The accountant the world urgently needs has evolved far beyond the traditional role we recognized just a few years ago. 

The transformation of the accounting profession is not merely an anticipated change; it is a pressing reality that is currently shaping business decisions, academic programs and the expected contributions of professionals. Yet, in many areas, accounting education stubbornly clings to outdated, overly technical models that fail to connect with the actual demands of the market. We must confront a critical question: If we continue to train accountants solely to file tax reports, are we truly equipping them for the challenges of today’s world? 

This shift in mindset extends beyond individual countries or educational systems; it is a global movement. The recent announcement of the CIMA/CGMA 2026 syllabus has made it unmistakably clear: merely knowing how to post journal entries is insufficient. Today’s accountants are required to interpret the landscape, anticipate risks and act with strategic awareness. Critical thinking, sustainable finance, technology and human behavior are not just supplementary topics; they are essential components in the education of any professional seeking to remain relevant. 

The CIMA/CGMA proposal for 2026 is not just a curriculum update; it is a powerful manifesto. This new program positions analytical thinking, strategic business partnering and technology application at the core of accounting education. It unequivocally highlights sustainability, aligning with IFRS S1 and S2, and expands the accountant’s responsibilities beyond mere numbers to encompass conscious leadership, environmental impact and corporate governance. 

The current changes in the accounting profession underscore an urgent shift in expectations from both educators and employers. Today, companies of all sizes and industries demand accountants who can do far more than interpret balance sheets. They expect professionals who grasp the deeper context behind the numbers, identify inconsistencies, anticipate potential issues before they escalate into losses, and act decisively as a bridge between data and decision making. 

To meet these expectations, a radical mindset shift is essential. There are firms still operating on autopilot, mindlessly repeating tasks with minimal critical analysis. Likewise, many academic programs continue to treat accounting as purely a technical discipline, disregarding the vital elements of reflection, strategy and behavioral insight. This outdated approach creates a significant mismatch. While the world forges ahead, parts of the accounting profession remain stuck in the past. 

The consequences of this shift are already becoming evident. The demand for compliance, transparency and sustainability now applies not only to large corporations but also to small and mid-sized businesses. Many of these organizations rely on professionals ill-equipped to drive the necessary changes, putting both business performance and the reputation of the profession at risk. 

The positive news is that accountants who are ready to thrive in this new era do not necessarily need additional degrees. What they truly need is a commitment to awareness, a dedication to continuous learning, and the courage to step beyond their comfort zones. The future of accounting is here, and it is firmly rooted in analytical, strategic and human-oriented perspectives. The 2026 curriculum is a clear indication of the changes underway. Those who fail to think critically and holistically will be left behind. 

In contrast, accountants who see the big picture, understand the ripple effects of their decisions, and actively contribute to the financial and ethical health of organizations will undeniably remain indispensable, anywhere in the world.

Congressional Republicans are siding with Donald Trump in the messy divorce between the president and Elon Musk, an optimistic sign for eventual passage of a tax cut bill at the root of the two billionaires’ public feud.

Lawmakers are largely taking their cues from Trump and sticking by the $3 trillion bill at the center of the White House’s economic agenda. Musk, the biggest political donor of the 2024 cycle, has threatened to help primary anyone who votes for the legislation, but lawmakers are betting that staying in the president’s good graces is the safer path to political survival.

“The tax bill is not in jeopardy. We are going to deliver on that,” House Speaker Mike Johnson told reporters on Friday.

“I’ll tell you what — do not doubt, don’t second guess and do not challenge the President of the United States Donald Trump,” he added. “He is the leader of the party. He’s the most consequential political figure of our time.”

A fight between Trump and Musk exploded into public view this week. The sparring started with the tech titan calling the president’s tax bill a “disgusting abomination,” but quickly escalated to more personal attacks and Trump threatening to cancel all federal contracts and subsidies to Musk’s companies, such as Tesla Inc. and SpaceX which have benefitted from government ties.

Republicans on Capitol Hill, who had —  until recently — publicly embraced Musk, said they weren’t swayed by the billionaire’s criticism that the bill cost too much. Lawmakers have refuted official estimates of the package, saying that the tax cuts for households, small businesses and politically important groups — including hospitality and hourly workers — will generate enough economic growth to offset the price tag.

“I don’t tell my friend Elon, I don’t argue with him about how to build rockets, and I wish he wouldn’t argue with me about how to craft legislation and pass it,” Johnson told CNBC earlier Friday.

House Budget Committee Chair Jodey Arrington told reporters that House lawmakers are focused on working with the Senate as it revises the bill to make sure the legislation has the political support in both chambers to make it to Trump’s desk for his signature. 

“We move past the drama and we get the substance of what is needed to make the modest improvements that can be made,” he said.

House fiscal hawks said that they hadn’t changed their prior positions on the legislation based on Musk’s statements. They also said they agree with GOP leaders that there will be other chances to make further spending cuts outside the tax bill. 

Representative Tom McClintock, a fiscal conservative, said “the bill will pass because it has to pass,” adding that both Musk and Trump needed to calm down. “They both need to take a nap,” he said.

Even some of the House bill’s most vociferous critics appeared resigned to its passage. Kentucky Representative Thomas Massie, who voted against the House version, predicted that despite Musk’s objections, the Senate will make only small changes.

“The speaker is right about one thing. This barely passed the House. If they muck with it too much in the Senate, it may not pass the House again,” he said.

Trump is pressuring lawmakers to move at breakneck speed to pass the tax-cut bill, demanding they vote on the bill before the July 4 holiday. The president has been quick to blast critics of the bill — including calling Senator Rand Paul “crazy” for objecting to the inclusion of a debt ceiling increase in the package.

As the legislation worked its way through the House last month, Trump took to social media to criticize holdouts and invited undecided members to the White House to compel them to support the package. It passed by one vote.

Senate Majority Leader John Thune — who is planning to unveil his chamber’s version of the bill as soon as next week — said his timeline is unmoved by Musk. 

“We are already pretty far down the trail,” he said.

Now that tax season is over, it’s time to refocus on identifying and implementing business strategies that drive your firm’s growth and keep you ahead of the curve in an ever-changing economic environment. 

The market is shifting fast, and accounting firms that spot these changes early will come out ahead. According to Intuit QuickBooks’ Entrepreneurship in 2025 survey, one in five small business owners say they don’t currently have an accountant but are actively looking for one. That’s a lot of potential clients who need your expertise. Is your firm ready to meet this demand?

Here are three small business trends for your accounting firm to keep in mind this year:

1. Accountants may be scarce, but new small businesses continue to increase

It’s no secret that the accounting profession is facing a talent shortage as more experienced accountants retire or leave the industry and fewer young professionals enter the field. The requirements to become a CPA have deterred prospective candidates, leading to a decline in new accountants joining the workforce. 

But at the same time, the number of small businesses is steadily growing, creating a major opportunity for your firm to expand its client base this year. The Entrepreneurship survey found that more than half (54%) of respondents plan to start a new business this year. That’s a wave of new entrepreneurs who will need the right financial guidance, tax planning and compliance support to ensure their first year in business is successful and represents the beginning of long-term success. 

Accounting firms can position themselves to take advantage of this demand using technologies like AI to help close the gap. Additionally, for firms looking to grow, targeting the right clients is key. Whether through niche specialization, local networking, or strategic marketing — meeting business owners where they are can help firms build lasting relationships. Investing in outreach now can pay dividends in the form of long-term growth-potential clients and a stronger, more resilient practice. 

2. Small businesses are prioritizing technology — and so should your firm

Small business owners are jumping on the tech bandwagon, and they’re not slowing down.  From AI-powered bookkeeping to automated invoicing, they’re leaning on new tools to streamline operations, save time, and run their businesses more efficiently and effectively.

Why should your firm take note? Because business owners want more from their accountants than just tax returns and payroll. They’re looking for real-time financial insights, business advice and hands-on support to help them navigate evolving economic challenges like rising costs and higher interest rates. 

That’s where technology and human expertise come together. On average, firms planned to invest $25,000 in accounting and bookkeeping technologies last year. Investing in technologies like AI-enabled tools helps firms automate repetitive tasks and crunch data faster. These tools are powerful when paired with an accountant’s experience and industry knowledge. They arm accountants with insights that can shed light on big-picture trends, guide a client’s financial decisions, and keep back-office operations running smoothly.

3. Errors are common for entrepreneurs who manage their own business taxes

Financial management is not always a small business owner’s expertise. While entrepreneurs need some level of financial literacy to run and grow their businesses, most are learning as they go. One of the biggest areas of concern? Taxes. In fact, 34% of business owners say they’ve made an error when filing business taxes in the past. This includes overpaying or underpaying taxes, filing at the wrong time, or using the wrong forms.

Across the board, business owners cite understanding tax laws and regulations as the most challenging aspect of filing business taxes, followed by keeping track of necessary documentation and maximizing tax credits and incentives. For accountants, this represents a clear opportunity to provide guidance and strategic support, helping clients navigate complex financial requirements while positioning their firms as trusted advisors.

With entrepreneurship on the rise this year, accounting firms have an opportunity to play an important role in small business success. Whether it’s tax season or beyond, keeping these small business trends in mind will help your firm stay competitive and drive long-term growth for both your business and the clients you serve.