In the recent past, the accounting field has experienced a slow evolution. According to Byström (2019) the primary reason is that it is riddled and bound by various regulations, obligations, and traditions despite its dynamism. A convergence of powers, including new technology and opportunity in addition to risks, are gradually transforming the field of accounting at a very high rate. The potential and promise of the field are, no doubt more significant now as compared to past years. However, the consequence and complexity are also increasing at a fast pace ( Byström, 2019) . For example, companies and institutions that are angling to take advantage of the significant shifts gradually realize that the field is slowly experiencing changes. The paper will look at the substantial and various predictions that play a vital role in the area.
Change is inevitable
The most effective prediction is that the accounting field is changing in unavoidable scenarios. For example, accountants are put to task to confront the sweeping new arising situations in the area. Byström (2019) argues that changing rules and regulations are gradually changing practice. At the same time, the way accountants are offering value is radically evolving and being redefined. For the accounting departments to stand out significantly, they need to be at a position to undertake tasks differently. The main issue is to remain passive and anticipate new changes and situations appropriately ( Brewer & Stout, 2014) . Such explains why most organizations and financial institutions are adopting agile, configurable, cloud-based strategies. Non-profit organizations and companies are also strategizing to managed and tailor-made models in which they worry less on regulatory procedures and technological advancements coming forth in the field. As such, they can depend on service providers that will deliver the results while at the same time offer cutting edge services and best practices.
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The Cloud and black chain technology: The Preferred Basis
Gradually, the Cloud is becoming the most favourite policy for accounting strategies. Not only is it flexible, but it is also scalable in adoption, especially with forthcoming changes. At the same time, it will offer more certain security features and levels. Financial institutions gradually realize that accounting will soon be considered as “cloud-first ( Byström, 2019) .”
On the other hand, black chain technology will entail increase decentralization and distribution of database systems. The technology will mainly aim at encrypting data and expanding transaction lists, making it easier for analysis purposes. There will be less need for redundancy as another system will verify data ( Burke, 2011) . The technology will apply modern science encryption that will enable database retention and improved infrastructure.
Proficiency will be an Indispensable Tool
Leaders in the accounting profession emphasize on the rapid changes in workflows. Various routine tasks performed previously, majorly concentrated on outsourcing and automation. Such sets apart future accountants to take up an essential role in accounting departments ( Brewer and Stout, 2014) . The situation is only possible if accounting units with institutions and organizations have in place strategies and tools that are capable of streamlining business aspects such as payroll, budgeting, project accounting, revenue management, expense management, purchasing, and reporting.
Evolving Roles
Finance leaders will be forced to change their roles. The rate at which Chiefs of Finance (CFO's) roles are changing is set to increase. CFOs will spend extra time in reporting than the current position. According to Kanodia and Sapra (2016) t he high speed of business interaction and engagement is increasing; thus, the need to have more defined roles for the CFOs. Presently, finance and accounting teams are finding it challenging, keeping up with the trends in business.
On the other hand, customers experience will soon take a central place in the service industry. Thus, accountants will pay more considerable attention to service centers. As they take on the strategic roles, controllers will take on the older part majorly on risk management.
Beyond GAAP
General Accepted Accounting Principles (GAAP) have played a critical part in financial accounting. However, it is not an essential aspect of today's metrics in business engagements ( Kanodia & Sapra, 2016) . The present-day CFOs have to look beyond the GAAP to facilitate strategic advantages within the business environment. Strict attention on GAAP is compulsory, but in the overall aspect, it is only a mere necessity within most finance departments. At the same time, it is gradually becoming an issue that is becoming less relevant with minimal oversight and input. According to Brewer and Stout (2014) m ost financial strategies and applications do have in place GAAP adherence meaning that institutions need to focus on past basic accounting systems and functionalities to offer a sharp competitive edge in business. Finding solutions within the accounting department is now possible without reliance on GAAP. The near future Enterprise Resource Planning (ERP) will have in place engineered strategic role that will take the place of most functionalities of GAAP. However, GAAP will remain critical but with less significance in the policies and practice of accounting.
Cloud Computing
The rapid shift to embrace cloud computing is gradually taking over most accounting functions. With increasing investment in cloud computing, various businesses are shifting their attention to cloud services. Kanodia and Sapra (2016) maintain that c loud computing is the accessibility and storage of data online instead of on a computer storage device such as the hard-drive. The technology provides for easy data manipulation and convenience despite the location and place of the invention. Cloud computing will offer accounting users with the ability to access data online making it simpler to exchange and collaborate information. Accounting software such as FreshBooks, Xero, Kashoo. QuickBooks Online will be available for users, further making it easier for various accounting options ( Burke, 2011) .
Automated Technology
Soon, there will be little or no data entry in the accounting field. Automated technology will soon present accountants with the option of replacement and convenience of human engagements. Such will offer a lucrative opportunity for accountants and the general accounting field. Brewer and Stout (2014) argue that as the industry moves away from the manual billing system, experience and knowledge will be the most valuable asset, further reducing the margin of errors. Automated technologies will make CFOs lives more comfortable, efficient, and will spend less time on manual data entry. The excellent news will present various opportunities for further research, especially in features and services such as audits, payroll, and tax preparation. With the system entirely in place, it will be possible to make full use of the newest technologies making it possible to point out patterns and anomalies with little or no data input.
Exploration of Technology Careers
As the accounting field will be faced with numerous changes, so will students seek and explore technology careers in accounting ( Brewer and Stout, 2014) . Students will position themselves adapt to the emerging technology trends with a full understanding of the primary and principal technologies that include block-chain systems, cloud computing, and automated software, among others.
Conclusion
For the accounting field, the future is already present but less distributed. Gradually, the uneven distribution will increase, and many financial institutions, organizations and personnel will embrace its modern features and tools. Many accounting features will be discarded, while many will be modified. With increasing changes and future planning, the accounting field is set to experience a significant shift in the next decade. These will be characterized by new measures, strategies, tools, and approaches all aimed at modifying and adjusting rising trends and coercing old accounting ways.
References
Brewer, P. C., & Stout, D. E. (2014). The future of accounting education: Addressing the competency crisis. Strategic Finance , 96 (2), 29. https://sfmagazine.com/wp-content/uploads/sfarchive/2014/08/The-Future-of-Accounting-Education-Addressing-the-Competency-Crisis.pdf
Burke, J. J. (2011). Auditor liability to external users for misleading financial statements of publicly listed companies: Two normative propositions. Syracuse J. Int'l L. & Com. , 39 , 137.
Byström, H. (2019). Blockchains, Real-time Accounting, and the Future of Credit Risk Modeling. Ledger , 4 . https://www.ledgerjournal.org/ojs/index.php/ledger/article/viewFile/100/149
Kanodia, C., & Sapra, H. (2016). A real effects perspective to accounting measurement and disclosure: Implications and insights for future research. Journal of Accounting Research , 54 (2), 623-676.
