be many of them), combine them and provide the client with truly effective business solutions.
If we talk about operational efficiency and reliable data warehouse, then the business will be supported by cloud technology, which in the near future will radically change our world. The most complex transaction will be performed at a lightning speed, and the company can be managed in the mode of remote access.
The possibility of application of artificial intelligence in the work will be expanded. However, in order to correctly implement such innovative solutions in the daily life of the company, consultants will be needed. The same situation is with the robotization of business processes. Some experts are convinced that certain specialists, in particular accountants, will be replaced by robots in ten years. They say that robots will do better work and more accurately than people. Will this be in reality - the question is rather delicate. However, in order to get only benefit from robotization, it is required the support and assistance of consultants.
The development of information technology has not only advantages but also disadvantages. Thus, over time, the issue of information security will become increasingly acute. We are already faced with problems that may be caused by weaknesses in information security systems. It is anticipated that after some time in the structure of audit firms will operate powerful departments of information security, which together with the auditors will offer clients the mechanisms of information security and counteraction to cyber threats.
Extensive outsourcing and cloud-based consulting
Outsourcing will develop extensively active in the near future. Increasingly more functions such as personnel recruitment, payroll, office maintenance, sales, marketing, database maintenance and storage, accounting transactions will be transferred to external consultants. However, outsourcing will be completely different. Due to the active use of cloud solutions, the client will be aware of all events and will closely monitor the work of an outsourcing company. As for outsourcing companies, cloud solutions will help to serve ten times more clients than it is possible to do by performing work with traditional methods.
It should be said that many clients will need consultants who will perfectly possess cloud-based technology and give advice in different situations. Thus, today, one has to deal with these issues in order to sell own knowledge and skills in the future.
Deep specialization
Analyzing current trends, it becomes apparent that in the near future the market will require specialization from auditor firms. Experts who are well-informed about specific issues will become even more valuable. That is why today it is necessary to look for the professional niche, in which you feel comfortable and that gives you uniqueness.
By the way, choosing a professional niche it is good to take a closer look at tax advice, in particular international tax consulting. Such services will be in demand, given the active processes of business globalization and the increasingly blurring of borders. Previously, audit firms were working on schemes designed to reduce the tax burden on business clients, today, and in the future, tax transparency will be in the trend. Offshore companies, tax havens will remain in the past, while the withdrawal of a client’s company into the rating of most law-abiding ones will become the main task of external consultants.
Support of transactions caused by geopolitical changes
As we have seen, the political situation in the world is quite unstable. High probability that the map will change - some countries will disappear and some will appear. Of course, such geopolitical processes will affect the business. The services associated with business M&A transactions, the analysis of the effectiveness of such processes and recommendations for further actions will gain momentum. In addition, the foreign policy situation confirms that services for investigating corporate financial crimes will become more widespread year by year.
Comprehensive solutions and work result-oriented
Today as well as in the future comprehensive service delivery will be required from the audit firms. In other words, the client will expect to get all the necessary services when contact one company. The execution of individual procedures will become the things of the past.
That is why there is a change in the mechanism for paying for auditors and consultants. If hourly wages are more popular today, then the payment will be tied to the result in the future. This means that audit firms need to provide high quality services and be truly valuable to their clients’ business. Today the whole world says - from hourly billing to value pricing. This trend will only increase in the future. Clients will become more demanding and pay for the benefits received.
Maintaining a good professional form
Since the high level of professionalism in any field will be a guarantee of success, the importance of improving and expanding professional knowledge will be on top of its relevancy. However, you should be prepared to study in a new format. There will be an increase in the number of those willing to study remotely, using the capabilities of modern technology.