Award-winning finance and business leader, Becky Glover, uses her insight and experiences to predict the future of finance.
In this blog, we’ll be dusting off the crystal ball and looking ahead into what we predict the average finance team will look like in ten, 25, and 50 years. Of course, no one knows for certain what will come in the future, but who knows? Maybe our predictions will come true…
Ten years from now
It’s 2034, and the finance team is now using technology to conduct most tasks. It’s sped up a lot of things, and the finance team is a little smaller than it used to be. We’ve removed all processing teams and an entry-level role is expected to be able to learn the technology as much as the debit and credit roles do.
Every role is hybrid or remote working, and the war for talent is well and truly alive. Professionals who can demonstrate emotional intelligence and the ability to use technology can expect a higher salary than those who still want to manually process invoices… that’s so 2024!
The speed of data is really important, and emphasis is put on reporting that is quick and accurate. Technology is now correctly using the macro environment to forecast your P&L statements for the next couple of years.
25 years from now
It’s 2039 and the finance team is now very different. We are now hiring accountants and computer scientists for the finance team to be able to effectively deal with the technological advancements. Accounting qualifications have evolved in response to new ways of working, including exams on coding and planning how to navigate cybersecurity attacks.
Instead of the standard laptop, teams are issued virtual reality (VR) headsets so that we can attend meetings virtually with people around the world as though we are sitting beside them. Everything is now geared towards experiences rather than reporting - so data is no longer displayed through graphs and charts. Instead, results are played out in real life using VR headsets.
50 years from now
It’s 2074 and the finance teams of today are now miles apart from 2024. When we start a new job role, we are issued with a data chip. This can be plugged into whichever device we wish to use, allowing us to access our work data anywhere and everywhere.
Gone are the days of slogging it out over month end, because the numbers are available in real time. We can travel the world while effortlessly reviewing or adjusting the numbers that AI technology has prepared us by simply speaking aloud. The job market is truly borderless, and the thought of going into an office wearing a suit and tie between nine to five is incomprehensible.
Our number one risk is the loss of data. Cyber attacks are the norm, and our security teams are now the largest in the business. Cyber insurance is crucial for businesses and individuals alike.
Final thoughts
We don’t know for certain if any of the above is going to happen, but it’s important to remember that change has never been this fast, but it will never be this slow again.
One thing that can be predicted is that we will be regularly using technology in ten years that doesn’t exist today. So, ask yourself - are you learning and adapting to new technologies to ensure you and your team are ahead of the wave? Do you have an open mind about new ways of working? As it will become easier than ever to get left behind.
In addition to the exciting capabilities of new technology, we also must remember the risks. It’s important to remember how to conduct mindful activities and switch off from the technology that’s around us.
Hackers will become more sophisticated, and data theft will be more prominent in our workplaces and personal lives. It’ll be vital to ensure we can protect our data, along with our client and suppliers’ data.
Ready to upskill?
There’s no doubt that technology is only going to continue to advance. Therefore, employers and professionals alike need to embrace continuous learning and stay updated with new trends and technologies.
At Kaplan, we offer tuition for a wide range of accountancy qualifications, as well as the ACCA Finance Analyst (Level 3) apprenticeship which will significantly boost data literacy skills.
If you are looking to advance your career with an apprenticeship, browse our current vacancies or read more about how to talk to your existing employer about doing an apprenticeship.
For employers, get in touch with our team who will support and guide you on all things apprenticeships, recruitment, costs and more.