Today’s market for professional liability insurance is similar to markets in other industries in that it reflects the changes that the profession is undergoing. As the profession evolves, so does the market. 

“As the CPA profession evolves and new services are offered, it makes for different risks,” explained Candace Coach, small firms sales manager at Aon, the manager for the AICPA Professional Liability Insurance program. 

Among the factors to consider when shopping for a policy, she advises the prospective purchaser to consider whether the insurance carrier has the financial stability to take on the risk. 

“For some carriers, the risk is too large, leading them to exit the market,” she said. “For example, we haven’t seen any claims yet for the beneficial ownership filing requirements, but it could result in large claims down the road. We are one of the only carriers that offer coverage for this; however some CPA firms will go ahead and offer these services and assume they are covered.” 

Coach anticipates that claims will be coming in as a result of firms offering services for BOI filing. 

“We don’t know what the claims will look like, but there are specific guidelines that have to be followed, which could result in exorbitant fines assessed against the filer. Clients will be looking to the CPA to pick up the fee or the fine. As far as the market is concerned, some carriers will feel as though it is best for them to non-renew certain policies, and exit the market altogether and downsize to less risky professional services.”

Prospective buyers should look for “premium modifiers” that can lower the cost of a policy. These include claims-free history, continuing education, and various types of “best practices.”

The liability market is softening up a little, according to Stephen Vono, senior vice president at McGowanPro. 

“It’s still somewhat of a hard market in large metropolitan areas,” he said. “A hard market is when there is a lot of claim activity and premiums go up. In a soft market there is less claim activity and premiums go down. It depends on the kind of services that are offered. Cyber is a little on the hard side, but it is beginning to see some softening because insurers have become better at underwriting guidelines in the last few years.”

“You should look for a carrier with an AM Best rating of ‘A’ or better,” said John Raspante, CPA, senior risk manager at McGowanPro. “It’s also best to get a carrier that has been in the space for at least five years. If they’re in it for five years or more, they’re familiar with the types of claims, policy limits, and other factors that might affect the decision.”

“In pricing a policy, they look at a number of factors,” he explained. “These include total revenue, loss history, number of staff, and areas of practice. Always look at ‘outside the policy’ options. If you have a million-dollar policy, legal expenses can exceed that very quickly, so it might be a good idea to get an extra million  just for legal and defense costs. A traditional policy is inside the limit. If you have a $1 million policy, $250,000 in legal fees will reduce the limit to $750,000. So I recommend an outside-the-limit policy to cover legal and defense expenses, to preserve the underlying $1 million. It does cost more, but I recommend a buyer to go for the outside-the-limit addition if the difference in premium is not significant.” 

Although it may not be particularly entertaining, it is important to actually read the policy, Raspante urged. 

“You need to read the policy, especially the endorsements,” he said. “They either weaken or toughen the policy. If it says that in addition to the underlying coverage it will also apply to employment practice, that increases the insurer’s exposure. It may throw in a sublimit for nonprofessional liability exposure that doesn’t cover the full limit — that’s why you need to read the whole policy. When you get close to the end it looks like a lot of legalese, but you have to read the entire document. For example, on the last page there might be a service exclusion for international work, which means that anything outside the U.S. is not covered.”

The panel of experts put together by McGowanPro’s Vono, which includes underwriter Gary Sutherland, Anthony Carolei, the risk manager for Hanover Insurance, and CPA defense attorney Ralph Picardi, recommends the following factors to consider when assessing liability policies:

• Make sure the professional services definition is as broad as possible.
• Does the broker or insurance company understand what you do?
• Consider if your limits are sufficient, as legal defense costs are going up.
• Is your deductible appropriate? If you have a large deductible, will you struggle to pay that deductible in the event of a claim?
• Does the broker or insurance company provide supportive risk management services and education? 
• Do not rely on your professional liability insurance policy to be the coverage for all your exposure. There are exposures that are better covered on a separate standalone insurance policy.  Separate directors & officers liability insurance and separate cyber liability, employment practices liability, commercial crime, and fiduciary liability policies should be considered to cover all exposures for your firm.

As part of this year’s Top 100 Most Influential People survey, Accounting Today asked, “What do you think will be the biggest change in accounting in the next 10 years?”

The full responses of all the candidates are below. The full T100 list is available here. And to see who the Top 100 voted the most influential, see here.)

Over my 30+ years in the accounting profession, I have seen a significant amount of change—particularly related to innovation and transformation. When I was an early partner, I raised my hand to lead the transformation efforts for our Audit & Assurance business. At the time, I was still printing off my emails. I wasn’t the most tech-savvy leader, but I knew the profession needed to evolve. My leadership and strategic execution in leveraging technology and innovation transformed the audit profession, epitomized by Deloitte’s pioneering cloud-based audit platform, Deloitte Omnia. This trailblazing platform’s ESG module earned the prestigious Digital Innovation of the Year Award at the 2022 International Accounting Forum, marking its third consecutive win and fifth overall. 

We are at another critical inflection point that will cause the profession to evolve—the widespread integration and adoption of artificial intelligence and machine learning into the profession. This will revolutionize the industry by automating routine tasks, enhancing accuracy, and providing deeper insights through advanced data analytics. With that transformation will also come the seamless integration of human expertise with advanced technology. As AI and machine learning automate routine tasks, accountants will have more time to focus on strategic decision-making and solving complex problems. This synergy will not only increase efficiency and accuracy but also elevate the profession, transforming accountants into pivotal players in shaping the future of business. 

We are at a pivotal moment in the history of human invention. Future generations will undoubtedly look back on the decisions we make today. As leaders, policymakers, and stakeholders, it is critical to reflect on the legacy we are creating. Our decisions should not only address the immediate benefits of technological advancement but also safeguard principles to uphold a sustainable and equitable future for the next generation. It is up to us to honor our collective responsibility to those who will inherit the world we shape.

— Lara Abrash, chair, Deloitte US

The collision of the demographic wall and technology. The collision will happen because firms must adapt quickly to both trends: the loss of human expertise due to retirements and the shift toward tech-driven processes. This means that accounting firms are being forced to invest in technology while also developing a new generation of accountants with the skills to work alongside these innovations. Firms that fail to navigate this collision risk being left behind, while those that embrace both challenges can improve efficiency, enhance client services, and remain competitive in the future​.

— Justin Adams, co-founder and CEO, Aiwyn  

In the next 10 years, the compliance portion of what CPAs do will go away. Our  work will be replaced with other tools and techniques. The taxation systems will  change to automate the process so there will be no reason for people to file tax  returns. The need for audited historical financial statements will diminish.  

Credit card companies and banks have been using AI and technology for several  years to look for outliers 24/7 and are monitoring financial activities to a better extent than an audit can. I constantly get messages from my credit card company to  verify that I really did intend to give a 33% tip, or to verify that charges that seem odd are valid. If I travel, and don’t alert my bank, my credit and debit cards might  get frozen until I call the bank. 

This same thing will happen in the audit world. There will be bots monitoring  transactions using AI to track the normal trends. When something is abnormal, the  bot will send an alert to the client to ask about it in a text, or maybe another piece  of AI will make a phone call and ask the question.  

As it is, CPAs prepare only a small percentage of the tax returns in the country, and most of those are because of the complexity of the tax system and the sophistication of the clients’ financial situations. But there’s no reason that most  people today need to file a tax return, given the technology we already have. As that technology improves, it will eliminate the need to file all but a very few of the  most complex returns.  

This means that a big chunk of a firm’s current revenue will diminish as the  compliance work goes away. While the IRS today is still using ancient technology, I believe that in 10 years, those systems will be updated so we have real-time  monitoring of everyone’s wealth and where the money is coming from. There is no  reason why we can’t have a tax system with those capabilities.  

This means that to survive, accountants must move beyond the basic compliance services and into the services that business owners and wealthy individuals value.  Instead of just informing the business owner what their bottom line was last year or  what their tax bill is, accountants need to be actively helping clients achieve their  business and financial goals.  

To do this, accountants will need a completely new set of skills beyond foundational skills such as learning the debits and credits, the accounting  standards, and the tax laws and regulations. They will need to better understand the  clients business and become better at communicating, asking questions and  listening to the answers, and using technology tools to look for the insights hidden in the numbers. 

— Alan Anderson, founder and president, Accountability Plus

Since accounting firms will become technology companies, servicing the “accounting” function in organizations and personal lives, I believe the biggest change in the next 10 years will be the types of professionals that work in our firms. In the last one to two years there have been new undergraduate degrees in financial technology, the accounting industry will likely follow suit and redefine the academic requirements for potential “accountants” — this will be a start. As we continue to evolve, we will need engineers, cybersecurity professionals, chief hybrid officers and a plethora of technologists to power our firms in the future. The traditional role of the “accountant” and CPA will be extinct.  

— Rachel Anevski, president and CEO, Matters of Management, LLC 

The biggest change in accounting over the next 10 years will be the widespread automation of large portions of our current work. This shift will fundamentally transform the role of accounting professionals and the nature of the services we provide. 

As AI and machine learning technologies continue to advance, routine tasks, complex calculations and even many aspects of analysis and reporting will become increasingly automated. This automation will extend beyond basic bookkeeping and tax preparation to include more sophisticated functions like audit procedures, financial planning and even certain advisory services. 

However, this change doesn’t spell the end of the accounting profession — far from it. It presents a critical juncture where we must adapt, shift our focus, and create entirely new types of work to generate value in ways that haven’t been possible before. 

Accountants will need to evolve into roles that leverage their uniquely human skills: critical thinking, systems thinking and the ability to synthesize complex information into strategic insights. We’ll need to become adept at designing, implementing and managing AI systems, interpreting their outputs, and providing high-level, context-aware advice that combines human expertise with AI-driven analytics. 

Moreover, this shift will open up opportunities to create new services and value propositions. We might develop predictive financial models that integrate real-time economic data, design AI-driven risk assessment tools, or create new frameworks for measuring and reporting on intangible assets and non-financial performance indicators. 

The biggest change, therefore, won’t just be the automation itself, but how we as a profession respond to it — reimagining our roles, upgrading our skills and pioneering new ways to add value in an AI-augmented world. The accountants who thrive will be those who embrace this change, continuously innovate, and position themselves at the forefront of this exciting transformation in our field.

— Andrew Argue, CEO and co-founder, Corvee

Over the next 10 years, we’ll see the continued automation of routine work and significant advances in advisory services by firms leveraging AI.

— Erik Asgeirsson, CEO & president, CPA.com

I agree with what the philosopher and longshoreman Eric Hoffer said: “The only way to predict the future is to have power to shape the future.” It is up to the leaders of the profession to design and create a better future for posterity. Think of it as a succession plan on a macro scale.

The biggest change in accounting over the next 10 years? I’d wager it’s going to be the profession waking up to the fact that the way we’ve been doing things is obsolete. Audits no one reads. Financial statements that arrive too late and capture only a sliver of the economic picture of organizations — expressed as auditors sweeping in after the war’s over, bayoneting the wounded. And let’s not forget the business model that values billable hours over actual value. It’s no wonder we have a talent shortage — this isn’t burnout, it’s moral injury. Professionals entered this field to help people, not track their every six minutes.

Rather than predictions, I see three possible roads for the profession to travel into the future. On the first, it can do nothing, which is usually the road traveled most by stagnating industries. Thinking that the past will somehow equal the future, the leaders simply see no reason to change. Sure, we’d survive in some government-mandated form, but we’d lose our claim as the premier financial profession.

On the second road, outsiders could replace the profession, the “perennial gale of creative destruction” Joseph Schumpeter wrote about. Already, consulting firms, NGOs and others are moving into our turf — doing social audits, brand valuation, intellectual capital assessments. It’s a sad state of affairs when the profession that’s supposed to lead in financial accountability is falling behind in areas it should own. 

Finally, on the third road, the profession could innovate and become its own creative destroyers. After all, if you are going to be cannibalized, it’s better to dine with friends. Why not relinquish its monopoly on offering auditing services, opening up the field to competition from banks, insurance companies and any other industry that wanted to attest to financial statements? Why should the audit be a state-granted monopoly, with a 25% defect rate? The goal is to protect the public, disclose relevant financial information, while dealing with the principal-agent dilemma; yet there are myriad ways of accomplishing these objectives, we don’t have to suffer with a one-size-fits-all monopoly offering from an increasingly ossified profession. 

More regulation? Forget it. Heavily regulated industries are rarely hotbeds of innovation, they are merely rent-seekers engaged in regulatory capture. If the computer industry were as heavily regulated as accountants, we’d still be stuck in Vacuum Tube Valley instead of Silicon Valley. Real innovation happens when we step out of our comfort zone, and welcome unfettered competition.

— Ron Baker, founder, VeraSage Institute

Banks will play a much more major role in accounting, helping SMBs with cash flow management and not just with moving money. 

— Matan Bar, co-founder and CEO, Melio

The accounting profession stands on the brink of a transformative decade, with technology and evolving business needs driving significant changes. 

In my view, the most profound shift will be the seamless integration of artificial intelligence and automation into core accounting processes. This technological revolution will redefine the role of accountants, propelling them into strategic advisors. As AI looks after routine and repeatable tasks like data entry and reconciliations, we’ll see accountants elevating their focus to data analytics and interpretation and advisory. This shift will require new muscle for tax professionals as they double down on the tasks that only humans can do.

The future of accounting is real-time and cloud-based. Advancements in cloud computing will enable instantaneous financial reporting, empowering businesses to make agile, data-driven decisions. However, as we embrace these technological advancements, we must not overlook the growing importance of sustainability and corporate responsibility. Environmental, Social, and Governance (ESG) reporting will likely become a central focus, reflecting the increasing value that society places on sustainable practices. 

Regulatory compliance will evolve in tandem with these technological shifts, necessitating adaptable accounting standards and reporting methods. This evolution will be accompanied by an intensified focus on cybersecurity, as the digitization of financial data demands robust protective measures. 

Perhaps most excitingly, as automation streamlines many traditional accounting tasks, the profession will place renewed emphasis on advisory skills and services. Communication, problem-solving and strategic thinking will become even more crucial as accountants transition into advisory roles, providing valuable insights and guidance to their clients and organizations. 

The next decade will see accounting transform. This evolution presents both challenges and opportunities, promising a dynamic and exciting future for those ready to adapt and embrace change.

— Elizabeth Beastrom, president, tax & accounting professionals, Thomson Reuters

The biggest change in accounting over the next 10 years will likely be the increasing integration of advanced technologies, such as AI and automation, transforming how we perform traditional accounting functions and expanding the role of accountants as strategic advisors. Routine tasks will continue to be automated, allowing professionals to focus more on delivering insights, guiding clients through complex decision-making and helping them navigate an increasingly uncertain global environment. Alongside this, the profession will see a shift in the skills required, emphasizing data analytics, critical thinking and adaptability. To stay competitive, firms will need to invest in continuous learning and development, ensuring their people are prepared to lead in this technology-driven landscape. At the same time, maintaining trust, integrity and human connection with clients will remain fundamental, even as technology reshapes our work and how we do it. 

As firms determine how to fund these advancements in technology, I anticipate we will see continued evolution of ownership structures and consolidation in our profession.

— Brian Becker, managing partner and CEO, RSM US

I believe the biggest change in accounting over the next decade will be an increase in both the scope and depth of financial disclosures. We’ll likely see more detailed and impactful statements in financial reports, particularly around tax. Companies will need to provide more transparency on where they pay taxes, how much is owed, and any liabilities related to their tax provisions. Additionally, there will be a growing emphasis on how businesses impact the communities they operate in, further expanding the role of accounting in communicating corporate responsibility.

— Michael Bernard, VP, chief tax officer, Vertex

The widespread adoption of artificial intelligence. A September 2024 survey by the Association of Chartered Certified Accountants (ACCA) found that about 40% of Big Four and mid-tier firms are now using it to improve the quality of their services and decision-making. In a competitive marketplace, where every firm is looking to gain an edge in service quality and efficiency, I expect this commitment will grow in the years to come. While it’s important to embrace AI, it’s equally — if not more important — to embrace it responsibly with people at the center of our decision-making.  

— Wayne Berson, CEO, BDO USA

We will be much closer to real-time reporting and auditing of financial information than we are today. Advancements in technology and a desire for more timely information by consumers of financial data will drive changes necessary to facilitate this evolution.

— Joel Black, chair, Governmental Accounting Standards Board

Over the next 10 years, one of the biggest changes in accounting is likely to be the widespread integration of advanced technology, particularly artificial intelligence and automation. Routine tasks such as data entry, reconciliation and compliance reporting will become increasingly automated, enabling accountants to shift their focus toward more strategic roles such as advisory services, financial planning and data analysis.

AI and machine learning will also enhance predictive analytics, allowing firms to provide deeper insights and real-time decision-making support for their clients. 

As a result, the skill set required for accounting professionals will evolve, placing a greater emphasis on tech-savviness, strategic thinking and advisory capabilities. Accountants will need to adapt to this changing landscape by developing expertise in technology and cultivating strong client relationships to remain competitive and relevant in the profession.

— Kimberly Blascoe, senior director, CAS professional services, CPA.com

In the next 10 years, we can expect to see significant evolution in how we train and develop accounting professionals.   

Accountants will need to sustain deep subject matter expertise in financial reporting and regulatory requirements, while meeting the demand for reporting and attestation of non-financial measures such as ESG, cyber-risk and AI. They will need to be fluent in data and emerging technologies, understanding how to leverage them to perform their core work.   And they will be expected to bring deep insights to clients about core business processes, sector trends and emerging risks.  

At EY, we are focused on upskilling our professionals so they can bring world-class technical accounting knowledge to the companies they serve, while developing the broad perspective they need to bring independent insights to audit committees and management teams. By implementing the 360 Careers experience, we are investing in the next generation of accounting leaders and enabling them to develop the diversified skill set and leadership capabilities they will need to thrive in the future.  

— Julie Boland, U.S. managing partner & Americas managing partner, Ernst & Young

The biggest change in accounting over the next 10 years will likely be the widespread adoption of artificial intelligence and automation. These technologies will transform the way accountants work, moving routine tasks into automated processes. This shift will allow accountants to focus more on strategic advisory roles, interpreting data for deeper insights, and providing clients with forward-thinking solutions. Ultimately, this shift from services clients need to those that they want will lead to deeper relationships, increased trust and greater value. 

— Jim Boomer, CEO, Boomer Consulting Inc.

Education and service lines…packaging and pricing of services will be extremely important along with the skills (unique abilities) of the delivery team. Accounting is a team sport, not a profession for rugged individuals.

— L. Gary Boomer, founder, visionary & strategist, Boomer Consulting Inc.

Technological transformation, led by the continued acceleration of artificial intelligence. There is no doubt in my mind, our profession is long overdue for serious automation. Forget going to the cloud. The adoption and deployment of AI blows that task away. There are so many manual tasks in our profession….from audit to tax, we are already beginning to witness how AI, machine learning, RPA, etc. … can seriously disrupt the legacy ways of doing things. Firms, now more than ever, need to invest in technological change to stay ahead of the curve.

— Jim Bourke, managing director, advisory services, WithumSmith+Brown

The role of accountants is evolving with the advent of AI, necessitating a shift in mindset from traditional accounting functions to broader, non-accounting skills. This includes honing communication skills, fostering meaningful human interactions and mastering technology.  The stereotype of accountants being dry and uninspiring will need to change, as technology has the potential to replace traditional accounting roles.  As individual tax returns become automated, the key differentiator will be the strength of the relationships accountants build with businesses.

— Dawn Brolin, CEO, Powerful Accounting

The profession is focused on changing the experience conveyed to the workforce, reimagining operational processes, and harnessing the power of technology to usher in a new era. In 10 years, we really should see the impact of the current change initiatives that are in their infancy. For example, we should have clarity on how private equity investments, modern alternative practice structures, and AI impacted the accounting workforce.

I think the biggest change in the next 10 years will be the upheaval of the partnership model. While the partnership model is part of public accounting’s orthodoxy, it’s ripe for an overhaul. We have a talent problem that is partly due to the time it takes for newer professionals to have a real stake in organizational success. Many new entrants do not want wait 10+ years to see the financial fruits of their labor, which is driving them to seek opportunities elsewhere. Public accounting needs to invest time and energy in developing its “ownership” model of the future. The change will be driven by increased outside investments and the development of new business structures that spread ownership across the firm in accelerated fashion. 

— Geoffrey Brown, president and CEO, Illinois CPA Society

I think the biggest changes in the next 10 years will relate to 1) technology and 2) sustainability reporting and assurance.  

Technology is constantly evolving, and with artificial intelligence, financial reporting and assurance will change significantly — including how financial information is developed and delivered and how it is assured.

Sustainability reporting and assurance thereon is continuing to build momentum in the U.S., particularly with requirements coming into place in certain jurisdictions. A growing number of companies are publishing annual sustainability reports to communicate their progress.  And there is increasing pressure from investors, consumers and regulators regarding seeking assurance on such reports to add credibility and reliability to such reporting.  

— Jennifer Burns, chief auditor, AICPA-CIMA

AI is set to revolutionize the audit profession as a whole, bringing about transformative changes that redefine client expectations and deliver unparalleled insight, precision and value. By integrating advanced technologies such as generative AI (GenAI), the industry is poised to deliver faster insights, deeper analysis and greater value.

The future of auditing will see the development of technology ecosystems that simplify complex processes and automate routine tasks. These advancements will ensure a high-quality, globally consistent experience tailored to the unique needs of each client. Enhanced security and precision will enable firms to navigate risks with greater agility and clarity.

As the industry approaches a new era, there will be a roll-out of advanced tools designed to empower professionals and elevate the audit experience. These tools will unify successful tech capabilities with innovative, forward-thinking ideas, ensuring the profession remains at the cutting edge of technology.

The responsible commercialization of AI strategies will be a focal point, with new product offerings and expanded use of GenAI in audit procedures. It is crucial for professionals to adopt these new tools and invest in upskilling to stay ahead of the curve.

— Deanna Byrne, U.S. assurance leader, PwC

I think AI/technology automation will certainly be a substantial influence and use of technology and offshore hours to replace people hours in the U.S. I think the private equity influx into the industry is another fairly large change and I think the verdict is still out in my opinion on whether having PE investors in our field is good or bad for the industry.  From a financial perspective it will be a positive for retiring senior partners, but I think the negative cultural impact to firms and the impact on client service is still unknown.  

— Jeff Call, managing partner, Bennett Thrasher

I believe the most significant change in accounting will be the increasing importance of data-driven decision-making. As technology automates repetitive tasks, the role of accountants will shift toward interpreting data trends and providing advisory services. This means accountants will need to become more skilled at leveraging technology and analytics, focusing on delivering actionable insights rather than just compliance. The pace of changes in technology, especially AI, is a key factor in this shift. The data opportunities we’ll see 10 years from now are being shaped by the decisions firms are making today — how they invest in technology, adopt new tools, and build a culture of data strategy and data literacy. Firms that can capitalize on these advances will significantly redefine their value and impact on clients today and well into the future. 

— Arianna Campbell, shareholder and COO, Boomer Consulting Inc.

We believe Agentic AI will transform the accounting industry over the coming years. Audits are typically manual, slow and susceptible to mistakes. Agentic AI enhances decision-making by making real-time, independent judgments that identify discrepancies, assess risks, and suggest next steps. It provides auditors with better tools and insights, allowing them to focus on the most critical aspects of the audit. 

For example, Agentic AI can autonomously analyze thousands of transactions, flagging anomalies that require deeper examination. This reduces auditors’ manual workload, enabling them to focus on areas of greater risk and improving the efficiency of the audit. 

Agentic AI operates autonomously and adapts based on new data, historical trends and past audit outcomes. This adaptability keeps audits relevant, insightful and aligned with changing business environments, including shifts in market conditions and evolving regulations. Unlike rule-based AI, Agentic AI learns from experience, enabling it to make nuanced judgments in complex financial contexts.

— Jin Chang, CEO, Fieldguide 

Technology will continue to transform all we do, resulting in a profession that looks little like it does today. Transaction data entry will be eliminated, compliance-oriented work will be fully automated, reporting and insights will be instant, and connectivity and trust will be foundational. All these changes will set the stage for a profession that’s focused on innovation, above all! Green eye shades, ledger paper and dot matrix printers will all take their rightful place in the accounting history museum.  

— David Cieslak, EVP, chief cloud officer, RKL eSolutions LLC

The biggest change will be automation and AI transforming accounting by reducing manual tasks and enabling accountants to focus on data analysis, strategic advising and problem-solving. Routine processes will be automated, freeing up accountants to guide financial decisions and leverage AI insights for predictive analysis.

This shift will require new skills in data analytics and technology, positioning accountants as strategic partners who drive growth and value. As trusted advisors, they’ll move from simply managing finances to shaping organizational strategies.

— Rhonda Clark, executive director, Association for Accounting Marketing

Technology and the expansion of areas the profession that will be relied upon to bring trust and order to and make sense of the exponential increase in data and information that new technology will bring.  

— Susan Coffey, CEO, public accounting, Association of International Certified Professional Accountants

I hope that the biggest change in the accounting profession will be how we navigate DEI in the workplace. I recognize that there are legalities happening that feel like they may hinder growth in this area, but if we want a workforce of the future, we must change and evolve. The world is becoming more diverse and both clients and employees are demanding to be in workplaces and environments where the employees have a diverse mix of backgrounds and perspectives, where everyone has equitable opportunities to grow and thrive, and where everyone feels valued, open to contribute safely, and a sense of belonging. DEI practices must be embedded within the fabric of the organization and built into everything that is done. I hope that being the only one is no longer a thing. I hope that people from diverse backgrounds will no longer being experiencing “firsts” in DEI, but rather “third” and “fourths.” I hope that we’ll all embrace difference and feel uncomfortable with all voices aren’t being heard. 

— Crystal Cooke, director, diversity and inclusion, AICPA

Over the next 10 years, I see very positive things happening for accounting. With  the automation of tasks through AI, the profession will continue to evolve to more of an advisory role. The next generation will see the positive impact we have on  individuals, families, businesses and the world, which will attract them into the  profession. 

— Randy Crabtree, partner, co-founder, Tri-Merit Specialty Tax Professionals

Generative AI.

— Gale Crosley, CEO and founder, Crosley+Co.

If we do it right, in 10 years I see CPAs as bringing trust, growth and opportunity to a broad base of business situations — not just audit and tax prep. In 10 years, CPAs should own the professional advisory space, informing business decision-making (either from inside the company in corporate finance or outside the company in a professional services firm).  CPAs will be technologists that use a range of tools, constantly applying their knowledge of the “language of business” to optimize business outcomes. I really see CPAs, 10 years from now, as the leaders of the teams running businesses. 

— Jen Cryder, CEO, Pennsylvania Institute of CPAs

I think the biggest change in the accounting profession over the next 10 years will undoubtedly be the transformative impact of artificial intelligence. As AI technologies continue to evolve, they will reshape the landscape of accounting, driving efficiency and enhancing the strategic role of accountants. This shift will not only change how routine tasks are performed but also redefine the way accountants interact with clients and provide value-added services. Here are some keyways AI will influence the profession:

Automation of Routine Tasks: Traditional bookkeeping and data entry will increasingly be automated. This will allow accountants to focus on more strategic activities rather than repetitive tasks.

Real-time Financial Analysis: With AI, businesses will have access to real-time financial insights. This can enhance decision-making and allow accountants to provide more proactive advice to clients.

Tax Compliance and Planning: AI can streamline tax preparation and filing, reducing errors and improving compliance. It can also analyze vast amounts of data to uncover tax-saving opportunities.

Advisory Services: As AI handles more of the routine work, accountants can shift toward advisory roles. They can help businesses interpret data, plan for the future, and make informed strategic decisions.

Enhanced Client Interactions: AI-driven tools can facilitate better communication and collaboration between accountants and clients, making it easier to understand client needs and deliver tailored services.

Continuous Learning and Adaptation: Accountants will need to stay updated on AI advancements and adapt their skills accordingly, focusing on analytical, advisory and strategic competencies.

Overall, these changes could lead to a more dynamic and strategic role for accountants, transforming how they operate and deliver value to clients.

— Deborah Defer, director of CAS Consulting, Woodard

In the next 10 years, we will see technology continue to disrupt how companies prepare financial reporting and how firms like EY audit them. While the auditor’s professional judgment will always sit at the center of the audit, it’s imperative that we embrace our role in understanding and effectively utilize emerging technologies such as AI to drive audit quality and improve the audit experience.

Already, AI-enabled tools have the power to aggregate and summarize millions of lines of data.  As that capability is extended to other aspects of our work, we’ll see our role as accountants and auditors enhanced by the insights delivered and our ability to identify risk.  

It’s a truly exciting time for the profession! At the same time, the pace of change highlights the need for boards to provide the right level of oversight and guide their organizations responsibly as they move AI solutions from idea to production. At EY, we are taking actions so we can navigate this transformation thoughtfully, finding the right balance between robust governance and technology-led innovation. We recognize the need to adapt to the evolving landscape and shape it, positioning audit at the forefront of technology advancement.

— Dante D’Egidio, vice chair, Americas assurance, Ernst & Young

Technology will continue to mature — it will get better, faster and more accurate — in its ability to automate the finance and accounting function of an organization. It will generate data and reporting on all kinds of business indicators that, when leveraged properly by skilled individuals, will enable organizations to gain a competitive advantage in the market. 

The accountant of the next 10 years will need to be an innovator, strategist, partner, storyteller and data analyst — and will contribute to value creation by informing decisions and solving problems within organizations. 

This shift will require the entire ecosystem that supports the education, training and certification of accountants to pivot and evolve to meet these changes. This raises several questions for the profession to consider. For example, how will higher education need to adapt curriculum and instruction to meet changing business requirements? How might career readiness programs such as internships and apprenticeships need to change to provide experiences that reflect what freshers need to know when they enter the workplace? What role does professional certification and licensure play in validating experience and competency of professionals? What does the career path of an accountant look like within organizations? What are the skills most needed for success? 

— Mike DePrisco, president & CEO, IMA

How we model our businesses (governance) and how people do the work. AI and technology will continue to work, and I am already seeing opportunities arise for how people are working with clients and what they are focused on. Compliance will be an afterthought with the real impactful work being at the forefront. We are already moving there and I am excited to see how that will evolve.

— Sarah Dobek, president and founder, Inovautus Consulting

The biggest change in accounting over the next 10 years will be the continued consolidation of the public accountancy profession through mergers and acquisitions, which includes private equity investment, and the impact third-party investment will have on the evolution of the profession, especially through the growth of investments in technology solutions by firms.

— Daniel Dustin, president & CEO, NASBA

The future is now. In fact, the future was yesterday. Leaders in the profession are already racing against relevance with reskilling and upskilling team members on one hand and attracting the next generation on the other. The need to more quickly embrace and leverage technology has never been greater — and this is in 2024. In 2034, the profession will have fully embraced technology, particularly Gen AI. Our talent challenges will be dramatically less with increased automation including claims processing, reporting, analysis of large datasets and enhanced decision-making, continuous monitoring of transactions and flagging of anomalies, and real-time financial forecasts.

In the years between 2024 and 2034, accountants will need to develop and/or enhance technical skills to become proficient in AI and machine learning applications as well as technology-driven financial analysis. Further, an industry related to responsible AI will be in full force. Ethical AI  will be in school curriculums at all levels and will be popular with a socially conscious generation. Accountants will need to focus more on ethical issues, ensuring that AI tools are used responsibly, and that financial data is handled with integrity and privacy. Establishing and maintaining trust will be non-negotiable as AI plays a larger role across the ever-changing business landscape.

— Kimberly Ellison-Taylor, founder and CEO, KET Solutions LLC 

In the next 10 years, I believe the biggest change in accounting will be the commoditization of traditional service lines. As technology continues to advance, many core revenue-generating activities will be automated, significantly altering the day-to-day responsibilities of accountants. This shift will also spill over into the evolution of the profession as a whole and the roles that firms hire for. I imagine there will be an increasing demand for data scientists and finance-minded professionals as accountants begin to work with data in new ways.

We’re also seeing a massive shift in what clients expect from their accountants. Regulatory changes are already occurring globally — such as open banking in Europe and new tax regulations in Australia and New Zealand — which are forcing accountants to adapt their client interactions. 

Accountants will need to adopt a global mindset, as we’re likely to see greater cross-border implications in their daily work. While there are already cross-border needs, many firms still tend to focus primarily on domestic issues, but this will need to change to stay competitive in a more interconnected world.

— David Emmerman, head of enterprise, U.S., Xero

Two things — First, how AI is implemented, especially in small firms. But with more clients doing their books themselves, it will shift from the traditional writeup work to more of a review to see that everything is correctly reported.

Second, and more important to me, is with fewer credentialed people going into tax return preparation, it invites non-credentialed individuals to fill that void. Now I am not saying that non-credentialed individuals are bad, but anyone can purchase a DIY tax program and then use it to prepare tax returns for others. How competent are these people? We have seen that there can be incompetence even in people with credentials, but for those with credentials, there is regulatory oversight. Attorneys have the State Bar, EAs have the IRS, CPAs have the state body that oversees them, for example, in New York State it is the Department of Education, for Florida is the State Board of Accountancy. How the non-credentialed preparers will be treated when they make egregious errors remains to be seen. As I tell my clients, and especially prospective clients, that when I prepare a tax return, I have to sign off on it. That is my professional reputation on the line each and every time. When someone prepares a return and does not sign it, what does that say about them?  

— Neil Fishman, president, National Conference of CPA Practitioners 

I’m excited about what’s happening in accounting, and I think we will see a resurgence of the category in the next decade. I think it will start attracting more talent, and as accountants shift into more of an advisory role to their clients, I think the profession will get the attention and excitement it deserves. Accounting plays a critical role in our broader economic systems, and the daily lives of our clients. We are there with them side-by-side at most of life’s inflection points — and that is a special opportunity. As the industry continues to shift, as new technology and models of operation continue to emerge, as old ways of doing things die, and as the value of accounting to individuals, businesses, and the economy continues to shine, I think accounting is going to get a rebrand as cool, fresh and innovative (something we in the category have believed all along). I think people and firms who recognize the value they’re providing, are willing to shift with shifting times, and hold true to the things that have set this category apart from the beginning, will reap the benefits and rewards. 

— Reyes Florez, CEO and founder, Platform Accounting Group 

The complete integration with advanced technologies, creating a profession that is more dynamic, strategic and essential than ever before. Real-time reporting and continuous auditing will become the norm, powered by automation, AI and blockchain, providing further transparency and immediacy. 

Accountants and CPAs will continue to evolve into trusted strategic advisors, harnessing data-driven insights to guide businesses in decision-making, risk management and long-term planning. As ESG and AI are further integrated into our work, accountants’ expertise will no longer be confined to financial accuracy, but will encompass a broader understanding of market trends, sustainability, and technology shifts. As businesses face increasingly complex challenges, the role of the accountant and CPA will be more crucial than ever — acting not just as a financial steward but as a trusted leader helping organizations navigate a constantly evolving landscape.

— Denise LeDuc Froemming, president and CEO, California Society of CPAs

One of the challenges facing the profession over the next decade will be to develop a robust and diverse talent pipeline capable of adapting to a  rapidly evolving landscape. As technology and the profession continue to  evolve, it will be crucial to cultivate professionals who are not only skilled in  traditional accounting practices but also adept at navigating new  technologies and emerging trends. This need for adaptable talent is  underscored by the significant transformations that accounting will  undergo, driven by automation, AI, blockchain, cloud and advanced data analytics. These advancements will enhance efficiency, real-time access and collaboration, transparency, and predictive capabilities, fundamentally  changing how accountants operate and deliver value. Additionally, there  will be a growing emphasis on ESG reporting and regulatory compliance, requiring accountants to evolve their skillsets and take on more strategic  advisory roles. 

— Jason Girzadas, CEO, Deloitte US 

AI and emerging technologies will revolutionize accounting and knowledge work across the board — transforming the skills required, reshaping the delivery of the profession and enhancing efficiency, quality and value. To unlock the full potential, the profession will need to accelerate capabilities surrounding data quality, anticipate and react to regulation and continuously drive talent development. Responsible tech practices — centered on human judgment and values — will become even more critical, along with building trust in the tech through rigorous testing and independent assurance. And while emerging technologies, including AI, will enable efficiencies and absorb base-level work, enduring skill requirements remain, and they will require highly capable humans who demonstrate empathy, creativity, innovation and so much more. It’s been said to me, AI won’t replace your job. But someone who knows AI will — and therein lies the opportunity. I am excited about what’s ahead. 

— Paul Griggs, US senior partner, PwC

I think automation and technology will continue to impact the way we work. This will change the way firms sell work, do the work, and serve clients. It will impact the way we hire, train and promote talent and will influence the level of support and service we provide to clients. It is all connected and is changing and I think the pace of change will continue to accelerate. I do think a constant will be that this profession will continue to be seen as a noble one and that client service and support will remain a top priority. This is what sets us apart from other professions. 

— Angie Grissom, owner, chief relationship officer, The Rainmaker Companies

Technology will continue to drive the biggest changes in accounting in ways that we cannot fully anticipate. Consider that 10 years ago, no one could have anticipated the virtual revolution caused by the pandemic or artificial intelligence.  

— Thomas Groskopf, technical director, AICPA’s Center for Plain English Accounting 

Continuing to showcase our relevancy (yes, again), in the midst of all the change from technology, our population shifts. These challenges will continue for a while, and we need to stay focused on the public and the profession.

— Calvin Harris Jr., CEO, New York State Society of CPAs

I hope to see the profession become younger, as it embraces new technology, AI and evolving expectations from both clients and professionals. These advancements should make the accounting field a more attractive place to work, drawing in a new generation of talent that values innovation, flexibility and meaningful work.

While technology will transform many aspects of the profession, one thing that won’t change is the importance of communication. The accountants who succeed in the future will be those who can adapt and build strong relationships with their clients. AI may enhance our capabilities, but it won’t replace the human touch — the ability to make clients feel understood and supported will remain irreplaceable.

— Roger Harris, president, Padgett Business Services

Reporting and the reports we generate in the accounting world will change significantly over the next 10 years. We will report on not only the financial numbers but also the nonfinancial data. Today’s financial statements will be more like due diligence reports in the future, showcasing not just a company’s financial performance but also its environmental and social performance.

— Jennifer Harrity, ESG & sustainability director, Sensiba 

Companies having the technological capabilities to audit themselves (and perhaps choosing not to use it!)

— Isaac Heller, CEO, Trullion

The biggest change facing us is that a large majority of our peers will be retiring over the next 5 to 10 years, and the next-generation accounting professional will be taking the reins.  This brings new perspective, new ideas, new working models and new challenges. It’s a true changing of the guard.  It will be so fun to watch the process and to be a part of the transition.  

— Patricia Hendrix, executive vice president of communities, Woodard

Autonomous Finance and Accounting and the resulting shift in the profession to a strategic value-creating role! This will apply to both public accounting and management accounting.

— Tom Hood, EVP business engagement & growth, AICPA

Over the next 10 years, the accounting profession will be offering a much broader spectrum of assurance, tax and advisory services that leverage the respected “trusted advisor” position it has achieved over the past 130 years.  And investing in next gen technology, or not…combined with the continued consolidation of CPA firms through traditional M&A, private equity and outside investors will create a broader chasm between the “haves’ and the “have nots”.

— Michael Horwitz, executive director, BDO Alliance USA

The introduction of private equity will change the dominance of the current firm ownership and governance model, creating new models with higher average wages and equity participation for many employees beyond partners.

— Joel Hughes, CEO, Rightworks

Technology will have an impact in every capacity from operations to advisory, audit, tax and more. I expect to see AI in not only practical applications but in many others and a realization that embracing AI should provide more efficiency. Additionally, the pathways to licensure and the discussions around this will be a big change. 

— Aiysha Johnson, CEO and executive director, New Jersey Society of CPAs

The biggest change in accounting over the next 10 years will likely be the widespread integration of artificial intelligence and advanced automation. As AI continues to evolve, it will take on more complex tasks, shifting the role of accountants from traditional compliance work to strategic advisory and analysis. This will also reshape the skills required in the profession, with a greater focus on data analytics, technology fluency and critical thinking. 

Additionally, the profession will likely see a transition toward prescriptive analytics, and greater emphasis on sustainability reporting as ESG standards continue to rise in stakeholder importance and regulation.

— Kacee Johnson, VP, strategy & innovation, CPA.com

Managing client expectations with the right offerings, using the right tools, with the right effort, with the right profit.

— Randy Johnston, CEO and founder, EVP, NMGI and K2 Enterprises

A combination of technological advances and the globalization of the workforce serving domestic entities is likely to dramatically change our profession over the next 10 years. We will see these changes contribute to a continued consolidation in our profession and the need for new and evolving skills in our people. 

— Richard Jones, chair, Financial Accounting Standards Board 

In life and in business, there is one thing we can all agree to be true: change is the only constant! The  next decade will be transformative for businesses — and as we build trust in the capital markets, our  industry will be transformed alongside it.  

AI is becoming intrinsic to business strategy and operations. It’s not enough for organizations to simply implement AI. To harness its full potential while managing risks like bias, transparency and accountability,  companies should adopt responsible AI practices. This is where CPAs can play a critical role.  

Accountants are uniquely positioned to help organizations build trust in AI by applying our rigorous  standards for ethics and objectivity. We already serve as trusted advisors in financial reporting, risk  management and governance, and these same principles will be critical in making sure AI is used  responsibly. By auditing AI models, validating data integrity and providing transparency in decision-making processes, we help mitigate risks and establish trust in the outcomes AI generates. 

The biggest change in accounting over the next decade will be our expanded role as stewards of AI governance. As AI transforms industries, creating new markets and opportunities, we will take on new  responsibilities to make sure these technologies are used responsibly. We will need to integrate our deep  experience in financial and regulatory frameworks with the technological insights required to oversee AI systems effectively. As we adopt AI into more business processes, accountants will be the ones  confirming that AI-enhanced decisions can be trusted, compliant and aligned with both company goals and societal expectations. 

In this rapidly evolving landscape, CPAs will play a critical role in future-proofing businesses, building and maintaining the trust that remains at the heart of the capital markets — no matter how much the world  evolves.

— Kathryn Kaminsky, chief commercial officer, PwC

I believe accountants will become increasingly specialized, industry-niched, and more “expertly” data-driven. Integrated generative AI tools will allow for much quicker and thorough analysis of client information to help business owners make better decisions, as well as identify growth opportunities for clients. This will require the understanding and intuitiveness of accountants to direct (and train) their chosen AI tools, which will be the most significant differentiator for future accountants. Tax returns will increasingly be automated at the lower and mid-range.

— Roman Kepczyk, director of firm technology strategy, Rightworks

I think the biggest changes will be the business model of public accounting, and for business and industry the role of the CPA evolving to the forefront of the C-suite as a strategist.  

With the use of technology and the entrance of PE into the profession, there is a tremendous opportunity for the value of the CPA to be more visible and seen as leaders and visionaries. 

The next generation (and the current one) won’t wait for financial rewards, will want a work-life balance (how they define it) and will want to be with organizations that stand for something. CPAs can identify what this is for organizations and tell the story of the “why” and the “how”.

— Lexy Kessler, mid-Atlantic leader, Aprio, and vice-chair and board member, AICPA

I don’t think we have any idea yet! Just look at how much has changed in the last five years: AI’s influence and pressure to evolve how we do what we do as a profession, PE’s entrance into the market, the challenges of the talent pipeline, and so on. It’s happening so quickly that I feel like whatever will be the biggest change in the next 10 years is something we haven’t even considered yet.

— Courtney Kiss, president, Association for Accounting Marketing 

The continued expansion of companies of all sizes outsourcing their accounting functions. This will continue to drive innovation around “digital plumbing” and the need for accountants to build their advisory skills. 

— Ed Kless, meta consultant, Sage

Technology’s impact. AI and GenAI are transforming the landscape of financial reporting, driving innovation and improvements in quality and efficiency — though the full impact of these fast-developing technologies will be felt in the years to come. 

At KPMG, we’ve embedded our GenAI assistant directly into KPMG Clara, our global smart audit platform, for 90,000 auditors around the globe. This capability helps auditors refine risk assessments, develop substantive testing procedures and enhance audit documentation. 

This is just the tip of the iceberg. As our technology teams and auditors gain more experience with GenAI, we expect to accelerate innovation across our audits.

More broadly, the benefits of AI will accelerate as firms continue investing in and deploying new capabilities, which will transform the competitive positioning of finance functions in business strategy. 

— Paul Knopp, chair and CEO, KPMG LLP

The continuing shift from compliance-based work to advisory. I think AI is going to be able to do a lot of the compliance work, so the value CPA will bring to the equation is the ability to interpret information, understand impacts and advise clients/employers on the best path forward.

— Jeannette Koger, VP, experience, Association of International Certified Professional Accountants

The biggest changes in accounting in the next 10 years will be outside ownership, reinventing the pay scale in the accounting profession, and the implementation of artificial intelligence. 

— Allan Koltin, CEO, Koltin Consulting Group

Ten years is a long time. And while we’ve seen significant change over the last 10 and the 10 before that, it’s all come down to adjusting to market demands. The profession has done a great job of doing so. Every time there’s a new technology, there’s talk of displacing the profession. And yet, here we are. This will continue so in 10 years, we’ll still be here, just doing things differently. Maybe it is that we’ve finally fully converged to being advisors only and the routine is completely automated. 

— Mark Koziel, incoming president/CEO, Association of International Certified Professional Accountants, AICPA & CIMA

It’s no secret that the landscape of public accounting will be changed dramatically by the arrival of private equity. As a business-person looking out on the dramatic changes effected in other industries by private equity, it’s inevitably happening here as well. Time will tell if these changes will be a win, a loss or a draw for the profession. One thing’s for certain though, you’d better be wearing your seat belt!

— Art Kuesel, president and founder, Kuesel Consulting

The evolution of the CPA/accountant to become a true trusted advisor.  Accountants need to dip into their humanity more to connect with those they serve in a deep vulnerable way as technology takes over most of what accountants do now. We need human connection more than ever, and those accountants that will challenge themselves to grow into humans that can provide that by growing their vulnerability muscles — will flourish.  Those who cannot will be replaced by technology. 

— Brian Kush, principal and co-founder, Intend2Lead

I’ve always believed SMBs are not just the backbone of our economy; they’re the heart of our communities. My hope is that my legacy in building BILL, along with the BILL team, will be empowering these businesses and the accountants who support them.

— René Lacerte, CEO and founder, Bill

With the emergence of AI tools, CPAs and tax practitioners will need to evolve their practices to incorporate not only these new technologies, but also to provide highly skilled advisory services, such as financial planning, as part of their portfolios. 

— Melanie Lauridsen, vice president, tax policy & advocacy, Association of International Certified Professional Accountants

There will be a profound shift in the accounting profession driven by AI, digital solutions and evolving business needs over the next decade. AI will transform how we gather, analyze and interpret financial data, allowing professionals to focus on strategic decision-making and client relationship management. At CLA, we’ve made significant investments in AI, including the launch of our proprietary solution, CLAgpt, and the acquisition of Engine B, a generative AI data solutions tool tailored to professional services.

In the future, routine tasks will be fully automated, enabling accountants to become strategic advisors who provide deeper insights and proactive solutions for clients. This is an exciting transformation. The role of the accountant will evolve to become a data-driven strategists utilizing innovative technology to lead client relationships and ultimately drive business. That’s what will keep this profession at the forefront for future generations.

 — Jennifer Leary, CEO, CLA 

The biggest change in accounting over the next 10 years will likely be the shift toward real-time, continuous financial reporting enabled by advanced technologies. As AI, blockchain and IoT devices become more prevalent, we’ll move away from periodic financial statements towards a model of constant, instantaneous financial data availability. This will fundamentally change how businesses operate, how audits are conducted, and how stakeholders interact with financial information. Accountants will need to become adept at managing and interpreting continuous data streams, focusing more on predictive analytics and strategic insights rather than historical reporting. This shift will require significant changes in accounting standards, auditing methodologies and the skill sets of accounting professionals, ultimately transforming the role of accountants into real-time financial strategists and data interpreters.

— Mike Levy, CEO, Cherry Hill Advisory

The threat of the super big firms going downstream using technology to wipe out the smaller firms working on smaller clients. It won’t be an adapt or die process. It will be a merge into me or die process. 

— Bob Lewis, president, The Visionary Group

Consolidation of firms will continue to happen at a rapid pace which will lead to more larger firms that have greater resources at their disposal. This will likely force smaller and mid-sized firms to adapt their operating models and truly lean on innovation to remain competitive. Adapt or die will become the core strategy for those firms who are seeking to remain independent. 

— Doug Lewis, managing director, The Visionary Group

It’s impossible to choose just one thing. Rather, I have several predictions for the changes that will take place in our profession over the next 10 years: 

• Expanded Auditor Skillsets: Auditors will increasingly apply their expertise to areas beyond traditional financial statements, focusing on climate, cybersecurity and other non-financial disclosures to meet investor demand for reliable and comparable information.
• Enhanced Role in Capital Markets: Auditors will solidify their essential role in ensuring trust and confidence in financial reporting, remaining committed to independence and objectivity while adapting to new challenges in the evolving business landscape.
• Greater Diversity and Inclusion: The audit profession will strive for increased representation of underrepresented demographics, fostering a more inclusive workforce that reflects the communities served and enriches the profession with diverse perspectives.

— Julie Bell Lindsay, CEO, The Center for Audit Quality

The biggest shift will involve finding the right balance between AI-powered automation, machine learning and human effort. Technical advancements will automate repetitive tasks and improve data analysis, make research considerably easier, and allow taxpayers to maintain and report clean transactional data. These new automated tools cannot be regarded as a helpful option but must be considered absolute necessity as a means of keeping up with the velocity and volume of legal and regulatory changes impacting businesses. These same technologies will be available to regulators too and it is only a matter of time before they use these same tools to scrutinize businesses with more precision and granularity than ever before. In many parts of the world, it’s happening already. 

At the same time, professionals need to resist the urge to automate what humans still do best, using their experience, wisdom and judgment in devising thoughtful compliance practices that will keep their business safe from the burdens and challenges of modern tax. Experts will have to embrace these innovations, cultivating skills that align with new technologies while always retaining the authority to use the information that tools will place at their fingertips to make the right choice.

— Charles Maniace, VP, regulatory analysis and design, Sovos

I believe that the biggest change in accounting in the next 10 years will be related to the implementation of AI.  As a small firm, I can see the benefits of data entry and general analytics. The changes into the profession will be revolutionary, like how the personal computer with tax software altered the tax preparation world — on steroids!  I do not think that we can fully envision the impact that AI will have not only on the Accounting Industry, but on the entire world.  It is an exciting time ahead of us.

— Stephen Mankowski, co-chair, National Tax Policy Committee, NCCPAP

Recruiting and incorporating AI into our practices.

— Gene Marks, president & CEO, The Marks Group PC

In the next decade, the biggest change in accounting will likely be the evolution of artificial intelligence to increase human-centered efficiency and generate deeper business insights. As pioneers in the integration of AI in tax and accounting, Wolters Kluwer understands that AI’s adaptive capabilities will play a critical role in the future of the profession. Not only does AI automate routine tasks, but it also harnesses valuable data to generate actionable insights, which allows professionals to focus on higher-value advisory solutions and strengthen client relationships. 

This technology also has the potential to optimize workflows, analyze enormous volumes of information to identify trends and anomalies, flag legislative changes that might impact clients and drive advisory opportunities. Software will become contextually aware of where the professional is in the workflow, proactively serving up information at the point of need specific to the circumstances of the client. Such advancements will shift the role of tax and accounting professionals allowing them to work more strategically and deliver exceptional value to their clients.

— Jason Marx, CEO, Wolters Kluwer Tax and Accounting

Continuous audit. If/when it becomes the status quo, it will fundamentally alter our franchise, shifting auditors from compliance service providers to the trusted partners we all seek to be.

— Carl Mayes, managing director, professional practice group, Aprio

I believe the biggest change in accounting over the next 10 years will be the rise of AI and how we harness its potential to maintain and strengthen public trust. The key will be using AI responsibly, ensuring it enhances our work while upholding the integrity and ethics that define our profession.

— Carla McCall, chair, AICPA

I believe the biggest change in accounting over the next decade will be the full integration of artificial intelligence and automation, fundamentally shifting how accountants deliver services. These technologies will take over routine tasks such as data entry, compliance and even basic analysis, allowing accountants to focus on advisory services and strategic decision-making. AI will not only provide real-time insights but will help predict financial trends, identify risks, and suggest proactive solutions, enabling accountants to take on more forward-thinking, value-driven roles.

One of the key shifts will be the need for a mixture of talent in the accounting profession. Beyond traditional financial expertise, we will need to bring in creatives who can see numbers and data differently. These individuals can transform paint-by-numbers financial visuals into dynamic, living representations that truly tell the story of a business. By incorporating visual storytelling, we can make data come alive for clients, moving beyond raw numbers to show the ripple effects of decisions through interactive what-if scenario planning.

With this talent and technology, accountants will become the financial storytellers of the business, guiding clients through a continuous rolling valuation of their company in real-time. The idea of valuing a business won’t be limited to a one-time event before a sale but will be an ongoing, real-time assessment that supports growth and strategic decision-making every step of the way.

Additionally, as sustainability and ESG reporting become more important, accountants will need to measure and report non-financial metrics as part of their broader strategy. The combination of creatives, real-time data visualization, and AI-driven insights will enable the accounting profession to become an indispensable partner in driving not just compliance but long-term business success.

— Dixie McCurley, partner, outsourcing & resource solutions, Cherry Bekaert

We talk about the notion of, of trust, opportunity and prosperity is our mission. And if we do that as a profession, we make the world better in those areas. How will the profession continue to evolve? And what are the opportunities of the profession going forward? The reality is this profession, rolling the clock forward five years, ten years, twenty years, fifty years, is going to have a very important part in where the world evolves and how the world evolves. And that is the most important thing from today forward, for the profession to be focused on the future not on what we have done in the past. Rather, focus on the future and how we align with business and regulation and the change world for the success of society. Not on the things that we have already done to help drive success. But the most important thing now is how we get to those to those years in the future.

— Barry Melancon, president and CEO, American Institute of CPAs; CEO, Association of International Certified Professional Accountants

I believe there will be a significant change in the governance structures of accounting firms, moving away from traditional partnership models towards corporate structures and that this will come through in the way they place value on various roles within the business outside of the subject matter expert roles delivering “traditional billable hours.”

— Kalil Merhib, VP, growth & professional services, CPA.com

The most significant change in accounting over the next decade will be the shift from traditional compliance work to high-value advisory services, driven by advancements in automation and efficiency through AI. But rather than replacing accountants, as transactional work becomes increasingly automated, accountants will be enabled to lean more into the business advisor portion of their role. This transition will emphasize the irreplaceable human touch in accounting, as clients continue to place their trust in their expertise.

This evolution won’t happen overnight, but we’ve been talking about it for a while and the speed at which the transition is happening is accelerating. By leveraging technology to handle routine tasks, accountants can focus more on the complex, judgment-based work that truly adds value for clients. This opportunity is where the future of accounting lies — not just in crunching numbers, but in translating those numbers into actionable business strategies.

— Ariege Misherghi, SVP & GM of accounts payable, accounts receivable and accountant channel, Bill

A change in the hierarchy structure of CPA firms that will focus on many types of contributions (practice development, technical service and human capital service) with appropriate use of technology to allow for a desired work-life balance in the profession and will attract more people to the profession.

— Annette Nellen, professor and director of MS taxation program, San Jose State University

The integration of AI agents into accounting teams. 

— Blake Oliver, founder & CEO, Earmark

With private equity entering the space, we’ll see more opportunities for consolidation, leading to larger, more competitive firms. Overall, private equity’s involvement is likely to drive significant transformation, fostering growth and innovation within the profession. 

AI is set to play a huge role. It’s exciting to think about the ways in which the profession will continue to evolve thanks to emerging technologies like AI and cloud computing. The new generation of accountants are different—they’re problem solvers, they’re curious, and they’re brave. In combination with the proliferation of emerging, advanced technologies, we’re going to see a very different accounting profession in the future.

— Dave Osborne, CEO, Caseware 

Accountants won’t be reading financial statements – they will be reading data.  They will understand how the data connects, and they won’t have to verify it because there will be a complete audit trail back to source documents. This is already happening today in limited parts of the financial statement.  

The question we really need to answer is whether accountants are willing to learn how to read data in new ways.  

Oh yeah, the reason we’ll see this shift is thanks to AI.

— Jody Padar, advisor, Trillion, Bluej and April

The massively transformative redefinition of what accountants call “work” and clients having different (and more accurate) perceptions of what an “accountant” really means – thereby changing their (clients’) expectations about what they want from accountants. 

“Freedom from data drudgery” will become a reality as AI and extreme automation join forces to ensure data is at the right place at the right time. This means accountants will have considerable (time and) opportunities to return to the foundational purpose of why accountants exist, i.e., to help and guide clients to make better-informed business and financial decisions. Accountants will need to quickly elevate themselves to decipher actionable insights from “information” (not “handle” the underlying data) and connect that with the goals, aspirations, risk-fears, and financial acumen levels of their clients. 

Accountants will become visionary strategists, success catalysts, innovation incubators, integrity stewards, and guardians of the economic galaxy and have a huge role to play in guiding people, businesses, nonprofits, and governments toward sustainable, responsible, and inclusive growth.

— Hitendra Patil, CEO, Accountaneur, LLC

Over the next 10 years, change will result in the key focus of accountants, to protect the public interest will be evaluating the underlying algorithms and technological integration of multi-national, multi-level supply chain transactions as they roll up into financial reporting.

— Carl Peterson, vice president, small firm interests, Association of International Certified Professional Accountants 

Automation (AI, machine learning, EDI) will continue to reduce the mundane from record keeping and tax compliance. Accounting professionals will become experts in technology (theirs and their clients) as well as accountants. All businesses will become multistate and multinational requiring accountants to absorb and understand vast amounts of knowledge.

— Scott Peterson, VP of U.S. tax policy and government relations, Avalara

The biggest change will be the transformation of accounting firms into cutting-edge, comprehensive technology solution providers. This will include integrating compliance and advisory services and delivering them on a global scale.

— Kane Polakoff, principal, client advisory services practice leader, CohnReznick 

My view is that technology is going to continue to drive incredible change in the accounting profession, as well as for internal auditors. One of the biggest implications is that all of us will be expected to have baseline skills and fluency in technology, along with the capacity to learn new programs and platforms as they arise.

In turn, skills like persuasive communication, change management, and leadership will become more important in the senior ranks to ensure that organizations are nimble enough to continue to adapt to the impacts of emerging technology. 

The rise of artificial intelligence is a tremendous opportunity to free humans to perform higher level tasks, however we need to understand and embrace this technology to be able to fully harness it. I think the adoption of a lifelong learning mindset from early on, where there is an expectation that our careers will be regularly disrupted by new technologies, will be the biggest change, but also a great opportunity. 

— Anthony Pugliese, president & CEO, Institute of Internal Auditors

I think the corporate environment (as opposed to the partnership model) that is being introduced to firms through outside investment will benefit both the current owners of firms but also the staff. The partnership model has evolved to more and more restrict admittance of top talent to ownership of firms. The corporate model encourages recognition of top talent’s contribution to the firm much earlier with more substantial upside potential. 

— Terry Putney, managing director, Whitman Transition Advisors LLC

In 10 years, I’d imagine the accounting industry will see more AI taking over the routine tasks, elevating the role of the accountant to more analysis, consulting, leadership and trusted advisory. Most CPAs I know would be thrilled with reduced tedium (whether it’s actual accounting-related, or say, “email”). I look forward to the creative ways our industry will utilize technology and adapt to bring more value to leaders of organizations worldwide. 

— Kristen Rampe, managing partner, Rosenberg Associates

Within the next 10 years I believe traditional accounting related work will be further automated or eliminated through advances in technology. I also believe ESG will be fully embedded in many organizations and financial reporting, which will also have regulatory consequences. 

— Okorie Ramsey, immediate past chair, AICPA & Association of International Certified Professional Accountants

In 10 years I can see the profession being much less of a player in the individual income tax preparation space, if at all, and much more involved serving as an on-call, real-time business strategist for clients/employers for both financial and nonfinancial matters.  Compliance services will continue to be required from the profession, as accountants will always be looked upon as best suited to deliver services ethically, with trust, integrity and objectivity.  Attest services will focus on IT systems and real-time reporting of financial and nonfinancial information.  And, yes, AI will play a huge role in the evolution of the profession allowing accountants to focus much more on strategic consulting and less on the performance of routine tasks.

— Rick Reisig, principal/partner, Pinion

The pace and impact that technology will have for firms and practitioners. The way in which firms and practitioners in the profession embrace, invest, adopt—or reject—technology, will have a much greater impact on their ability to thrive more so than the previous 50 years within the profession.

— Emily Remington, director, audit product management, CPA.com

The rapid advances in technology and the increasing use of automation and artificial intelligence will impact the profession in the next 10 years. Accountants will have to stay abreast of the changes and have the skills to assess, adapt, and use these technologies.

— Robert Rice, director, division of enforcement and investigations, PCAOB

Clearly AI and other technologies will continue to change processes and capabilities beyond our current understanding. I don’t think we’ll have any less need for great minds in firms, but those minds will solve different things than they do now, at higher, more strategic levels. We’ll be able to adapt as our daily activities and routines begin to look different; and we’ll certainly need to hire differently at some point, probably sooner than later. 

— Michelle Golden River, owner/president, Fore LLC

I believe the biggest change will be the way firms leverage AI to better serve their clients. 

— Darren Root, chief strategist, Rightworks

With recent technological advancements, we are at a pivotal point where professional workflows will undergo significant changes. We are moving beyond merely automating workflows and achieving incremental efficiencies. Instead, I can imagine transitioning towards a co-pilot-like environment that can generate returns, provide advisory services, optimize taxes, and produce audit reports—all within minutes.

— Cathy Rowe, senior vice president and segment leader, US professional market, Wolters Kluwer Tax & Accounting

In the next decade, the accounting profession will undergo a radical transformation driven  by AI and automation, revolutionizing how we define expertise. Routine number-crunching  will become obsolete, pushing accountants to become strategic advisors and data  storytellers. Beyond technology, the call for accountability will reshape the profession—

demanding diversity, transparency, and ethical standards that reflect a rapidly changing  society. Accounting will no longer be a passive industry; it will play an active role in  closing wealth gaps, driving social change, and being a force for economic justice. It’s  adapt—or become irrelevant.

— Guylaine Saint Juste, president & CEO, NABA Inc.

Firstly, I believe that how you become a CPA will change and that change will be positive for business and the public at large. 

Secondly, the use of AI will increase. This change has the potential of being very positive if carefully monitored and incorporated into the profession. 

— Frank Sands, president, National Association of CPA Practitioners

I think the biggest change in accounting in the next years will be the type of work we do, and the type of personalities and character traits needed to excel in the profession. As technology, particularly AI and automation, continues to transform how we handle tasks like data entry, bookkeeping, and compliance, accountants will need to quickly shift from traditional number-crunching roles to more advisory and strategic positions. 

As the nature of our work evolves, so will the skills and characteristics we need to succeed. I see the future accountant as someone who is not only technically proficient but also adaptable, creative, and emotionally intelligent. The profession will also attract a broader range of personalities, including those with strong leadership and communication skills, who thrive in collaborative environments. Our ability to navigate change, embrace technology, and focus on human connection will define what it means to be a successful accountant in the years ahead.

— Heather Satterley, director of education and media, Woodard Events

Accounting’s biggest challenge over the next decade will be one of capacity, as the profession faces an urgent need for more accountants with expanded skill sets. With growing demands for sustainability reporting, assurance and other emerging areas, accountants must develop new competencies to meet these expectations. Attracting top talent to the profession and investing in upskilling will be crucial to ensuring the profession remains equipped for the evolving landscape and continues to thrive in the face of new demands.

— Tom Seidenstein, chair, IAASB

The profession will continue to be more transactional than relationship.

— Gary Shamis, CEO, Winding River Consulting

Accounting firms will change to be business services firms, providing all the integrated accounting, HR, IT, and marketing services needed to ensure their clients’ success.

— Donny Shimamoto, founder and managing director, IntrapriseTechKnowlogies LLC

I think the future of accounting will be significantly influenced by technology and globalization. Automation and AI will shift accountants’ roles towards more strategic responsibilities. Additionally, accountants will need to cultivate the skills to navigate a complex, global business landscape with international standards and regulations.

— Eva Simpson, VP, member value, tax & advisory services, Association of International Certified Professional 

I am excited to see how technology will enable practitioners in firms of all sizes to benefit from increases in efficiency, drive improved quality and support more meaningful relationships with clients. 

— Lisa Simpson, vice president – firm services, AICPA & CIMA

The biggest change I think that accounting field will have in the next 10 years is 1) how quickly automation and AI change the business models of accounting firms, and 1a) how many brand new services lines will be created as tokenization and AI become integrated throughout the economy. 

— Sean Stein Smith, accounting working group chair, Wall Street Blockchain Alliance

The advanced skillset shifts to be even more digitally savvy, including GenAI, which will likely require bigger changes to the CPA Exam.  The future accountants entering the workforce will need to have advanced digital skills as table stakes.

— Scott Spiegel, COO, Association of International Certified Professional Accountants

AI’s impact on ALL of knowledge work. The tasks we do each day will be changing faster than ever before, and much of the profession’s current infrastructure isn’t design to adapt as quickly as needed.

— Jason Staats, founder, Realize LLC

Ownership entity.

— Val Steed, director accountants, Zoho Corporation

TL;DR: “Accountants” will become extinct. 

(The word “accountant/ anyway. I’ll explain.)

Those footsteps you hear are the Four Horsemen of the Accountopocalypse.

The first Horseman signifying Famine: The Talent Shortage. – Surely, one of the biggest challenges facing accounting firms over the next ten years is the shortage of skilled talent, further exacerbated by a declining pipeline of new professionals entering the industry, made even worse by a turnover rate as high as 75 percent.

The second Horseman signifying War: Private Equity. – As many as 10 of the top 30 firms on the Accounting Today Top 100 could reap PE windfalls, and maybe 5,000 other firms could come next, ushering in an era of big paydays for the sellers and fierce competitive pressures for the rest.

The third Horseman signifying Conquest: Artificial Intelligence. – The rapid development and ubiquitous integration of AI technologies are already reshaping the profession, automating tasks, enhancing decision-making, and improving efficiency, but at a cost — in disruption, in expenditures, and in restructuring how a firm works.

The fourth Horseman, always riding behind the first three, signifying Death: The New Accountant. – Today’s accountant will fade away, only to be Reincarnated as the Trusted Advisor they always aspired (prayed?) to become.

Here’s a secular version:

Accounting will always be necessary. Accountants, not necessarily. Accounting firms, maybe less so. 

But as civilization arcs toward evermore complexity, evermore questions will need evermore smarter answers. 

Whether we call them accountants or advisors or something else, someone (or something accountable to someone) will always be necessary to take responsibility and accept accountability to provide:

1) a single source of truth in activities and transactions between people or their machines,

2) the data and calculations that go into those activities and transactions,

3) the recording of the activities and transactions, and

4) The implications of the activities and transactions on the participants, the stakeholders, and increasingly, the world at large (even for the people relying on the accountant’s work in a galaxy far, far away and long, long ago).

So, take the long view, the very long view – before Luca Pacioli culturally appropriated the record-keeping system Arabs had been using for centuries. 

Accounting has always been essential to human civilization. Over the centuries, the job has gotten bigger as fast as the world has become more complicated and as fast as technologies could facilitate. 

Accountants today can shed the burdens of ritualistic (SALY) procedures and seize the opportunities to deliver life- and business-changing results.

The role of an accountant is everlasting. Just don’t call them accountants. 

— Rick Telberg, CEO, CPA Trendlines Research, a service of Bay Street Group LLC

The CPA firm business model is changing a lot and I feel it will change even more.  We likely won’t recognize the CPA firm of 2035.

— Gary Thomson, managing partner, Thomson Consulting

How the value and importance of the trusted advisor will evolve.

— David Toth, chief growth officer and principal, Winding River Consulting

Further expansion of areas where there is a demand for some type of assurance (e.g., climate reporting, AI) and further automation of routine tasks.

— Barbara Vanich, chief auditor and director of professional standards, PCAOB

In the next 10 years, I foresee a radical shift in the audit landscape. The  traditional, compliance-based, reactive audit model will finally give way to on demand assurance powered by advanced technologies like bank data extraction  and other innovative tools. This transformation will enable continuous and  proactive assurance, moving away from periodic audits to a system where  financial integrity is monitored in real-time. By leveraging these technologies, auditors will be able to provide more immediate, actionable insights and  enhance transparency, ultimately making audits more efficient and relevant. This shift will not only redefine the audit function but also reshape the role of  auditors to focus on strategic risk management and value creation.

— Chris Vanover, founder & president, CPA Club Inc. 

I do think that the accounting profession is slow to change so I’d like to see that those in the profession embrace AI and automation exploring ways to improve efficiency and accuracy. 

— Jess Vento, senior director of solution engineering, education & support, LeaseCrunch

The effect of Private Equity and the Mergers & Acquisition activity we have seen in recent years on the future of how we work and what career options are available. AI will also have a profound impact on the work we do and what new careers it will create based on the volume and speed of information that will result from all the innovation.

— Amy Vetter, CEO, The B3 Method Institute

While most will cite the impact of artificial intelligence as the biggest impact in the next 10 years, I often wonder if we are at the peak of the hype cycle. I do think AI will have an impact on our profession, but I’m not sure if it will be truly transformational.  

I think the biggest impact on the profession will be how the many new ownership models of CPA firms will evolve over the next decade. As outside ownership comes into the profession, will we still see the same priorities and investments as we have in the past? Will assurance continue to be a valued service line, or will some firms opt to spin that off to ease regulatory burdens? Will all firms continue to value the CPA credential, or will that be discounted as firms focus more on consulting services? Will the future value assumed to come from private equity be realized and valued by future generations, or will they prefer the more boring, but perhaps more predictable, career security of the traditional partnership model? 

All of this will be fascinating to watch and create a significant opportunity for some firms to succeed and take advantage of their unique market position. 

— Tom Watson, CEO, Forvis

The importance of advocacy and protecting the license is going to accelerate in the years ahead. There are more than 40 states that currently have one party controlling the governor’s office, the House and the Senate. When this particular alignment is in effect, sweeping legislation is passed. In recent years many states have faced a wave of anti-licensure legislation. In those states with a strong anti-licensure political climate, the risk for further devaluation of our regulatory system is growing. Each bill has a common goal: to chip away another layer of power from occupational licensing regulators. This can very quickly escalate to redefine what regulation, if any, will exist, having significant impacts on the value of the CPA license. 

— Shelly Weir, president & CEO, Florida Institute of CPAs

I pray that I see more faces in the profession that look like me. Sadly, I attend many meetings where I am often the only one in the room.  There is so many talented minds in the world of accounting that I believe are deserving of mentorship, sponsorship, promotion, and elevation — a chance to prove themselves.  This talent is not all white male, or members of the so-called “boys club,” but we come in different colors, cultures, geographies and lifestyles.  When will we learn that one size all does fit our teams, clients or profession?

— Tifphani White-King, managing partner, U.S. tax board member, global tax board member, Forvis Mazars

Expansion of services and finally the shift from transactions and compliance to uncovering and analyzing insights and actions that lead to better lives for everyone involved. 

— Geni Whitehouse, president, Information Technology Alliance

It will be the maturation of artificial intelligence and machine learning.  As of now, AI is in its infancy with significant unknowns.   AI will have impact on the new generation of workers and the process and procedures that they and their firms use internally.  It will have an impact on the way firms recruit and retain their staff.  It will impact client expectations, as well as the marketing and sales of services to those clients.  In a nutshell, it will impact every process, in every department, in every CPA firm, and have an impact on every client and every employee from the person in the mailroom to the managing partner (CEO) to the most important client of the firm.

— Philip Whitman, CEO, Whitman Transition Advisors 

Many firms have struggled to modernize and develop management models that significantly differ from the outdated frameworks of the past.  This has created an opportunity for private equity (PE) companies to step in and address these challenges.  As a result, the transformation of the business model in accounting is expected to accelerate over the next decade, leading to the resolution of several long-standing issues.  These include the talent shortage, leadership transitions within firms, team education, process and technology improvements, and the shift toward advisory and consulting services.  This period of change will likely bring solutions and new opportunities to reshape the profession.  

— Sandra Wiley, president, Boomer Consulting Inc.

Though I can’t predict the future, I hope to see continuous improvement in audit quality in the next 10 years. The work the PCAOB does day-to-day are directly tied to that goal. Each day, we set out to modernize our standards, enhance our inspections and strengthen enforcement. They are each important individually to our mission of protecting investors. But they are strongest when they work together. As long as I am chair, I will continue to push this work forward and do my part to foster more sound capital markets. 

— Erica Williams, chair, Public Company Accounting Oversight Board

The shift in leadership from founders and boomers to millennial and Gen Z leaders, which will bring a host of business model enhancements, the move toward increased transparency, an enhanced focused on the value of talent, max automation for compliance and other process-heavy service, the move away from time as a core value and the move toward measures that matter and drive the right behaviors. I could not be more excited to see how the profession improves in the next 10 years. 

— Jennifer Lee Wilson, co-founder and partner, ConvergenceCoaching LLC

The profession is going to have to adapt to significant and dramatic changes caused by technology. How individuals and organizations manage this change is the biggest opportunity and challenge facing the profession. 

— David Wood, Glenn D. Ardis professor, Brigham Young University

I think the profession will decrease in size significantly both in number of firms (through M&A) and number of professionals through AI. We will be a smaller profession but will retain a powerful and more focused role with audit (especially technology audits), tax representation services, and back-office administration services, where the latter will include regulatory and managerial compliance services.

— Joe Woodard, CEO, Woodard

I believe that AI and other technology will have an impact on the way that all accountants work.  Automation of everyday, routine activities will be the norm.  I believe financial statement audits will be more “data driven” and more CPA firms will embrace utilizing technology tools to achieve effective and efficient audit results. It is an exciting time to be in the profession!

— Candace Wright, chair of the Private Company Council of the Financial Accounting Foundation

There is a fairly level playing field today, creating room for firms of many types and sizes to be successful. I think the gap between the haves and the have nots will massively widen over the next 10 years. What I mean by this is that firms with corporate governance, strong leadership, ambitious strategies, growth capital, innovative technology, effective outsourcing and modern currencies for rewarding their people will attract a larger and larger share of great talent and great clients, leaving those who stick with the legacy partnership model far behind, if they can stay in business at all. I believe we are poised to see a seismic remake of the profession over the next 10 years. 

— David Wurtzbacher, founder & CEO, Ascend 

The biggest change in accounting is likely going to be driven by AI. As AI and machine learning evolves and routing accounting tasks like data entry, auditing and financial reporting will be increasingly become automated, allowing accountants to focus on higher analysis and strategic advisory roles. 

— Peter Yu, CEO, CPA by Choice

The Internal Revenue Service has released a new revenue procedure that expands the waiver of eligibility rules for accounting method changes for some research or experimental expenses.

Revenue Procedure 2025-08 modifies Rev. Proc. 2024-23, 2024-23 I.R.B. 1334, to modify procedures under IRC Sec. 446 and Sec. 1.446-1(e) of the Income Tax Regulations.

These regulations are for automatic consent of the IRS to change methods of accounting for research or experimental expenditures paid or incurred in taxable years beginning after Dec. 31, 2021.

The rev proc expands the waiver of the eligibility rules in Section 5.01(1)(d) and (f) of Rev. Proc. 2015-13 to accounting method changes described in Section 7.01 of Rev. Proc. 2024-23 that are made for any taxable year beginning in 2022, 2023 or 2024. 

This rev proc also permits a taxpayer to make a change under Section 7.01 of Rev. Proc. 2024-23 regardless of whether the taxpayer made a change for the same item for any other taxable year beginning in 2022, 2023 or 2024.

The rev proc will be effective for Forms 3115, “Application for Change in Accounting Method,” filed on or after public release of Rev. Proc. 2025-08, which will be in the Internal Revenue Bulletin on Jan. 21.