What will finance teams look like in 10, 25, or even 50 years? No one knows for certain, but technology is already changing how finance professionals work, the skills they need, and how businesses use financial data.

So, let's dust off the crystal ball and look ahead to what the average finance team could look like in 2034, 2049, and 2074.

These are predictions, not guarantees. Some might prove remarkably accurate, while others could look very different from the reality. But one thing is almost certain: finance teams will need to keep learning and adapting as technology evolves.

What will finance teams look like in 2034 or even 2049?

While we can't predict the future with certainty, there are three themes that are likely to shape finance teams over the next few decades:

• Automation will change the work finance professionals do. Routine processing is likely to become increasingly automated, leaving people to focus on analysis, judgement, exceptions, and decision-making.
• Technology skills will become increasingly important. Finance professionals may need to understand data, AI, cybersecurity, and other technologies alongside traditional accounting skills.
• Adaptability will be essential. As technology continues to evolve, finance teams will need to keep learning and developing new skills rather than relying on the tools and processes they use today.

So, what could that actually look like? Let's look into the crystal ball.

By 2034, what finance work disappears to automation?

It's 2034, and technology is now responsible for many of the routine tasks that once occupied finance teams. The result is a smaller team, but one with a different mix of skills.

1. Automation eliminates much of the routine processing: Entry-level roles increasingly focus on data quality, exception handling, and understanding automated systems rather than manually processing transactions.
2. Finance teams become smaller and more specialised: Processing teams have largely disappeared, while professionals with a combination of financial expertise, technology skills, and analytical ability become increasingly valuable.
3. Technology skills become increasingly valuable: Professionals who can combine financial knowledge with technology skills and emotional intelligence are likely to be in high demand.
4. Hybrid and remote working become the norm: Finance professionals can work effectively from almost anywhere, making the competition for talented people increasingly global.
5. Real-time data changes financial reporting: Businesses expect fast, accurate information rather than waiting for traditional reporting cycles.
6. Technology supports forecasting: AI and other technologies use financial and economic data to help businesses forecast their P&L and plan for different scenarios.

In other words, the finance professional of 2034 isn't necessarily doing less. They're doing different things, with technology taking care of more of the repetitive work.

By 2049, how do accountants and computer scientists collaborate?

It's 2049, and the finance team looks very different again. Accounting qualifications have evolved alongside technology, and businesses increasingly need people who understand both finance and technology.

1. Accountants work alongside technology specialists: Finance teams include a mixture of accountants, data specialists, and computer scientists who can work together to solve increasingly complex problems.
2. Accounting qualifications evolve: Professional qualifications reflect the changing workplace, potentially including areas such as coding, cybersecurity, data analysis, and technology management.
3. Cybersecurity becomes part of everyday finance: As financial systems become more connected, finance professionals need to understand how to identify and respond to technological risks.
4. Virtual reality changes collaboration: Instead of joining a video call on a laptop, teams could use VR headsets to meet virtually and interact as though they are in the same room.
5. Data becomes an experience: Instead of simply looking at graphs and charts, finance professionals could use immersive technology to explore financial results and business scenarios in entirely new ways.

The finance team of 2049 may therefore be less about simply reporting what has happened and more about helping businesses understand what could happen next.

What could the finance team look like in 2074?

Now we're really entering crystal-ball territory.

It's 2074, and the finance teams of today are almost unrecognisable. Some of these ideas might sound far-fetched, but that's precisely the point: the technology we take for granted in 2074 may be just as difficult for us to imagine today.

1. Work data becomes portable: Professionals could have secure technology that allows them to access their work data almost anywhere. A data chip could even be one way this is achieved.
2. Month-end becomes a thing of the past: With financial information available in real time, businesses no longer need to wait for traditional month-end processes to understand their financial position.
3. AI prepares the numbers: Finance professionals could review, question, and adjust financial information prepared by increasingly sophisticated AI systems simply by speaking to them.
4. The job market becomes truly borderless: Location matters less as technology makes it possible to collaborate with colleagues, clients, and businesses anywhere in the world.
5. Cybersecurity becomes a business-critical priority: As financial data becomes increasingly valuable and connected, cyber attacks become an everyday risk, and security teams could become some of the largest teams in the business.
6. Cyber insurance becomes increasingly important: Businesses and individuals may need greater protection against the financial consequences of data theft, cyber attacks, and other technology-related risks.

Of course, we have no idea whether we'll really be carrying our work data around on chips in 50 years. But the underlying prediction is much easier to make: technology will continue to change what finance professionals do and how they work.

How could finance teams change between 2024 and 2049?

These aren't forecasts set in stone. They're a way of thinking about how current trends could develop over time.

What can finance teams do in the next 12 months?

We don't need to wait until 2034 to start preparing. The best way to future-proof a finance team is to start developing the skills and processes that will become increasingly important.

A 12-month future-proofing checklist

• Audit repetitive processes: Identify tasks that could be automated and consider where automation could free up your team's time. Links to the 2034 prediction: automation eliminates routine processing.

• Build data skills: Give finance professionals opportunities to develop their confidence working with data and technology. Links to the 2034 prediction: technology skills become increasingly valuable.

• Explore AI: Identify practical ways AI could support forecasting, analysis, reporting, or other finance activities, while keeping appropriate human oversight. Links to the 2034 prediction: technology supports forecasting.

• Review your hiring needs: Consider whether future recruitment should prioritise a combination of financial expertise, technology skills, analytical ability, and emotional intelligence. Links to the 2034 and 2049 predictions: finance and technology skills converge.

• Strengthen cybersecurity awareness: Make sure everyone who handles financial or customer data understands their responsibilities and knows how to spot potential threats. Links to the 2049 and 2074 predictions: cybersecurity becomes increasingly important.

• Invest in continuous learning: Encourage your team to keep developing as technology, qualifications, and ways of working change. Links to all three predictions: adaptability is essential to the future of finance.

The future doesn't need to arrive before we start preparing for it.

Final thoughts

We don't know whether these predictions will come true. Some might turn out to be surprisingly accurate, while others might look completely ridiculous in a few decades' time.

What we can predict is that we'll 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?

Because while the technology of the future is impossible to predict, one thing is certain: it will become easier than ever to get left behind if we stop learning.

And while the opportunities are exciting, we also need to remember the risks. As technology becomes a bigger part of our working and personal lives, taking time away from screens and being mindful of how we use technology will become increasingly important.

Hackers will also become more sophisticated, and protecting data will remain a critical responsibility. Finance teams will need to protect their own data, as well as the information belonging to their clients and suppliers.

Ready to upskill?

There's no doubt that technology will continue to advance. Employers and professionals alike need to embrace continuous learning and stay up to date with new trends, technologies, and skills.

At Kaplan, we offer tuition for a wide range of accountancy qualifications, as well as the ACCA Finance Analyst (Level 3) apprenticeship, which can help develop data literacy skills.

If you're 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 can support and guide you on apprenticeships, recruitment, costs, and more.