SA accounting firms are adapting to global disruption, CA ANZ regional manager SA/NT Renee Feltrin says

IN South Australia, along with the rest of world, the accounting profession is facing significant change, with much more diversity and disruption than experienced in the past.

One in ten accounting firms say an improving SA economy presents a major opportunity for their firm.

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IN South Australia, along with the rest of world, the accounting profession is facing significant change, with much more diversity and disruption than experienced in the past.

The Advertiser’s industry survey reflects the shift currently taking place in the profession – the traditional accounting activities centred on bookkeeping, tax and audit have now been overtaken with consulting and advisory services becoming the fastest growing service lines.

The view of the profession of today – as an analytical, black-and-white and traditional role – is now giving way to the profession of the future. We are sense makers, growth accelerators, critical thinkers and digitally savvy.

This is the same trend that came to light from Chartered Accountants Australia and New Zealand’s (CA ANZ) Strategic Review last year, which instigated our organisation-wide transformation.

The top 26 accounting firms have clearly recognised this need to add further value to businesses, with over half identifying the demand for non-traditional services and the impact of new technologies as the biggest opportunities in the near future.

Paradoxically, adapting to new technologies is also viewed as one of the biggest challenges facing firms.

It is critical that the South Australian accounting profession thrives as the world changes around it with leaps in technology, mobility, artificial and augmented intelligence, and globalisation.

CA ANZ regional manager SA/NT Renee Feltrin

The CA ANZ report Future of Business, which will be launched next month, revealed that approximately 40 to 60 per cent of jobs will change as a result of automation, augmentation and accessing flexible talent.

It also revealed the majority of businesses have not yet considered or planned for the fact that this changing face of work could mean a significant transition.

The fact that these firms have accurately identified these as challenges in the near future is a step many other businesses, and professions, have yet to take. The next step is to expand capacity and capabilities to embrace new technologies and apply core accounting skills to a wider range of services such as solving highly complex business problems.

Another interesting point highlighted by the survey is the importance CA firms attach to the health of the South Australian economy. One in ten firms said that an improving SA economy is an opportunity to harness in the next three to five years.

In CA ANZ’s 2017 Remuneration Survey, which provides members and employers with a valuable overview of remuneration for the accounting profession, total remuneration of CAs in Australia increased more than 2 per cent with South Australia leading the way with a 3 per cent increase. Aside from remuneration, flexible working arrangements, such as flexible hours, work life balance and working from home, were the most important among CAs.

This strong economic backdrop for SA accountants, coupled with their recognition of future opportunities, ensures the profession will continue to add value and prosperity to businesses and the whole community.

Renee Feltrin FCA - Chartered Accountants Australia and New Zealand regional manager SA/NT