Category Archive: Accountants

Workplace Conflict: The Good, the Bad & the Useful, Part 2

Previously, we wrote about how resolving conflict often has the side benefit of building a cooperative bond — even loyalty — between the factions. As each side gains a deeper understanding of the others’ viewpoints, respect builds and morale improves.  Cooperative, low stress interactions, create a fertile environment for productive brainstorming, ultimately boosting the health of your organization.

Being respectful to others, being open to hearing their perspective, and taking the time to understand their objective are very important, but you’ll need more knowledge in your toolkit to dispel conflict when the conflict gets tough. So, let’s dig deeper today.

How can you demonstrate that you are being respectful and open and trying to understand the other’s perspective?

Here are the top 5 proven techniques you can add to your toolkit:

  1. Ask questions about the other person’s recommendations or point of view in a sincere, non-judgmental manner. Drill down to make sure you totally understand all of their objectives, concerns, and potential obstacles that you may both face.
  2. Replay or paraphrase their points back to show your understanding, and ask for confirmation that you “got it.”
  3. Make sure your body language is open and consistent with your words. If they’re not, people instinctively believe your non-verbal message over the spoken word.
  4. Even if you don’t agree, be sure to acknowledge that you hear and understand the other person’s points.
  5. It wouldn’t hurt (and yes, it could really help) to verbalize some of your “opponents” points that you think are good, smart and, or useful. A sincere compliment, or statement of approval and recognition will go a long way towards resolving conflict.

In Part 3 of this series, we’ll examine the five conflict styles that help people understand their own responses as well as diffuse conflict with others. Specifically, we’ll look at the five conflict styles that Kenneth W. Thomas and Ralph H. Kilmann identified and can be assessed in the Thomas-Kilmann Conflict Mode Instrument (TKI), a globally accepted, widely used diagnostic assessment for resolving conflict.

Understanding the subtleties of conflict and personality styles goes a long way towards elevating an organization’s harmony and effectiveness. At Merit, we frequently facilitate multiple Conflict Management training sessions for our clients where we adjust the level of detail to group (i.e., customer service reps, new managers, and the senior team.) For more information, please contact Jim Wynne at jwynne@meritcd.com or call 610-225-0449.

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Why Simulation-Based Instruction is the Best Way to Learn!

sitrain_teams_playing_wide_sts

The Chief Operating Officer (COO) asks the Chief Executive Officer (CEO): “What if we spend time and money training our employees and they leave the company?”

The CEO responds: “What if we don’t and they stay?”

Taking time and resources to train your personnel is often looked at as a necessary evil. Training employees takes them away from their day-to-day tasks and the cost will be reflected on the bottom line. Adding to the challenge of supporting training, is the uncertainty of the return-on-investment at both an individual and organizational productivity level.

As an executive who is considering training your team, the most important question you should ask is not: Should I train my team? but rather: What method of training should I use? Different training methods result in varying levels of content retention. Of course you want to ensure that your organization achieves the greatest value from training, so relevant content as well as deploying the use of experiential learning techniques should both be priorities.

learning-_pyramid

As the image to the left illustrates, participatory learning, especially using simulation for practice, provides the highest level of retention for training, second only to “teaching others.”

What is simulation-based learning? It is an instructor-guided, interactive learning environment that replicates an actual business, technical, or educational challenge. It permits the learners to practice resolving issues in a relatively worry-free atmosphere. Not only is it authentic and relevant to the learners’ work, but it provides a safe environment to learn; mistakes won’t result in costly repercussions. It’s ideal to spur on innovation, too, because it allows for creative problem solving.

Simulation-based learning is the most effective technique for developing every professionals’ knowledge, skills, and attitudes, whilst protecting the organization from unnecessary risks. It is useful in resolving practical dilemmas, and provides four real-time benefits.

  1. EXPERIENTIAL & REPETITIVE LEARNING. While in traditional lecture-based training, the desired outcome is merely explained; in simulation learning, individuals achieve an outcome from first-hand experience. Adults, like most people, learn better through experience. In the simulation, individuals have the opportunity for repetitive practice, which helps increases retention.
  2. KNOWLEDGE INTEGRATION. A key facet of any learning is that understanding is increased when it is linked to some already known piece of knowledge. Simulation-based learning, because of its participatory nature, has the added benefit of being able to psychologically link concepts and allow participants to link knowledge areas through their actions.
  3. RISK-FREE LEARNING ENVIRONMENT. Regardless of our attitude, learning research validates that we learn by making mistakes. In fact, they are invaluable to the participant. If executive decision makers can participate in relevant and realistic simulations, they can safely make mistakes, learn from them, and promptly apply their learned knowledge to their real work challenges, avoiding costly mistakes or unintended consequences.
  4. ABILITY TO ADJUST THE LEVEL OF DIFFICULTY. The technology provided in most simulation-based learning tools are designed to allow the difficulty level to increase as the competency of the individuals and teams improve. This provides additional flexibility and continual learning opportunities for a varied level of experienced personnel.

Simulation-based learning is the most effective learning technique for both your employees and your organization. Your training dollars are better invested with simulation training because of higher learning retention. Further, because your team will practice with relevant and practical scenarios, the potential for catastrophic mistakes is mitigated.

If you’re looking for a relevant, engaging interactive learning environment with simulation, call Merit and ask about our SimulTrain® project management training experience. Contact Jim Wynne at  jwynne@meritcd.com or call him at 610-225-0449.

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Why Success is More Likely with Active Listening

Listening includes a lot more than just hearing words. Frequently, we need to interpret or infer a deeper or underlying message beyond the spoken word. We deploy many of our senses to detect non-verbal cues and assimilate our life experiences with the verbal message when we actively listen.

Usually, the objective of a conversation is to expand the listener’s knowledge, perspective or sensitivity to a topic that impacts behavior or beliefs. In the workplace, managing projects can implode due to poor communications. These can result in missing a critical deadline, budget overages, decreased sales, and in some cases, costly lawsuits.

The most effective communication takes place when both parties are actively listening. So what is “active listening” and how do we do this?

Your active listening is apparent to the other party through your audible or visible signals. This can include something as subtle as raising our eyebrows, leaning towards the speaker, or using certain gestures (like a thumbs up, high five, etc.) Tilting our heads when we listen, on the same angle as the speaker, generally reflects a subconscious agreement  Uttering sounds like “uh huh” or “hmm” also tell the speaker that you’re paying attention. In America, making eye contact is considered a must in showing that you are listening, although this does vary in some cultures.

Of course asking good questions is one of the best ways to demonstrate that you are listening.
If you don’t have any questions (perhaps, because the message is crystal clear to you) then paraphrase the speaker’s message. You can preface your restated summary by saying something like: “Ok, now, if I understand what you’re telling me, you’d like to … (paraphrased summary of speaker’s objective).”

It is important to be authentic, too! In your effort to make it evident that you genuinely hear the speaker’s message, do not diminish your own persona or credibility. Be sure to phrase your introduction to your rephrased statement in a style that is consistent with the way you speak.

Why not find out if you’re as good a listener as you think you are? If you haven’t taken this insightful (and free) listening assessment yet, you can right now – or later when you have about 45 minutes and no distractions. When you’re ready, take the Active Listening Assessment here. Upon completion, you will receive an explanatory report along with tips and techniques that you can use to become a better active listener and communicator.

If you or your staff would benefit from mastering effective communications, improving active listening and learning “meaning-centered communication”, we can help. Please contact Jim Wynne at jwynne@meritcd.com or call him at 610-225-0449.

NOTE: PMPs: This assessment qualifies for one PDU and you will receive a certificate.

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The Pre-Mortem Technique

During my research on how to make better decisions I came across the pre-mortem in the writings of Nobel Prize winner Daniel Kahneman. He notes in his book, Thinking, Fast and Slow (2011), that the pre-mortem technique is valuable in the decision-making process because it has two main advantages. PreMortemFirst, it overcomes “groupthink” that affects many teams once a decision appears to be made. When groupthink is in effect, the wisdom of a plan or decision is gradually suppressed and eventually come to be treated as evidence of disloyalty. The collective suppression of doubt contributes to the group’s overconfidence, which is often a tragic flaw.

Second, it unleashes the imagination of knowledgeable individuals in a much needed direction—the opposite direction of the decision. The principal advantage of the pre-mortem technique is that it legitimizes doubts and encourages everyone, even supporters of the decision, to search for possible threats not considered in the decision-making process. I immediately recognized it as an excellent technique for decision-making, risk management and general leadership.

Because this has proven to be of great value, I would like to share this excellent technique with you. The pre-mortem is easy to implement once the team reaches a decision or finalizes a course of action. Here’s what you need to do:

Step back and state the following: “Imagine that we are one year into the future. We implemented (the decision and plan) exactly as decided here today. The outcome was a total complete disaster. Take 5 to 10 minutes to write a brief history of that disaster.” If someone asks: “What do you mean by a total disaster?” Reply: “In any and every way imaginable it was a total failure.”

Then, explore all the possible reasons that the decision or plan failed. By taking this opposite approach to brainstorming the ideas, your team will likely realize that there are more points that need to be thought through before the plan is implemented.

Merit Career Development incorporates this technique into our leadership, strategic decision-making, risk management and project management classes and it is very well received.  In one recent class the participants clutched the flip charts from the group discussion. I saw this and asked what were they going to do with them? I was told that they were going to present the findings to upper management; they had never participated in such a rewarding experience.

Merit can help guide your team through various tools and techniques to optimize your team’s knowledge, skills and ability with techniques and tools such as pre-mortem and many others. Please contact Jim Wynne at jwynne@meritcd.com or call him at 610-225-0449 to schedule training to learn this and other valuable decision-making techniques.

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Emotional Intelligence (EQ): The Essential Secret to Great Performance

The concept of emotional intelligence, EQ, has been studied for over 30 years. Research shows that high EQ predicts success beyond an individual’s knowledge, skills and abilities. Emotionally intelligent leaders have significantly greater annual profit growth, increased customer satisfaction, and higher personnel retention. In management, the more senior the leader, the more the EQ matters. In sales and customer service capacities, the higher EQs correlate directly to success.

RedheadStudies show that lack of EQ may limit a person’s ability to achieve results. Lower EQ scores correlate with lower merit pay increases, lower job satisfaction and more burnout. Managers’ and supervisors’ EQ scores correlate with their performance ratings.

The definition of emotional intelligence has been the subject of ongoing debates; however, researchers all agree that it consists of two principal components. The first component; intrapersonal skills or self-awareness, is the ability to recognize one’s emotions as they occur, helping one gain self-control in potentially emotionally charged situations.

The second component, interpersonal skills or social awareness, is the ability to recognize others’ emotions. The ability to express empathy enables one to have more positive relationships and minimize unproductive conflict. EQ helps put people at ease, build and mend relationships, confront problem employees, and manage change.

It is important to note that emotional intelligence can be learned. Understanding and incorporating specific EQ skills, techniques, and behaviors can help improve both the intrapersonal and interpersonal skill sets. An intra-personal skill, self-monitoring, can help one can limit or minimize emotional hijacking. Let‘s look at this closer…

Emotional IntelligenceWe all have specific words or phrases that are steeped in emotion. During the 1960s and 70s, the term “nuclear power” raised a great deal of emotion—both positive and negative. Similarly today we have emotionally charged words or phrases such as “gun control”, terrorism, and consumer privacy. It is important to recognize one’s own emotionally charged phrases and stop the emotional hijacking that is about to take place.

By recognizing our emotional responses when we hear a cue by self-monitoring, we can prevent emotional hijacking before it takes place. Stopping to recognize the emotional trigger is an important first step. Taking a deep breath, and/or silently counting to 10 can help us regain composure and react in a rational manner.

As for interpersonal skills, empathy helps us develop more positive relationships with others at work. Increasing our display of empathy enables us to connect with another person on an emotional level, thus allowing us to develop a meaningful, trusting relationship.

The question remains, however, how much emotional intelligence do you have—what is your baseline? Do you have an EQ deficiency, or are you well above average? There is only one way to know your EQ baseline and that is to take an assessment. Many exist on the Internet, some free others fee-based, however they may not stand up to statistical reliability and validity standards.

We invite you to take our free online self-assessment http://www.meritcd.com/assessments/eq/ and see how you compare to others; it takes less than 15 minutes. You will receive a report comparing you to the general population and you will know your starting point. With your baseline in hand you can select appropriate techniques and build your self-awareness and social awareness skill sets, and improve your emotional intelligence.

Would you like some guidance to improve your staff’s EQ? Merit offers half-day and full day workshops that help participants understand, identify their baseline, and strengthen their emotional intelligence. With exercises and interactive assessment tools, this workshop is engaging and life changing. For more information, please contact Jim Wynne at jwynne@meritcd.com or call him at 610-225-0449.

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What your peers are planning for 2016

The results are in!

On behalf of all of us at Merit Career Development, we’d like to thank everyone who participated in our 2nd annual 3-Question Training Planning Survey last month. As promised, we are reporting on the results – which have, interestingly, shifted even from a year ago.


Snip_1_Table_1Hot Topics

Although project management professionals represented more than 60% of our invitation mailing, the topics in greatest demand for 2016 are Leadership, Team-Building, Communications, and Critical Thinking and Decision-Making. These ranged from 38% to 29%, while the overall category of Project Management (PM) dropped to 13% this year (from 45% last year.) In the PM arena, both years, “Identifying and Managing Project Risks” were in the top third ranking at 29%. See the Q1 chart above for details:

 

Delivery Methods

Snip_1_Table_2The preferred delivery methods have changed, as well. For the past few years, there was a growing interest in
web-based learning and self-paced, DIY courses. This year, on-site, full day courses have re-gained their
popularity, with 54.4% of respondents choosing this as their preferred delivery method. In 2014 on-site, full day courses were only requested by 34.2% of respondents. For more details, see the Q2 chart:

 

Snip_1_Table_3Choosing Course and Provider

The basis for choosing a course and provider were measured differently last year, but in both instances, the primary driver is the course topic and/or area that most needs development, followed by convenience of timing, and location. The program cost was lower in priority. See Q3 chart on the left for details.

 

 

 

If you are seeking to reduce your organization’s gaps in skills, improve cooperation and productivity through better communications and decision-making knowledge, or provide some morale-improving, team-building workshops, let’s talk. With a wide variety of courses, delivery techniques and a highly skilled training team, we will help you achieve your training goals for 2016 and beyond.

Contact Jim Wynne at 610-225-0449 or at jwynne@meritcd.com.

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Crossfit Training; Your Body and Your Mind

The start of a new year brings with it many changes, professionally as well as personally. Many of us choose to start the New Year by making goals and resolutions, whether resolving to stick to a budget, or picking up a new hobby. Mine? I’m in the majority of the population: lose weight. To help me achieve my resolution I’ve started an exercise program called CrossFit training.

What is CrossFit training? The CrossFit training program, as explained by its founder Greg Glassman, is a system of performing functional movements that are constantly varied at high intensity. CrossFit is a strength and conditioning program that optimizes physical competence in each of ten recognized fitness domains: Cardiovascular and Respiratory Endurance, Stamina, Strength, Flexibility, Power, Speed, Coordination, Agility, Balance, and Accuracy.

Glowing_ManThe CrossFit program was developed to enhance an individual’s competency at all physical tasks. Athletes are trained to perform at multiple, diverse, and randomized physical challenges. This type of fitness is demanded of military and police personnel, firefighters, and many sports requiring overall physical prowess.

CrossFit training benefits the body by training your individual muscles over time to work together to provide an overall greater level of personal fitness than can be achieved by only conditioning one set of muscles at a time. This got me thinking: are there other areas in my life where I can use this approach? How can I “crossfit” my skills to become better at my job? How can I crossfit new learning opportunities to become a more valuable employee?

How can CrossFit training the body carry over to crossfit training your mind? If we consider our skills, hobbies, and responsibilities in our careers as muscles, we can make the analogy that those skills are muscles needing exercise. Some muscles are used more than others; some are barely used at all. All too often in our jobs, there is a set way of doing things that is like performing a repetitive workout. However, the brain is a muscle that like all muscles must be exercised to be kept in peak condition.

Modern cognitive psychology has demonstrated that the brain is not a static entity. Rather, the brain is continually and constantly developing and pruning pathways across skillsets, linking new knowledge to existing knowledge, or destroying old pathways which aren’t utilized to make room for new synaptic links. You can take advantage of this process by crossfit training your brain with a new skill or area of knowledge, which is seemingly unrelated to your existing career or job responsibilities.

people teaching each otherHow can crossfit training your mind benefit you in your workplace? Cross-functional training has many benefits for organizations as well as employees. At an organizational level, cross training skillsets help safeguard the organization against widening skills gaps. Organizations that cross-train employees across a range of functions put themselves in a good position to prevent sudden shortfalls and manage surges in specific areas when there is a spike in demand. On an individual level, cross training enables employees to explore and assess alternative interests and abilities. It also enables managers to identify and nurture employees who show exceptional talent in a particular function. Cross-training yourself to learn new skills, can increase your employability and enable you to stay relevant.

A few examples …learning the components of Strategic Leadership as a Project Manager (PM) can help reduce the probability of failure by sharpening leadership skills that enable the PM to better understand, motivate and build consensus with other members of a project team.  Or, learning to identify the role emotions and subconscious biases play in the decision making process can enable an individual to make more effective decisions. Learning Risk Management skills can enable a Human Resources manager to better anticipate potential problems and know how to create effective solutions before a problem arises.

In 2016, give consideration to learning things outside the scope of your role or responsibilities. Even if learning new skills may not seem directly related to your current work position, you will be increasing your value. Soon, you’ll wonder how you ever got along without these new skills.

If you are seeking to reduce your organization’s gaps in skills, improve cooperation and productivity through better communications and decision-making knowledge, or provide some morale-improving, team-building workshops, let’s talk. With a wide variety of courses, delivery techniques and a highly skilled training team, we will help you achieve your training goals for 2016 and beyond.

Contact Jim Wynne at 610-225-0449 or at jwynne@meritcd.com.

 

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Serve Up the Training Your Staff Needs—and Wants

Group of business people in a modern officeAre you giving your staff the training they need to best serve your clients? Sure, you’ll pay for the tax courses, but are you giving them the people skills—like problem solving, customer service and supervisory skills—that they need to make your firm the best it can be?

You may be surprised to learn that your accounting staff hungers for more training. Consider some findings from a recent CPA Trendlines Career Outlook survey:

  • Less than a quarter of respondents agree that their firm always pays for the courses they want, not just what they need.
  • Fewer than 20 percent of respondents say their firms pay for soft skills learning. Offering your staff an expanded menu of training that includes soft skills and other education can improve client relationships and staff retention, as well as develop future leaders.

“Solid communication and interpersonal abilities are becoming just as important to accounting professionals in addressing client needs” as traditional training, writes Paul McDonald, senior executive director with Robert Half in a recent CPA Practice Advisor article. “Your team members also need business acumen that extends beyond accounting to understanding clients’ bigger-picture business goals and concerns.” McDonald identifies desirable soft skills: diplomacy, customer service, problem solving, adaptability, and communication.

These important skills are also the ones that staff wants to learn. For instance, problem solving gives accounting and finance professionals the most career satisfaction, according to recent a Robert Half survey. In fact, problem solving outranked number crunching in the results, which is pretty amazing given the importance of numbers for accountants!

Soft skills learning can help accountants at any stage of their careers, says Kathy Ryan, CEO, CFO and co-founder of RoseRyan, a CPA firm serving the San Francisco Bay area, in an Accounting Today article. “I challenge anyone who feels they are being held back in their career but is not sure why, to get a reality check on their soft-skill set and do some fine tuning. I also encourage those in leadership positions to consider ways they can cultivate the ‘softer’ side of their teams’ abilities (and their own).” It isn’t a surprise to learn that Ryan’s firm regularly teaches soft skills.

Asking staff about the courses they would like is now a trend at accounting firms, the AICPA says in its white paper, The Evolution of CPA Firm Learning:

  • Staff can learn better when they have a say in their learning plans. The white paper cites an American Society for Training & Development article, “The Amazing Era of Self-Service Learning,” that suggests your firm may see as much as a 500 percent increase in learning benefits when staff manage their own training.
  • Real knowledge rather than “getting training hours in” is becoming the focus. More experience-related, simulation, and “mock” programs build real-life skills.
  • Succession needs require staff to learn more than technical topics. Firms are including more leadership, management and other personal development courses, and they’re introducing them earlier in their staff members’ careers.

Staff who are hungry to learn about running the firm, interacting more efficiently with clients, managing support staff, and the other ingredients of a successful CPA firm should be consuming the appropriate soft-skills training. Serve staff what they want, and your firm will have a banquet of talented professionals to build your firm.

Soft skills training is critical for both your staff accountants and your firm. Merit Career Development offers leadership and communication courses specifically designed for accountants plus the opportunity to earn CPEs. For more information, please contact Jim Wynne at jwynne@meritcd.com.


© 2015 Merit Career Development. All rights reserved.

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Are You an Effective Listener? (Really?)

Are you listening?We’ve all done it. You’re standing talking with a coworker, and she asks a question. Suddenly, you realize your mind had wandered as she continued to talk. The little voice in your head said it was time for lunch…reminded you to follow up with a client…or maybe you were distracted by a colleague walking by. You weren’t paying attention. You weren’t listening.

Most people think they know how to listen, but although you hear the words, you may not fully understand the meaning behind them. Listening actively takes concentration and practice. It’s important in all interpersonal relationships—in the workplace and in our personal lives.

If you want to improve communication between you and your colleagues or clients, become more efficient in your work, or create more rewarding personal relationships, then listening effectively is critical. The good news is that these skills can be learned just as effective public speaking skills are learned. And here’s how.

Ssshhh. Stop talking and just listen. Many business cultures reward speaking—no matter what. But when we are talking—even inside our heads—we can’t hear and process what is being said to us. Even if it means there is a silence after the speaker finishes—while you prepare your response—let it be.

Body language. According to Forbes, making and keeping eye contact is essential in Western cultures, where good eye contact equals paying attention. Face the speaker and fight the urge to check your cell phone or computer.

Practice. Listen to challenging material that requires concentration, such as a lecture or a sermon. Use these to sharpen and improve your vocabulary and your understanding of nonverbal cues—those you give as well as those you observe. Lean toward the speaker, nod, and give smiles and verbal cues (uh-huh, hmm, yes) of encouragement.

Study up. Read about the topic of a presentation or an important meeting ahead of time. Leave any preconceived perceptions of a speaker, colleague, or topic at the door.

Be attentive. Don’t interrupt or jump to conclusions. And don’t sketch out your response while he is still talking, or think about what you want to say next. You run the risk of giving a reply that will be off the mark, and then your disinterest will be obvious.

Focus. Focus on the big picture as well as on the small details, watching for ways you can personally relate. Also, listen intentionally, consciously steering your mind back to the speaker when it wanders (because it always wants to stray).

Do unto others. According to Dr. John A. Kline, who has written extensively on leadership and communication, using a form of the Golden Rule is effective. Ask yourself, “How would I want someone to listen to me?” And then listen as if you were going to have to repeat the conversation in an hour— this time, as the speaker.

Ask questions. Everyone listens through their past experiences, and reacts accordingly. Take responsibility for understanding what’s been said. If you don’t, always ask, don’t assume. And, according to Sklatch, open-ended questions are the best way to gain clarity, such as, “Can you give me some examples of that?”

We all want to be heard and understood, and taking the steps to ensure we are doing the same for others is the best way to achieve this.


To be an effective manager—or coworker—listening is a key skill. Merit Career Development offers leadership and communication courses that can help you hone your skills. For more information, please contact Jim Wynne at jwynne@meritcd.com

© 2015 Merit Career Development. All rights reserved.

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How will technology redefine accounting in 2015?

How will technology redefine accounting in 2015?Technology has its roots in everything we do, from our weekdays at the office to our evening and weekend night activities.

Even with the widespread impact of technology on the business world today, few industries have felt the effects as much as accounting. This is due to the data-driven nature of this work – CPAs and other professionals rely on information, and leveraging technology to improve data collecting, sharing and storing data in all aspects of the accounting industry.

To stay ahead of the curve, accountants must understand the new trends in technology, and how they will affect the profession.

Today’s top technology trends that improve efficiency

The trends shaping the accounting industry today will benefit professionals in a number of ways over the coming year. One of the biggest improvements will be related to efficiency – new technology can not only make the job easier, but it will streamline operations and improve client relations.

In an article for WIRED’s “Innovation Insights,” Jeremy Roche outlines five of the top technology trends facing the accounting industry:

  1. Cloud computing
  2. Social collaboration
  3. Mobile devices
  4. Real-time analytics
  5. Rise of the shared computing environment

These trends are great for streamlined business operations. Take the cloud, for example. This remote data storage and sharing network has been one of the biggest boosts to efficiency in recent memory. Users can upload information to the cloud and access it from anywhere, on any device, whether at the office, at a client site, or working from home. This trend has been driven by cost savings, but it also allows businesses to be more flexible and adaptable.

Using big data and analytics to improve decision-making

Another key trend on Roche’s list involves analytics. For the accounting industry, success often hinges on access to data and the ability to piece together information to make educated decisions.

Technology helps, and using analytical tools will improve business efficiency by reducing research time, aggregating information to form trends and saving money. According to the Pennsylvania Institute of CPAs, big data is another trend changing the accounting industry.

In terms of efficient business operations, CPAs should turn to big data for:

  • Information – Analytics will help any professional learn current events and understand future trends.
  • Diagnosis – Analytics can save time by outlining what has happened and why.
  • Prediction – Analytics can help professionals determine what will happen in the future.
  • Solution – Analytics can highlight the ideal solution moving forward.

Technology has its grip on the accounting industry. In 2015, it is likely that new devices, tools and resources will allow for easier collaboration, information sharing, data storage and much more, all improving the business efficiency of today’s professionals.


© 2014 Merit Career Development. All rights reserved. For more information, please contact Jim Wynne at jwynne@MeritCD.com.

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