The bigger picture:
where is the accountancy
world going?

The accountancy world has, like all other sectors, just experienced a large and unexpected shock. Post lockdown it will be a new world, which many accountancy firms will not survive in their current format. There will inevitably be some consolidation, through merger or acquisition of either whole firms or their client bases, and some people will decide to retire or seek a different career.

It is well-reported that the role of an accountant is evolving into to a business advisory position. Technology such as cloud accounting and Artificial Intelligence (AI) will change business models and make certain roles – and income streams – redundant. Firms will either grasp technology and offer new services and business models, enabling them to grow and prosper, or slowly wind down. In addition, it is also predicted that more businesses will turn to forming external alliances.