This week I share my thoughts on the future of accounting. Watch now!
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VIDEO SUMMARY
Something I have been thinking a lot about is the future of accounting. So I wanted to share some of my thoughts in this video and talk about why it is important for you to know.
The world right now is facing enormous problems. There are political problems, social problems, economic problems, and the list goes on. All of these problems create a lot of fear and uncertainty. You might feel this as well. People are scared. They are scared about their jobs, the economy, and the future. In these difficult times, what we need is good accountants. Let me explain to you what a good accountant does. A good accountant guides a business through the uncertainty, through unexpected events in a fiscally responsible way. An accountant is sitting in a business evaluating the financial reports, analyzing the cash flow and ensuring that the money in the business is on track. So you are looking at the numbers, writing the financial statements, and if the business needs to make adjustments, it is your job to communicate that to all the different departments in your business.
Let us look at the big picture here. There is massive uncertainty. The uncertainty makes everyone ask the question, “What do we do?” It is this question that is creating so much fear in the world today. The accountant is helping to provide financial data to answer this question. Those financial statements are signposts for everyone in society to show what is working and what is not.
Let me explain what is at stake here, because I don’t think a lot of people realize what is going on. We have major technological innovations on the horizon. Some of you out there might remember, there was a time before anyone had personal computers in their homes. There was a time before anyone had internet. And there was also a time before people had smart phones. This is an example of three major innovations that have happened recently that changed everything about our lives. There are many more technological advances on the horizon that will do the same thing. Medical innovations are increasing our life spans. Space travel is becoming easier and cheaper. Artificial intelligence is making our work faster and easier. These are just some of the major technological changes that are happening soon. Every time one of these technological changes happens, it sends the financial markets into a frenzy, and everyone is going to turn their heads and look to the accountant and ask, “What do we do?”
I want to focus on one example to really illustrate the current situation. High speed internet. Half of the population of the planet is not connected to the internet. The way we handle internet in big cities is we lay expensive cables underground. Not everyone can afford that. There are rural places in the United States that do not have internet. There are a number of companies today working on changing that by asking the question, “How do we give access to the internet to everyone in the world.” Just imagine the implications of this. The amount of people on the internet is going to double in the next ten years. All these people are going to come online. These people will all need banking and financial transactions. Entire economies are going to move online. All this activity is going to need accountants. We need more accountants.
What I want to give you today is an option. 1) You can choose to be scared of the future. You can be scared of the uncertainty. Or 2) you can march forward into the future confident because you have data from some good accountants. You have good financial statements that are telling you how to navigate these changes in financial markets.
If you are an accountant, you need to realize we are at war. The enemy in this battle we are fighting is uncertainty. As an accountant, you are a soldier in this war. You are leading your troops into battle against uncertainty. And every financial document you create is moving our society one step closer to victory. We live in this incredible moment in time, where so many things are possible for us, but these amazing innovations will never happen without the help of some good accountants.
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Neither Zach De Gregorio or Wolves and Finance Inc. shall be liable for any damages related to information in this video. It is recommended you contact a CPA in your area for business advice.