Question

1) It should be 1,000 words in length

2) The questions it should address are as follows:

- What do you think the biggest change to accounting will be in the next 5 years?

- Are there any specific technologies will drive this change in the accounting profession?

- Is there any one area of accounting (audit, tax, advisory) that seems like it will do the best in the next 5 years?

Answer 1

Accounting is the recording, classifying and summarising transaction in the significant manner and interpreting the results and then communicating such results to the users of the financial information. Accounting information is important for both external and internal users. The industry of accounting is changing day-by-day and in the next five years it will provide a great revolutionize boost to the industry. In the previous years, the accounting is done manually but modern accounting is computerized accounting which make the work of human being easier and also reduce the chances of mistake by the human error. The work of accounting was also tedious in previous years but now-a-days the work is being simpler with the computerized accounting as there are many accounting software which tailor made the requirements of the company. The technology in the accounting industry is developing very fast and thus meet the requirement of the companies. In the five years, the technology will also change the accounting software and thus make the work easy and error free. The changes in the accounting standards and the concept of universal accounting standards i.e. IFRS. The IFRS will help the companies to compare their results with all the companies around the world and thus remove the loopholes of accounting. The concept of convergence will help the firms to modify the IFRS with the environment of their country.

The software includes QuickBooks Online, FreshBooks, SAP, Kashoo, and Xero. There is also accounting programs available to industries online with subscription like cloud accounting that provides features of payroll, expense claims, asset management, purchase order, and also multi-currency accounting. These technological softwares will help to change the profession of accounting. In my opinion, Advisory field will come best because the technology and software is changing day-by-day and then the companies will need expert advice of the professionals to make the work simpler and solve complex issues.