We constantly speak of upskilling to match the current standard of the industry. This is because the roles that are common within the industry are now seeing a shift in their job descriptions. Similarly, more than 60% of accountants are now being placed in dynamically changing roles, and here are five main reasons why you should mold yourself to the current need of the industry.
Wealth Management Solutions
As the average population’s wealth grows, more people are divulging towards accountancy-based companies to help them manage their finances. Traditional accounting here would have meant a simple report of your client’s profit and loss causing activities. However, wealth management solutions mean that your role would not end with reporting but will also include advising.
Tackling the Cost-of-Living Crisis
As worldwide inflation rises, the cost of living also increases. How can accountants help with this? Turning to friends and family during this crisis is a fine solution, but for those who wish to tackle this problem professionally, turning to an accountant is the best option for your clients. Your role as an accountant now increases to how well you manage and advise your client in terms of their personal spending, the avenues in which they are spending and what they can avoid to inhibit loss on more crucial payments.
Modern Bill Paying Strategies
Your role here would include a combination of managing debt payments for example, school, college, healthcare etc. Along with this, creation, and exemplary management of client bill statements can help your client optimally view what bills are most important, and what they can prioritize later.
Including ESG into Accounting
Environmental and Social Governance is an increasingly imperative part of any expenditure. Here, as an accountant you can advise your client on the different ESG requirements like ESG metrics, political spending, pay raises, climate disclosures, tax havens and offshoring to let them know where their money is going and how to modify payments accordingly.
Remote Workplaces to Facilitate Remote Clients
While remote workplaces for accountants have meant increased security verification software, and major cybersecurity updates, it has also meant that now clients would no longer face the difficulty of in-person appearances at the business location. More remote clients living outside of cities now have access to most of the functions carried out by accountants specifically for them.
Your role has now moved past traditional accounting services, to a more senior decision-making role, wherein advising is the new requirement. Post this, there will be more updates and regulatory changes that you will have to be involved in actively. The key is to remember that accounting is more dynamic than ever before, and the best practice for you would be to stay abreast of these trends.
