Robots and automation won’t be replacing CPAs any time soon—but they will continue to push you outside your comfort zone and challenge the ways you work.

We’ve been here before, whether it was the invention of the calculator, the spreadsheet, or Quickbooks and other accounting software. Throughout tech innovation, the CPA profession has continued to navigate change despite naysayers spelling doom. The difference is the speed in which these changes are happening, driving a critical era of reskilling for CPAs.

What is the difference between upskilling and reskilling?

While upskilling and reskilling are related, the two aren’t exactly the same.

According to the National Association of Accountants for Cooperatives, upskilling means building upon your current skill sets to become more knowledgeable and better skilled for your existing job. Reskilling, on the other hand, means developing skills to do new jobs.

Today’s rapid innovation is driving the need for both upskilling and reskilling across almost every job—especially for the modern CPA. AI and automation are creating new ways of doing your existing role. But as that technology advances and removes more menial tasks, it also frees up time to focus on new types of work, including more robust client advisory services.

What areas should I be reskilling?

The short answer: It depends. What are your career goals? What does your firm or company need? Do you plan to stay long term?

The longer answer: Every CPA, whether in public accounting or corporate finance, is now expected to have an increasingly growing, robust list of hard and soft skills, including flexibility, excellent communication skills and a general understanding of business. In addition to these basics, here are three key areas driving the need for reskilling.

#1 Tech Acumen & Innovation

There’s no way around it—the CPA profession is now a technology-driven field. You not only need to develop skills to use your existing tech solutions, but you also need to be willing to dive in, use the tech you have to its full potential and be willing to continue learning new technologies.

In some cases, you might also need to lead tech transformations within your organization. This requires skill in risk assessment and management, vendor relationship management, change management, project management and internal communications.

Firms themselves are also positioned to lead innovation within the field. The Big Four is already there; PwC has introduced Aura, its audit platform that promises to be the future of the audit delivered today. Their innovations will likely become the tools you’ll use in day-to-day operations tomorrow. Basically, if you can dream it, it’s probably already in the works.

Many small businesses are also starting to lean on their CPAs for guidance in the realm of tech. It’s likely you’ve already had conversations around accounting software (if you haven’t, why not?). CPAs are positioned to be strong advisors on tech solutions that can make their clients’ jobs—and their own—easier.

#2 Data Analytics & Storytelling

It’s predicted that in just a few short years the world will produce 463 exabytes of data daily (that’s 1 billion gigabytes).

But data is only worth something if you know what to do with it. AI and machine learning are fantastic for automating data collection, but the modern CPA must be able to take that data, accurately analyze it and understand how to present it in a way that makes sense to a client. This means not only vocal and written analysis, but providing visuals that aid in understanding and meet the client where they are.

This is especially important if the data is revealing important trends or revelations that require them to take action. Is the way you’re presenting the data not only easy enough for your audience to understand, but also easy enough for them to relay to others and garner stakeholder buy-in? 

Data analytics and storytelling is one of the biggest new roles of the CPA now and well into the future. If you don’t feel confident in these skills, it’s important to develop them now.

#3 Operations Consulting & Collaboration

A recent Forbes op-ed discussed the increasing connection between accounting and operations. Controllers and other accounting and finance professionals are being folded into the mix for day-to-day decision making, and this will only grow with AI boosting automations.

This means CPAs will need to develop a strong understanding of not only a client’s business, but also their industry in order to provide the best possible guidance. Some CPAs and small firms might even consider diving into an industry niche to better immerse themselves in a particular sector.

Collaboration skills will also be required to make this type of advisory role successful. It’s not just about going in and telling a client what to do or reviewing what you did for them; it’s also about being able to communicate with a variety of stakeholders and working together for effective decision making.

As a leader, should I upskill, reskill or hire?

The best leaders are going to do a mix of all three. But when it comes to determining if you should hire someone new to fill a skill gap, according to the IDC, data consistently shows that the best financial move is investing in existing employees.

Hiring is expensive, and growing talent pipeline issues also make upskilling and reskilling a desirable path forward. Take the time to identify your needs in alignment with your organization’s strategic goals and then identify opportunities for your current team. Every employee, including leadership, is going to benefit from ongoing education and a workplace culture that prioritizes continued professional development. Have open communication about emerging needs and new opportunities to explore reskilling opportunities and those who might have an interest in a larger role shift.

Hiring isn’t entirely off the table, but it’s important to make sure you know exactly what you need. Wait until you feel you have a secure understanding of what type of role is going to best meet your needs and the required skills to do so.

Interested in more curated content, exclusive resources, tailored CPE and a peer network dedicated to upskilling in technology? Enroll in the INCPAS Technology Member Section — find out more.