Accounting in the Next Decade: A 10-Year Forecast

In latest ARC, hosts predict a dynamic decade ahead.  

In Accounting ARC 6: 10 Year Predictions, hosts Byron Patrick, CPA.CITP, CGMA; Liz Mason, CPA; and Donny Shimamoto, CPA.CITP, CGMA, take a deep dive into what the future holds for the accounting profession over the next decade. Their conversation reveals a landscape poised for significant transformation driven by technology, evolving business practices, and societal changes. 

The panelists highlight the rapid advancement of technology and its inevitable impact on accounting. Patrick, vice president of Client Success at the B3 Method Institute, notes that the next ten years will see technology accelerating exponentially, with AI and blockchain playing pivotal roles. Mason, CEO and founder of High Rock Accounting, adds that while AI will mature, it will require robust data integrity to prevent inaccuracies. Shimamoto, founder and managing director of IntrapriseTechKnowlogies LLC and founder and inspiration architect of the Center for Accounting Transformation, foresees a future where technology is fully integrated into accounting practices, enabling greater efficiency and accuracy. 

The conversation acknowledges the progress and challenges in DEI within the accounting profession. Shimamoto highlights the increased diversity among accounting graduates and the need for continued efforts to ensure these individuals advance to leadership roles. The panelists are hopeful that shifting the focus from problems to solutions that benefit everyone will drive meaningful progress in DEI. 

The future of the CPA license is another area of speculation. Patrick and Shimamoto discuss the evolving role of CPAs and the potential for a more inclusive profession that recognizes various accounting specializations. This shift could lead to multiple career paths within the broader accounting profession, each with its own prestigious credentials. 

Check out the latest episode of the Accounting ARC Podcast on the Center’s YouTube channel. 

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