Equipping the talent in tomorrow’s accounting practices
By Simon Dean, Co-founder of Accountancy Learning
With over 40 years of experience (wow, that is a long time!) working as an accountant and an accountancy trainer, I’ve seen firsthand how the accounting landscape has changed and is continuing to change and evolve. Technology, social changes and environmental concerns are reshaping the industry, requiring accountants to possess new skills beyond traditional number-crunching. Accounting practice employers must be proactive in ensuring their apprentices are ready for these changes, fostering not only technical expertise but also adaptability. In this article, I’ll explore the future trends shaping the profession and how we, as employers and educators, need to focus on preparing accounting apprentices in accountancy practices for the future.
Embracing digitisation
HMRC’s strategy is to digitise the UK’s tax system. While Making Tax Digital (MTD) for VAT has been in place since 2019, the accounting sector’s next and most significant change is the impact of MTD for Income Tax, which comes into force from April 2026.
Taxpayers ‘filing’ their invoices and receipts in a shoe box to present to their accountant at the end of January will become a legendary story in years to come. Hallelujah, I hear your cry!
Accounting apprentices will need training on the new MTD for Income Tax rules and how this will affect individual clients. They will need further training on MTD compatible software, which may also involve them training clients on how to use such software. As a result, the key skills apprentices will need are communication, listening, problem-solving and patience!
Creating a mindset of continuous learning through courses, webinars and workshops will ensure that accounting apprentices have the necessary skills and experience to meet the challenges of digitisation and to better support your clients.
The impact of automation on accounting
Automation is another trend revolutionising the accounting profession. With artificial intelligence (AI) and machine learning becoming integral to many business processes, much of the repetitive, manual work traditionally handled by accountants is being automated. Software platforms like Xero, QuickBooks, and Sage have already introduced features that can automatically reconcile bank transactions, generate financial reports, and even predict cash flow. If only these tools existed when I was training!
However, digitisation and automation don’t mean that accounting jobs are disappearing – far from it. Instead, the role of the accountant in practice is shifting. For example, using automation generated through MTD compatible software will enable accountants to analyse quarterly income and expenditure data, helping individuals and businesses make faster and more informed decisions about their personal finances or business operations. Apprentices should be encouraged to think beyond the numbers and consider how accounting insights can drive business performance rather than simply entering data into accounting software or spreadsheets.
Soft skills such as communication, analysis and problem-solving will be just as important as technical expertise in the future. These soft skills are now key components of our apprenticeship programmes at Accountancy Learning.
Office vs remote vs hybrid working
The COVID-19 pandemic accelerated an emerging trend: the shift toward remote and hybrid working models. Many accounting firms and departments have embraced remote working, finding that it can be just as effective as traditional office-based models. However, I believe the future of accounting work will likely be a blend of office, remote, and hybrid environments.
For accounting apprentices, this new workplace regime presents both opportunities and challenges. On the one hand, the flexibility of working from home can increase job satisfaction and work-life balance. On the other hand, remote work requires self-discipline, time management, and the ability to communicate effectively in a virtual environment.
Having said that, many of our accounting practices prefer to have apprentices based in the office until they are fully trained. In doing so, they benefit from 1-2-1 contact and social interaction with their peers, and on-the-job training can be carried out more effectively.
If your practice is receptive to adopting different working patterns, it is important to prepare your apprentices accordingly. In-office apprenticeships should include training in collaboration tools like Microsoft Teams or Zoom and encourage apprentices to build strong organisational skills to manage their workload effectively from home. Hybrid working models, in particular, will require apprentices to be adaptable, switching seamlessly between different working modes without losing productivity.
Sustainable practices: the future of ethical accounting
Sustainability is no longer just a buzzword – it’s essential for accounting practices and businesses across all sectors. Clients, regulators, and investors increasingly demand that companies adopt sustainable practices, and accountants play a crucial role in ensuring that these practices are implemented, measured, and reported accurately.
Preparing accounting apprentices for the future means educating them about environmental, social, and governance (ESG) reporting and accountants’ role in this area. Accountants will be expected to assess the financial impact of sustainable practices, helping companies make informed decisions about their environmental and social responsibilities.
For partners in accounting practices, this is an opportunity to provide apprentices with a broader perspective on the role of accounting in society. They should be encouraged to consider the long-term impact of financial decisions on the environment and the community. At Accountancy Learning, we aim to integrate ESG factors into our apprentice’s financial analysis and reporting studies, ensuring that they are proficient in traditional financial metrics and the growing area of sustainability accounting.
Building a future-ready workforce
So, how can accountancy practices improve their methods for preparing apprentices for the future of accounting?
I say it starts with a commitment to lifelong learning and adaptability. The key to success in the future accounting profession will be a balance of technical skills, digital literacy, and the soft skills necessary for strategic decision-making.
Here are my recommendations for what employers can do when preparing accounting apprentices for the future:
Foster a growth mindset: Encourage apprentices to be curious and to see challenges as learning opportunities. Provide them with access to continuous professional development, particularly in areas like automation, digital transformation, and ESG reporting.
Emphasise analytical and advisory skills: Help apprentices develop their ability to analyse financial data and offer strategic insights. This will position them as trusted advisors and help them to build long-term professional relationships with clients in an increasingly automated world.
Train for hybrid work: Equip your accounting apprentices with the tools and skills needed to work effectively in both office and remote settings, ensuring they can adapt to whatever working model the future holds.
Promote ethical accounting and sustainability: Teach your apprentices about ESG reporting and the financial implications of sustainability to prepare them to contribute to sustainable business practices.
I firmly believe that by focusing on these areas, accounting practices can ensure that their apprentices are ready for the present and fully prepared for the future. The accounting profession is evolving, and those who can adapt will thrive. At Accountancy Learning, we are committed to helping apprentices build the skills they need for long-term success in this dynamic and exciting field.
Contact us today
To find out how Accountancy Learning works with you when preparing your accounting apprentices for the future, get in touch at 01392 244071 or email [email protected].
