New Changes in Accountancy - What Does this Mean for Businesses?

According to Sage's Practice of Now 2020 report, 82% of UK accountants believe customer expectations will increase in the coming years. Current customers are requesting extra services like advice on relevant finance and accounting technologies. 

This requires accountants to further their knowledge to retain and acquire new customers. You can also widen your skillset by earning an MSc Accountancy and Financial Management degree. Keep reading to discover the new changes in accountancy, their impact on businesses and how our programme can help you further your career. 

New Changes in Accountancy for 2023 

Automation and Artificial Intelligence 

You should expect to see more investment in automation and artificial technologies. Studies indicate that 86% of accounting tasks can be automated. This allows you to focus more on revenue-generating aspects of your role, increasing the business's profitability. Auditors will also benefit from using AI and automation technology in their work, as it helps them highlight risky transactions and improve their efficiency. 

Increased Focus on Analytics 

With automation taking over most accounting responsibilities, businesses will require their accounting teams to provide predictive analysis of future financial figures. This requires you to know the latest analytical tools, using them to provide the stakeholders with robust data on the organisation's financial health. Graduating with an MSc in Accounting and Financial Management degree positions you as a trusted business advisor, improving your prospects and salary. 

Blockchain 

Although the technology is attributed to cryptocurrencies, you should expect to see more of it in the future. The technology increases the accuracy and security of accounting records, protecting businesses from data breaches and fraud. It also allows multiple viewing of the records by authorised users, allowing you to identify suspicious activities. 

Why Study a Master’s in Accounting? 

Accountants fill vital roles within any business. The fact that the sector is ever-evolving means that a master’s degree is a great way of enhancing your employability in this ever-evolving sector. 

At the University of Bolton, our postgraduate student’s study in our £4 million Institute of Management building, where we offer specialist courses that meet employers’ needs.  

Course Highlights

- Most courses are accredited or endorsed by key professional bodies regulating the accounting, supply chain management and logistics industries. They include the Association of Chartered Certified Accountants (ACCA), the Chartered Institute of Purchasing and Supply (CIPS), and the Chartered Institute of Logistics and Transport (CILT), among others 

- All our tutors have advanced degrees or professional accountancy qualifications. Our small class sizes enable them to provide you with direct and personal guidance during your study 

- You will have the opportunity to learn different research tools and techniques, giving you the knowledge to undertake your dissertation and benefit your professional practice 

If you want to take the next step in your accounting and financial management career, view the full course details here. Come and see how we deliver a teaching-intensive, research-informed approach to giving our students the best postgraduate experience. 

You can also contact a faculty member at enquiries@boltonac.uk or call 01204 903807 for more information.