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The accounting sector has been going through a period of profound change in recent years, largely driven by technological innovation. This transformation, characterized by innovative software adoption, is reshaping accountants into influential analysts and strategists within their organizations.
As one of the founders of Netgain and a veteran in the accounting sector, I've seen and participated in this transformation first-hand, and I'm thrilled about what it means for the role of accountants in the years to come.
I understand the daily hurdles that accountants face, which is why I'm committed to helping them prepare for the future and embrace the ongoing changes. If you ask me, accounting's evolving landscape makes 2024 the perfect time to launch an accounting career. Here are three reasons why.
Reason #1: Accounting processes are changing
As technology evolves, accounting processes must adapt. With automated systems becoming integral to our daily operations, traditional accounting techniques (like keeping all your records in Excel) are giving way to more efficient, streamlined methods.
With the widespread adoption of cloud-based ERPs like NetSuite and the accompanying accounting software, we've seen a shift toward real-time data and automation. Adapting to these changes not only positions accountants at the forefront of industry transformation but also presents opportunities to do more strategic work.
Given the trend toward a leaner workforce across all industries, individuals have a chance to actively shape the future of accounting practices and propel their business forward. This era of change goes beyond technology adoption. It's about redefining the role of the accountant to create a future where the profession remains as dynamic and critical as always.
The surge of automation
Automation is fundamentally altering how financial data is handled and analyzed in the accounting sector. By adopting and mastering new technology, accountants can enhance their efficiency and accuracy, which means fewer errors and better financial reporting.
Handing off repetitive tasks to automated tools, accountants can dedicate more time to data-driven decision-making, adding value and strategic insights to business operations. This means accountants can elevate their roles from data processors to key strategists, contributing to the company's success and growth.
Reason #2: Accountants have a chance to make a real impact
The accounting profession has long been associated with endless hours in front of spreadsheets. But today, organizations are taking active steps to improve the work-life balance for accountants. Business leaders acknowledge the key role that employee well-being plays in productivity and job satisfaction.
As an accountant in 2024, you can engage in these conversations and spearhead positive changes within your organization. You can champion flexible work schedules or remote work options, fostering a work environment that promotes a healthy work-life balance.
Software plays a big part in cutting down the hours accountants spend doing manual tasks. And companies need input from those doing the work when searching for solutions to improve their accounting processes.
Accountants can position themselves as decisive players in selecting software that enhances productivity, accuracy, and data security, ultimately leading to improved financial results.
Huge upwards trajectory
You’ve probably heard about the accountant shortage in the past few years. Candidates taking the Certified Public Accountant (CPA) exam decreased by 33% between 2016 and 2021. For new CPAs, this means less competition in the field.
Although this shortage seems daunting, accountants can turn this situation into significant wins for their companies by implementing new software that leads to time and cost savings with leaner teams. Staying ahead of technological trends and exploring innovative solutions increases the appeal of accountants to employers, clients, and stakeholders.
The evolving role of accountants also opens doors into non-traditional areas within the company structure. Accountants who broaden their skills in areas such as data analysis, financial forecasting, or strategic planning can occupy roles in management, consulting, or executive leadership.
This upward trajectory gives accountants the chance to explore diverse career paths and amplify their impact within their organizations.
The promise of job stability
In spite of economic instability and uncertainties in other industries, accounting continues to guarantee high job stability in the years to come. In fact:
- The unemployment rate for accountants and auditors in 2023 was remarkably low at 1.3%.
- The employment of accountants and auditors is projected to grow by 4% from 2022 to 2032, suggesting a steady demand for accounting professionals over the next decade.
The fundamental role of accounting in all industries ensures a constant demand for professional accountants, regardless of the economic climate. As businesses grapple with shifting market dynamics and financial hurdles, accountants become indispensable advisors in accurate financial reporting, strategic guidance, and compliance expertise.
Reason #3: Accountants are well-compensated
Accountants enjoy competitive salaries that acknowledge the essential nature of their role. The median pay for accountants in 2023 was $79,880 per year, exceeding the national median of around $59,228 per year. Additional perks like bonuses, profit-sharing, and comprehensive benefits packages add to the field's attractiveness.
As businesses rely more on accountants to steer complex financial scenarios and comply with strict regulatory standards, it’s a priority to invest in top accounting talent. Consequently, accountants are likely to find well-compensated positions that offer both stability and opportunities for growth as they advance in their careers. Obtaining a CPA license can further boost an accountant’s earning potential.
The enduring demand for financial expertise and the necessary qualifications to enter the profession make accountants sought-after in most industries. This makes accounting a pragmatic career option for those seeking both professional growth and financial security.
Becoming an accountant in 2024
In 2024, advanced accounting software solutions offer new and seasoned accountants the essential tools to streamline their operations and focus on strategic decision-making.
By leveraging a solution like Netgain for automation and simplification, accountants can save time and resources, minimize errors, and stay compliant. In the years to come, accountants embracing technology will be well-placed to add value to their organizations and clients.
The future of accounting is promising, with automation and data analytics transforming the industry.
I'm thrilled to be a part of defining the next era of the accounting industry. Discover how Netgain is leading the way with powerful accounting technology.
