Evolution of the Bookkeeping and Accounts Industry

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evolution, evolve

Evolution of the Bookkeeping and Accounts Industry

Darwin famously wrote about natural selection, and the need to evolve to your surroundings…In a nutshell, evolve or die! Obviously, evolution takes time, but in today’s technologically advanced age, it seems like we have to evolve week by week or month by month!

Take for example Amazon. They’re constantly challenging themselves to look at “the next big thing”; in terms of deliveries, they’ve been extensively testing drone deliveries, making the process even more streamlined and technologically advanced.

Another example is the humble taxi driver; the knight in shining armour throughout the centuries for many holiday makers, business men and women and revellers; even pre-dating the automobile…but we’re now seeing the roll out of the driverless car. How will this affect the taxi driver? Only time will tell.

The fact is, with the roll-out of every new business or technological advancement there will be winners and losers. Businesses will fold and others will thrive.

So where does this leave the bookkeepers and accountants of this world? Typically the voice of caution in any business, applying the double-entry bookkeeping system since Luca Pacioli created it in the 15th century. It is fair to say that our industry have, for the most part, kept businesses on track, honest and solvent.

But now, even the double-entry system is being challenged by the emergence of shared digital ledger systems.

Evolve or die…this also rings true for bookkeepers and accountants. Fortunately, this isn’t as demanding as Darwin’s finches having to alter their body shape, but we do need to adapt. In order to adapt, we need to be mindful of change, and embrace it. This will ensure that you will be able to continue delivering a great service to your clients (or your organisation).

As bookkeepers and accountants, you must keep looking ahead to see emerging trends and technologies. You only have to look at the government’s commitment to making tax digital to see that we are already immersed in some of the changes brought about by digitisation.

Our advice to you would be to keep yourself relevant; don’t rest on your laurels thinking that “everything will work itself out”. You need to keep on track of what is happening in the future to make sure you don’t get overrun.

Reconnect with your peers and colleagues; attend networking opportunities, business functions, bookkeeping summits, conferences (virtually or in-person) etc. In this way, you are pretty much guaranteed to meet the people who know where the changes are coming from, and can see the impact of these changes (and the opportunities that arise out of these changes).

These steps will help you to stay connected and relevant, and you might even uncover new techniques (or software) that will help free up your own time to become more strategic and adaptable to the future.

The world is ever-changing, and these changes are happening quicker than ever before. Old rules are becoming redundant, but what we find astonishing is that the new rules haven’t even been developed yet!  This makes our role as the custodians of finance more difficult, but even more important than ever before.

Be mindful of change, be open to new technologies and emerging markets and stay adaptable. This way, you will be able to guide your clients and businesses ethically, honestly and prosperously, and thrive in tomorrow’s market.

Be resistant to change, turn your back on new technologies and emerging markets and you might find yourself one of Darwin’s casualties.

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