Change is inevitably coming to the accounting sector and those firms that fail to prepare early or adapt are at risk of being left behind. Warnings over advanced technologies, skill shortages and greater complexity in business can be heard across the global sphere, with particular focus on what has been described as the ‘fourth industrial revolution’ as technology continues to develop at an alarming rate.

‘The impact of artificial intelligence (AI) on the profession will be immense. Programs will be able to handle accounting files, check contracts and come up with solutions for clients within seconds. Those firms ignoring AI or those banking only on AI will potentially struggle,’ explains Michael Reiss von Filski, global CEO at Geneva Group International.