The CPA Journal, Feb 2022
By Robbie Bishop-Monroe, DBA, CPA, CFE and Marlissa Phillips, DBA, CPA, CFE
Big data, artificial intelligence, and blockchain are among the biggest technology trends in accounting and finance (Bernard Marr, “The 6 Biggest Technology Trends in Accounting and Finance,” Forbes Magazine, July 27, 2020, https://tinyurl.com/c9r6b9ar). CPAs need to be knowledgeable about technology topics for personal and professional development, especially considering that Congress introduced a bill to add accounting to the Science Technology Engineering and Math (STEM) education category (Cohn, Michael. “Bill Would Make Accounting Part of STEM Education,” Accounting Today, June 11, 2021, https://tinyurl.com/4zj53yrz).
Technology trends can encompass a multitude of different areas, such as data analytics, cybersecurity, robotic process automation, and blockchain. Because these areas have saturated all industries, learning more can promote personal development and help CPAs better assist their clients.
How do CPAs stay abreast of rapidly changing technology trends? Becoming familiar with various facets of technology will demystify the subject matter, overcome fear and hesitancy, promote relevant continuing professional education (CPE), and enhance CPAs’ ability to assist clients better. This article provides strategies for developing, promoting, or enhancing data analytics skills for individuals and organizations, at varying technology levels and fields, whether in education, public, or private practice.