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Emerging Technologies in Accounting with Randy Johnston

Episode 10. In today’s interview, “Emerging Technologies in Accounting with Randy Johnston.”

Randolph P. (Randy) Johnston, MCS has been a top-rated speaker in the technology industry for over 40 years. Inducted into the Accounting Hall of Fame in 2011, Randy is listed as a Top 25 Thought Leader in Accounting from 2011-2021. His influence throughout the accounting profession is highlighted once again this year by being a recipient of the 2021 Accounting Today Top 100 Most Influential People in Accounting award for the eighteenth consecutive year.

Among his many other awards, he holds the honor of being one of nine technology stars in the U.S. by Accounting Technology Magazine. Randy writes a monthly column for The CPA Practice Advisor, features for the Journal of Accountancy, and creates articles for both accounting and technology publications, as well as being the author of numerous books. He has started and owns multiple businesses, including K2 Enterprises in Hammond, Louisiana, and Network Management Group, Inc. in Hutchinson, Kansas. NMGI has supported CPA firms for 30+ years and is the largest managed service provider serving the CPA profession in North America.

Key takeaways from this episode include:

➯ what’s happening with emerging technologies like robotic process automation, artificial intelligence and machine learning in accountancy

➯ the kind of jobs, tasks or roles accountants have traditionally done that technology and automation will make redundant

➯ whether the accountant and CPA as we know them will ever become extinct because of technology or actually make them more effective

➯ how accounting firms are using data technologies such as predictive analytics to assess how people will act and buy, and to forecast the future

➯ the place of assistive technologies like voice, bio and visual recognition in accounting services

➯ how language barriers can assist accountants with international business using accurate simultaneous translation

➯ how pre-accounting and post-accounting tools are affecting the profession in coming years

➯ the role of high performance communication and cell phone technologies like 5G, Wi-Fi 6E and satellite for accountancy practices and fintech providers

➯ whether the changes in technology are making life easier for accountants or requiring them to be more techy and geeky

➯ the role of digital plumbers in connecting the various technologies and systems for accountants and their business clients

➯ the accounting software and technology products and areas that have not evolved as quickly as they should have

➯ what has held some technologies back in accounting firms, particularly in the areas of workflow and compliance

➯ What should be the hiring policy for accounting firms that want to grow, and how to lower the churn rate in professional practices

➯ the difference between flyers and eagles in accounting firm recruitment and retention

➯ the importance for accountancy practices of diversifying their hiring policies beyond certifications and qualifications

➯ what needs to be done in the area of CPE or Continuing Professional Education for better learning and upskilling of accountants and CPAs     

➯ the importance of continuous learning, skills development and acquiring commercial acumen for accounting professionals

➯ addressing the vendor agenda – why most sellers of software and technology are not independent or objective in selling their products to accounting practices

➯ what goes wrong when accountancy firms waste huge money on software that is not fit for purpose

➯ crystal ball – what is key for accounting firms or the profession generally in the next few years

Contact Randy here:

randy@k2e.com or randyj@nmgi.com

Websites www.randyjohnston.com

www.technologybestpractices.com

www.nmgi.com

www.k2e.com

Or on social media

https://www.linkedin.com/in/rpjohnston/

https://www.facebook.com/RPJohnston

https://www.instagram.com/rpjohnston/

NOTE TO LISTENERS:

The Accounting Influencers Podcast is a daily show with four segments coming out every Monday Martin which are repeated on the other 4 weekdays as standalone episodes, plus a bitesize highlights digest or bonus episode on Saturdays . On Sundays, listeners get a 2 min trailer for the coming week’s episodes.

Every Tuesday the show gives you a relevant news topic from the accounting and fintech world with a direct application to accountants, CPAs and bookkeepers. Great to stay informed and build your commercial acumen.

Every Wednesday and Friday, we feature an uncut interview with top authors, leaders, thinkers and performers in the accounting and fintech world.

Every Thursday the show gives you a practical ‘here’s what works’ tips concerning a key challenge, need or strategy for accountants, CPAs and bookkeepers. Great to stay current and keep your skills topped up.

Finally, every Saturday gives listeners a bonus episode which focuses on the buyers of accounting services – the clients themselves. In particular how they feel, react to and experience their interactions with accountants. That includes why they buy or don’t buy, why they move or stay and why they think how they think about you, your firm, your prices and your offerings.

Martin and Rob love to hear from the show’s 18000+ unique listeners in 144 countries around the world. If you like the show, leave a review wherever you listen, and please recommend the show to your friends and colleagues.