There are a variety of factors that will influence the future of accounting. These various factors will include situations and events which take place over the course of the next few years from both a business culture and regulatory standpoint (Gazetteday).
The next aspect will be that of the continuous integration of technology into the finance and business world. These two main key factors will have a significant influence in shaping how accounting moves forward and will be conducted in the future.
The Business Environment and Culture
According to Dabie Tsai, one of the main influencers of what accounting will likely be in the future is that of the current business culture, as well as the current political and economic environment. For it is certainly a fact that the accounting laws, regulations, and cultures of tomorrow are influenced by events which take place today.
Digging a bit further into this segment, we are likely to see changes in accounting practices as we head toward a more globalized world. Dabie Tsai, an accounting and auditing expert with extensive experience at KPMG, states that “increasingly, we’re all becoming global citizens, and that interconnectedness affects all aspects of modern business.” This aspect of globalization means that we will likely progress into one standardized mono-culture in business as we become more interrelated.
Technology and Accounting
The fact is that technology is taking over each and every aspect of our lives, and it is spilling over into the world of finance and accounting as well. Artificial intelligence has already made its way into stock trading and other aspects of the sector, so it will only be a short while before it becomes a significant and key part of the business world. As such, organizations should start making preparations now to get ready for the increasing integration of technology into their businesses. Tsai sees strong leadership across organizations which will pave the way for proper adaptation to the future changes that will come to the world of accounting.
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