Technology is changing the world we live in

The MYOB Radar report is a landmark study where we explore and discuss the various threats and opportunities for accountants and bookkeepers for the next 10 years – and beyond.

Technology is forcing the evolution of accounting and bookkeeping at an ever increasing rate. Learning to adapt, adopt and plan a long-term strategy is crucial for success. In this report we highlight the critical skills and tools you will need to future-proof your practice.

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Get inside the technology changing Accounting & Bookkeeping

The articles below dive deep into the technology shaping the accounting and bookkeeping industries and offer a taste of what your future working day may look like.

01 - Augmented Computing
02 - Transport and Location
03 - Algorithms
04 - Workforce
05 - Trust and Safety
06 - Experimentation and Learning

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01 - Augmented Computing

Technology will evolve from screens, to seamless fully integrated extensions of ourselves.

As tasks done by Accountants and Bookkeepers will likely be automated, their role needs to evolve into consultants that guide the transition of their clients as they adapt to the new rules of the modern economy.

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02 - Transport and Location

When the way we move changes, every industry will need to be consulted through the changes.

In this article, we focus on how we are set to move ourselves and our goods. Whether it is making existing means of transport more efficient, or completely reinventing the systems and vehicles that move us, how we move will have an enormous impact not only on how accountants and bookkeepers engage their clients, but society itself.

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03 - Algorithms

The most powerful companies in the world all have algorithms at their core.

Algorithms are shrouded in mystery and power. Yet, they’re simply a process, or set of rules, to be followed in calculations - most often by a computer. Algorithms can be anything from a basic chocolate cake recipe to the code that recommends your shows on Netflix. Computers have increased the power of algorithms and now are at the centre of technology companies that dominate the Fortune 500.

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04 - Workforce

Workforce is shifting from a geographically fixed, vertical organisation structure, to a global fluid, on demand resource.

The traditional education system has remained unchanged for over a century. Looking back at its original inception, it was designed by a group of people that had a very different intention. The founders of the education system were capitalists who wanted to create a place where children could be groomed into good, honest, hardworking factory workers.

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05 - Trust and Safety

Data is something we have flippantly given away to brands, governments, and strangers, but now its real value is becoming obvious.

Many of the major tech companies have found their megaprofits in trading us (regular internet users identities) as their products. We will inevitably have to reverse this model to give the power back to the people.

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06 - Education Through Experimentation

Growth in the Industrial Age was difficult, as it required physical infrastructure to build anything. Now, we can build digital infrastructure, and test effectiveness by running low cost, low risk experiments, then scaling.

Consulting will be a major component of Bookkeepers and Accountants that thrive, and advising on new ventures will need to be managed by using experiments to prove success before scaling.

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