“Opportunities for innovation can exist when there are changes to the industry and market.”
This statement is from the renowned management theorist Peter Drucker’s 1998 classic, The Discipline of Innovation. This quote is particularly fitting for the accounting sector, which is currently in a state of disruption.
Hence why we have chosen to dedicate Innovation Day, which falls annually on the 16th of February, to the accounting industry.
Industry thought leader Rob Nixon, believes that the key elements of the changes occurring within the accounting industry are:
- Technology: The emergence of cloud and other technologies impacting practice management and document management
- People: Outsourcing, staffing and succession planning strategies for firms in the future
- Systems: Procedures and tools creating efficiencies in successful firms
- Clients: Their expectations are changing – they want everything to be better, faster and cheaper
So as Nixon highlights, technology is only one of many elements that are contributing to a shift and new innovations within the accounting sector.
With innovation comes opportunity
Cloud technology is one of the main elements driving the industry innovations. It offers real-time insight, which shifts the focus of accounting from what happened last month to what’s happening next month. This also transforms the role of the accountant to someone who is a forward planner and consultant.
Congratulations on Innovation Day
Visma believes that the new innovations occurring within the accounting sector will enrich the accounting profession and diversify the role of the accountant. We hope all accountants are ready to embrace these exciting new opportunities.
For those accounting professionals that are reluctant to embrace these changes, or oblivious to the fact that innovating is even a possibility, download our free guide, which provides six simple steps to help start innovating your accounting practice today.