Table of Contents
- Does Accountancy Management Still Offer A Safe Career After The Mayhem Of Covid-19?
- What do accountants need to do to ensure their safe careers post-Covid-19?
The impact of Covid-19 on every domain has been devastating and has disrupted opportunities for business growth and development for many owners. However, it provides a framework for management accounting in terms of adjusting to new routines, adopting new technologies, strengthening virtual teams, creative thinking for client engagement, and improving services and skills in dynamic and volatile environments.
In their growth strategy to move towards digitalization, the security and safety of team members and staff must be the top priority of accounting professionals. The mayhem of Covid-19 has impacted the safety of management accounting courses, but the outcomes can be improved. Remote working also demands staff flexibility to work alternate hours and adopt new working models. Thus, their comfort must be prioritized, and they must be trained to embrace new practices.
What do accountants need to do to ensure their safe careers Post-Covid-19?
Accountancy manager, students and trainees frequently ask questions, and the answer is quite simple. Future accountancy manager needs to be flexible, innovative, freelance, and digital. The existing accountancy manager and future employees need to modify their leadership and management strategies for businesses, accommodate technology, and move towards content-guided marketing.
Additionally, transitioning to virtual client onboarding, prioritizing strategic engagement and consulting services, and moving to cloud-based accounting can facilitate a secure accounting career for an accountancy manager. The present article enlists the factors that can ensure a safe accounting career after the mayhem of Covid-19.
Technological literate accountants
The latest AAT accountancy research has shown that accountancy is third on stable profession lists after healthcare and teaching. It will become a more demanding and busy profession in time to come as companies will be seeking to recover themselves from economic havoc post-Covid-19.
Over the years, the increase in vacancies for practitioners has reflected the career demands in emerging markets. The increase in vacancies also includes employers' cutting costs to conserve resources, which has been significantly reduced by the global pandemic crisis.
Many organizations have embarked on technological transformation to achieve business efficiencies that will facilitate the careers of tech-savvy accountants. Additionally, the rise of digital currencies and blockchain currencies will require tech-savvy and well-informed accountants to deal with taxes and related regulations.
The efforts to make tax digital will also generate employment opportunities for future accounting practitioners and accountancy manager exhibiting safety. Therefore, accountancy manager training needs to include more digital content for learning.
Cloud-based accountancy is gaining popularity, and accountancy managers must seize the chance to grow their business using cloud computing. It can offer various benefits to accountancy managers and accountants in post-Covid-19 times. A substantial change in the working mindset of account practitioners and accountancy managers will be required to transform their traditional working practices to make business cost-effective and productive.
- Improving professional-client relationship
- Offering services to clients from any place, anytime
- The decreased burden on manual data entry and client visits to seek documents
- Ensuring data protection and eliminating chances of data misuse
- Data backup facility to store it for a longer time and easy retrieval
- Including cloud-based accountancy in management accounting courses can guide future progression.
High emotional quotient and flexibility
These two accountant traits will be most effective in future career for accountancy managers and practitioners, building as anxious business clients demand reassurance. Accountants’ ability to adapt to changing working hours and job location can ease their work. Moreover, upskilling their profiles through data-related courses can ensure safety in accountancy and future employment.
Director of Hays, Lee Own predicted that the finance world would be integrated with science and data analysis. Therefore, accountants with skills in data analytics and a learning mindset will flourish in the future accountancy landscape.
Opportunities for student and trainee accountants
The Covid-19 pandemic has brought no good news for fresh accountants, accountancy managers and job seekers due to staff laying off policies in organizations to cut off their expenses. However, the Recruitment Director at Ernst and Young, UK and Ireland, Matthew Jeffery, has posited that young talents have opportunities in accountancy.
Trainee accountants are most in demand for all sizes of companies seeking to reestablish and restructure their financial expenditures. Hence, these organizations are hiring young accountants to utilize their management accounting training skills at a minimum cost.
It is offering business owners reset points. Still, it is a great opportunity for young accountants to develop their experience and polish their skills to land a prestigious job. Additionally, online courses, TED Talks, and upskilling programs can facilitate their approach to upskilling.
New skillset employees
Along with fresh accountants, employees with new skill sets, particularly soft skills, should consider themselves protected in the unemployment upsurge. The employees possessing effective interpersonal and communication skills, flexibility, problem-solving, and leadership skills would progress in the post-Covid-19 period. These skills improved client-accountant interaction and reduced the challenges of the ongoing world.
Business partnering roles
The changing roles in accountancy are moving towards business partnering to drive business growth and facilitate leaders to seek strategic advice from accountants. Therefore, future accountants must develop competencies in finance partnering to ensure safe accounting careers after the mayhem of Covid-19.
Freelance gig economy for tax return
The future of employment is shifting towards freelance markets where people prefer short-term roles. Accountancy offers various gig working opportunities, including tax returns. Employees can work freelance for taxpayers to help them calculate tax liability, request refunds, and schedule tax payments. The gig working for accountants can work in various ways to secure their careers, such as
- Consultancy opportunities
- Audit jobs
- Tax experts
- Business advisor
- Cash flow connoisseurs
Future Connect training is the best training provider offering the best solutions in the mayhem of Covid-19 which has created uncertainty for various employees who fear unemployment and losing jobs in the future. Similarly, young accountants also worry about career security due to companies' hiring limited staff.
However, they need to remain stress-free as upskilling their profiles and developing capabilities to work independently can offer safe careers to them. Moreover, improving their personal and social skills and IT skills can earn them great opportunities in the marketplace and make them competitive for job positions.
Q.1. Are there any opportunities for an accounting career post-Covid-19?
Yes, freelance gig work is a golden opportunity for skilled accountants who can work as consultants, advisors, tax experts, and business flow connoisseurs.
Q.2. What can new fresh accountants do to secure their career post-covid-19?
They must develop more soft skills to improve accountant-client relationships and practices.
Q.3. What improvements are required in management accounting courses and training post-Covid-19?
The management accounting training and courses need to develop more on technological grounds to make more competent accountants for future markets.
Q.4. How will management accounting change after covid-19?
Like other professions, management accounting has also changed where accountants need to develop their soft and hard skills, technological literacy, and cloud-based accounting.