04 Aug ASK AN ACCOUNTING FUTURIST: WHAT FUTURE TRENDS AND INNOVATIONS ARE ACCOUNTANTS WATCHING?
Companies look to accounting futurists and future of accountants keynote speakers for advice on a host of topics. That may include everything from leadership and change management to new technology trends and business innovations. But what do lay observers need to know about the types of live and virtual speaking presentations they give… and types of work they do? As accounting futurists and keynote speakers, we figured we’d start with the basics and expand in future posts. For now, let’s cover several of the most common forms of accounting that find their way into these talks and programs:
- Financial accounting – Produces financial statements based on generally accepted accounting principles (GAAP) to provide information to external stakeholders like investors and creditors. The practice includes things like the balance sheet, income statement, and cash flow statement.
- Managerial accounting – Focuses on internal accounting needs for budgeting, performance evaluation, and decision making. Per accounting futurists, managerial reports use different rules than external financial reports.
- Tax accounting – Specialized accounting for tax purposes, including preparing tax returns and ensuring compliance with tax laws and regulations.
- Forensic accounting – Investigative accounting that gathers financial evidence and performs analyses for legal review, including cases of fraud.
- Auditing – Examines and verifies the accuracy and validity of a company’s financial statements and records. Public accounting firms typically perform external audits – and, as accounting futurists and keynote speaking pros tell us, they’ve been in the news a lot lately.
- Budgeting – Develops budgets and financial plans for controlling costs and Cashflow. Budgets set targets for revenues and expenses.
- Cost accounting – Focuses on measuring and recording manufacturing costs like materials, labor, and overhead. This helps optimize production processes.
- Project accounting – Tracks costs, resources, and milestones for projects, especially long-term or complex projects.
- Environmental accounting – Analyzes environmental costs, liabilities, and risks that affect financial statements.
Per top accounting futurists, the specific accounting needs of an organization determine what forms of accounting are used. But these are some of the most common types across all industries and sectors.