Accounting Student? Here are a few tips

by By Alex Hoffman, Engagement Manager at Syft Analytics

The accounting space is changing alongside the explosion of data and advent of new, more advanced technologies that help us access data and derive beneficial business insights from it. In this changing climate, what should our future accountants focus on while they study?

The general consensus is that accounting students need to learn to be agile, flexible, and adaptable, and prepared to use technology constantly. And this is something educators will need to take on board as well.

To find out more about what skills future accountants would need to work on, I asked Jeff Ryan, CFA, MD of AWCape and Sage Business Partner, what he thought.

My question to Jeff was: If you could give students who are studying accounting today any advice, what would it be?

Advice to Accounting Students Today

There are 3 pieces of advice Jeff would give to accounting students studying today:

1. Invest in technology;
2. Learn soft skills;
3. Expose yourself to different subjects.

Let’s look at these in more detail.

1. Invest in technology

The key is not to invest in specific solutions but rather to “invest in technical understanding.” Take computer science courses, or courses on information systems, so that you can understand the processes of these solutions.

“The benefits of technical understanding are huge. They’re exponential. You may work for any number of companies, they may have any type of system, but if you understand the underlying premise of how technology works and how you can adapt it to solve a business problem, you’re so much further ahead than anyone else.”  – Jeff Ryan, MD of AWCape

Jeff did a business degree and studied information systems too, so he’s always focused on ways to solve business problems with technical solutions. He later did a CFA which enabled him to have a broad understanding of business problems and to acquire technical skills in both the financial and technical aspects of businesses. And he believes that someone from an accounting background could easily fulfil that role as well.

2. Learn soft skills

Often misrepresented as less important than “hard” or technical skills, soft skills are crucial to the future of accounting. During the pandemic, Jeff noted how difficult it became to build and maintain relationships with clients, colleagues, and stakeholders.

“We can have a great chat virtually and it creates some sort of rapport, but it’s not the same as having coffee on a daily basis, or finding out that your colleague’s dog is sick, or that there’s some issue in their life, and noticing their body language because you see them in the office. That’s something that’s completely missing.” – Jeff Ryan, MD of AWCape

The dynamics and culture of a business are typically reliant on interpersonal interactions. If you actively develop interpersonal skills as a student, they will serve you well in your career. Even in the time of automation and virtual reality, “that human touch point is phenomenally important.” And it can be used to differentiate yourself from other accountants.

3. Expose yourself to different subjects

Ultimately, the best thing a student can do is to expose themselves to things that are different. Get to know aspects about different industries so that you can help clients who are in those industries.

“That’s where life is: it’s about understanding people and their situations. You get that right and it’s much easier to interact with people.” – Jeff Ryan, MD of AWCape

A system-wide change

For the accountants of the future to be fully equipped for a world of data analytics and insights, it’s not just students who have to change. The whole education system that trains them needs to change and be adaptable to further change.

Universities need to invest in technology and teach their students how to use the latest tools, such as AI, while also training them in soft skills such as marketing and human relations.

A fully integrated future

The future of accounting revolves around integrated data systems. Businesses will no longer focus on historical information, but will instead focus on real-time data and actionable insights.

“From a Syft perspective, the accounting side is only one element. It’s the combination of data that makes a difference.” – Jeff Ryan, MD of AWCape

The industry has become more competitive as technology makes it easier for people without a CA degree to do business’s accounting. It’s time for accountants to get fully on board with the tech revolution, dive into the data, change the way they are training new accountants, pick up some soft skills, and find the best ways to translate financial information into better business decisions.

This is part two of the Syft series on the future of accounting. You can read Jeff’s broader views on the future of accounting in part one.

Jeff Ryan, CFA

Jeff Ryan, CFA is the MD of AWCape and Sage Business Partner. He is a financial services and technology expert, with extensive international and varied industry experience through many medium to large-scale strategic initiatives. His experience includes solution architecture, business transformation, business process re-engineering, software development, cost modelling and forecasting, IT audit, and continuous improvement initiatives.

Jeff has a passion for growing businesses and achieves this by ensuring strategic enablers are identified to drive changes required for real transformation and growth. He also believes in honesty, integrity, teamwork, and professionalism in the workplace and tries to foster real relationships with anyone he interacts with.

**This article first appeared on Syft Analytics’s blog: https://www.syftanalytics.com/blog/the-future-of-accounting-part-two