The accounting world tends to move at a snail’s pace. Why? Because it’s dominated by much larger entities. The government (SEC, IRS) run regulatory oversite. The AICPA, NASBA, and state society of CPAs run organizational components. Several large software players have largely dictated the pace of innovation. And after all, we have “the big four” for a reason.
Therefore there are two pathways to innovation. The road paved by these large entities, and the answers pulled from clients, business owners, et. al. And one of the most drastic changes hitting the accounting profession as we speak is the level of service being demanded by Millennials. I know, didn’t just Millennials just enter the workforce? In some ways, yes, but they’re also owning businesses. And driving today’s freelance/entrepreneurial trends.
Just a general refresher, millienials are the group being a general pain in the ass to everyone not sharing their circumstance and life view. They’re tech centric and demand gratification like…now.
So when you apply this crazy bunch to the current landscape in the accounting profession, it changes the dynamic. That’s why emerging cloud platforms are thriving. We’re moving towards on-demand, transparent, and responsive. Sound like accounting in the last 40 years? Didn’t think so.
At the same time, there’s a lot of knowledge in those legacy firms. A lot of knowledge in the accounting industry that may be viewed as old or stale. So how do we transition that knowledge to a changing industry? We’re seeing new clients in the small business environment, and the answer probably isn’t the same.