by Ray Hayes

As the American population continues to grow and diversify so will many of its occupations. Those fields that were once lacking minorities are slowing changing with increasingly young, tech savvy and high educated people of color joining the ranks. One of the industries I am speaking of is the accounting field which according to many reports and trends, will be more diverse than predecessors. One of the many reasons tech savvy minorities are becoming accountants include the belief that new technology within the industry allows them to excel. Business.com pointed out that, “Cloud-based advances in accounting technology have been quietly reshaping the industry and creating new opportunities for the next generation of accountants.”   

Small and mid-size firms have begun to take advantage of the new trends and have started to create new opportunities to hire top tech talent. But many fail at realize that the top talent is usually attracted to the firms with the latest digital infrastructure. Therefore, “By switching to the cloud, small to mid-sized accounting firms have the opportunity to lead the way when it comes to demonstrating successful best practices regarding diversity in technology-driven industries,” as indicated by the report from Business.com.

With the advancement of cloud based technology, the role of accountants are evolving and expanding. Accountants no longer simply file taxes or pay bills, but instead they are becoming financial advisors and virtual CFOs for clients who provide insight and strategic advice based on a “360 view of their clients’ finances.” Many reports have concluded that, “This gives smaller firms an edge over their larger competitors when it comes to recruiting the best minority talent, provided they can equip these incoming CPAs with the digital infrastructure they need to succeed. Firms that don’t make that transition are already suffering from decreased employee engagement, a trend that will continue as more of their competitors make the transition to the cloud.”