Adapting to the Rapid IT Advancement in the Tax Profession - Essay Sample

Introduction

Constant and rapid innovations in areas such as Information and Communication Technology (ICT) continue to impact human life in present-day society. Besides ICT inventions, the continuous advancement of computer technology has altered performance in various professional fields (Drew & Tysiac, 2020). Given the evolution of IT in the modern-day workplace, emerging technologies are likely to affect my practice as a tax professional significantly, hence the need to adapt to the changes.

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The emerging technologies and dependence on computers will enhance predictability. It will become possible for accountants to offer better services to businesses and clients across the world (Drew & Tysiac, 2019). More accurate predictions will enable me to guide clients to make well-informed business decisions (Kontaridis et al., 2019). Technology will increase my dependability as a professional service provider. Hence, my capacity to meet client needs will improve significantly.

The adoption of emerging technologies will enable me to save time used to carry out various duties in the workplace. For instance, a shift such as digitalization will signify reduced dependence on manual systems and a lot of paperwork (KPMG, 2020). Hence, it will become possible to perform duties such as gathering data and analysis through advanced software systems.

Another aspect in which emerging technologies can help in service delivery is presentations. Some tax concepts are complex for clients to follow, process, and interpret. However, with the use of technology, I can rely on modernized visualization apps and gadgets to relay information about the tax data (Gold, 2020). Therefore, clients can understand what is expected of them and adhere to tax laws since they will be easy to comprehend.

Overall, the changes in IT will transform accounting office operations and compel professionals to adapt. One of the ways that I can use to improve adaptability is taking refresher courses and attending conferences on emerging technologies. Therefore, staying informed and updated about shifts in IT will enable me to serve my clients and organization throughout the developments.

References

Drew, J., & Tysiac, K. (2020). 2020s vision: Tech transformation on tap. Journal of Accountancy. Retrieved from https://www.journalofaccountancy.com/issues/2020/jan/accounting-technology-transformation.html

Drew, J., & Tysiac, K. (2019). What to expect in 2020. Journal of Accountancy. Retrieved https://www.journalofaccountancy.com/issues/2019/dec/cpa-accounting-issues-for-2020.html

Gold, A. (2020). The state tax function and emerging technologies. Retrieved from https://www2.deloitte.com/us/en/pages/tax/articles/the-state-tax-function-and-emerging-technologies.html

Kontaridis, C., Nadel, M., & Hsieh, N. (2019). A tax technology strategy and tax professional upskilling are critical to leveraging emerging technologies. Retrieved from https://usblogs.pwc.com/industrialinsights/2019/11/12/a-tax-technology-strategy-and-tax-professional-upskilling-are-critical-to-leveraging-emerging-technologies/

KPMG. (2020). Transforming the tax function through technology. Retrieved from https://home.kpmg/xx/en/home/insights/2018/04/transforming-the-tax-function-through-technology.html