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Is our Accounting firm safe?

Hi All,

Where is the Accounting industry heading and is your job safe and is your accounting practice safe. 

We are heading into head winds and we need to be prepared. 

The threat will be coming from 2 areas: 

  1. Technology (Artificial Intelligence and Blockchain) will reduce the demand for “grinding” and therefore the number of staff doing “grinding work.”  

In 1978 when I was at my first job we needed 15 accountants to manage $1m (equivalent) in fees and a typist per every 2 accountants (7 typist per 15 accountants) 

Than with the discovery of desktop software such as MYOB it went to 9 Accountants per $1m in fees and around 3 typist/secretary 

Today it’s 5 accountants per $1million in fees with no typist/secretary. 

Cloud Accounting is here and Artificial Intelligence and Blockchain is coming and will threaten accounting jobs into the future. 

  1. Competition (fees to clients are coming down due to competitors who...
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