Undoubtedly, the accountant of the future will need to be technologically savvy to evolve with the changing industry. As intelligent technologies progress and more companies move their information to cloud-based systems, accountants need to become proficient in leveraging the cloud to offer clients up-to-date financial analysis and to stay competitive. Accounting professionals who wish to use blockchain will need to be familiar with relevant software programs, as well as how to set up information transfer for ledgers, contracts, and records.

With automation due to become a major aspect of accountancy, it’s crucial to prepare for the future of accounting by developing the necessary skills to perform the administrative, managerial, and analytical tasks that technology can’t do. Additionally, many accountants may take on an advisory role with clients, which means they’ll need to be skilled at analyzing big data to spot patterns and trends. Familiarity with data mining and other data science techniques will be key here.

Relatedly, accounting professionals will also need to understand how to use data visualization strategies and programs to translate all that data into insights for clients and company leaders. Accounting professionals with these skills can use predictive analytics and forecasting to strategically advise clients or organizations. As automation frees up time previously spent on more mundane tasks, accounting professionals can focus on these higher-level analytical skills.