L.Gary Boomer expects that Metaverse will enhance cooperation for accountants

Advances in processing power, bandwidth, storage space and search capabilities mean collaboration and interaction will define the accounting profession in the future, according to analyst and strategist L. Gary Boomer of Boomer Consulting — and the metaverse will be key.

Very broadly, the term “metaverse” refers to the ecosystem of digital environments within virtual and augmented reality, as well as their intersection with the physical world. Although the exact definition is difficult to define, it generally focuses on collaborative conversations and digital human interactions. Bomer noted that the mass migration to remote work represented the profession’s first dive into the idea.

“I think of the metaverse when we talk about remote workforces and how they run a mixed workforce of the future. You know there are a lot of tools around that,” he said. “Companies have really moved forward at least five years overnight with the pandemic, some of which have been Prepared because they were already experimenting and trying, others were procrastinating and fear of the unknown prevented them from experimenting. So some of them had to learn and it was really hard, but a lot of them were ready for a virtual environment and found it paid off.

There have already been significant investments in this area, and Bomer expects this to continue into the future. Accounting firms that have prepared for this moment can have a similar impact as being first on Zoom or Teams but in an entirely new space. Since the idea of ​​the metaverse is so new, there are still many ideas in place that early adopters can benefit from.

One of the biggest benefits for leaders will be increased access to talent in the global workforce. Once again, companies are already beginning to see the beginnings of this, as remote work has taught them that recruiting efforts don’t have to stop at home. As the metaverse matures, Boomer predicted that companies’ ability to source the best talent globally would increase. He cited a quote from Bill Joy, founder of Sun Microsystems: “Even if you have the smartest employees, the smartest employees in the world are being hired by someone else.” Therefore, access to global collaboration and workforce will certainly be beneficial. “We’re already seeing the highest levels of outsourcing since 2004, 2005, when there was a lot of press about it,” Bomer said.

This will be the case even more as the profession continues its digital transformation. While many recognize the importance of automation, data analytics, and other shifts in traditional practices, not everyone will have access to enough local talent to implement them successfully.

And that’s assuming they have a tendency to do so: Bomer lamented that many companies have a culture that prevents them from taking advantage of these changes. Companies need to understand that it is not about providing traditional services in new ways. It is a complete transformation of the company.

“There are a lot of people, myself included, talking about it, and it’s really skill-based and tool-based and mindset. You see that many skills are outdated, but if you don’t have the mindset to update your skills and are a constant learner, it can be a challenge,” He said.

This is partly because people don’t like giving up control, but other times it’s because of genuine concern about what the change means for the profession as a whole. However, Bomer said people shouldn’t necessarily care because the profession has seen many of these changes in the past.

We’ve seen this happen before in the profession: people worry about their jobs disappearing. Jobs won’t go away, but [accountants] He will have a different job and he will have to learn something new.”

This story is part of a new accounting series called “The Frontier”.

As the global economy becomes increasingly technology-driven, so does the accounting profession. The days of hand-held calculators and spreadsheets filled with a pen are long gone. Their place is a technological age where the most routine office jobs are now handled by sophisticated computer software. In this world, things that once seemed like science fiction are now commonplace, so intertwined with everyday life that they are barely noticed.

But what is beyond that? What are the limits of what we can achieve now, and what is out of reach? And how will the profession be affected once it comes in handy? These are the questions we aim to explore at Frontier, a new regular series where we explore the latest accounting technologies through conversations with thought leaders across the country, who will share with us their observations, hopes, concerns, and even some expectations. Here and there.

We’ll see you at the border.

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