~UPD~ Answers Key Payroll Accounting Project Chapter 7.zip

The potential size, scope and complexity of the projects accountants will work on has also increased in recent years. The ERP market alone is expected to exceed $2.5 trillion in 2019. While a large number of these ERP projects are internal, the workload of many accountants has risen to include project-based consulting. In addition, emerging technologies such as cloud computing, blockchain and AI are impacting all aspects of the accounting industry and will require accountants to apply their skills to new areas such as the legal, financial and strategic services offered by these technologies.

The rise of artificial intelligence and automation also creates more opportunity for accountants to apply their analytical and advisory skills to a broader set of clients. Some clients will use AI to take the place of accountants, but others will prefer to retain or even increase the role of accountants. Companies will need a mix of strategic and transactional accountants to support AI-based solutions.

Accountants will also face increased pressure to become more efficient and effective in their advisory and business services roles. The need to provide clients with more value for less cost is expected to be especially pronounced for low-cost firms, such as start-ups, smaller businesses and firms in developing countries. This will require accountants to spend more time managing client relationships and providing advisory services to support the needs of these businesses.

The accounting profession has also made significant strides in recent years to address technology's impact on the profession. The introduction of integrated software suites that provide a single set of tools for all of an organization's activities is one response to the rapid pace of change.

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