Sarbanes Oxley, United States, Accountant discussed on Go Beyond Disruption
Our clients oser books faster and more accurately, and what I love about our company in particular is I love accounts, we have quite a few accounts, fire them across our entire company. And so of the hundreds of employees, we have actually about a quarter of them are CPA's, and we literally have CPI within every department afloat ASA, something I'm very proud of on being able to solve a problem that I experienced personally being. Able to solve it with other very passionate gone to understand the problem get better, and you've through that journey realized some interesting and valuable insights, not only about the technical side, what it means to be a modern accountant to to make that valuable into the future. But also how to hire people that can be part of that journey, and you did say that, you know, folks on helping companies and their accountant deal with the challenges of that month and process new also talking about something, which is fairly US specific than you, revenue recognition standard. Now you join you'll previous company under the old standard, and the transition that the company went through showed you that the new revenue recognition standard Reverend could actually be quite significant opportunity for the accounting profession. This may not be something that will. Will strike familiar called with our international listeners. So give me some context here. What before we talk about the tech, and what you learned about hiring effectively for future resilience? What does all of this main for someone who's not a US-based, accounting professional? Why is this still so important? It's important. I would say for two perspective. So the first is anytime new legislations passed or rules are changed is going to be really good for the accounting industry as a whole so within within private accounting departments. If we want to refer back to the Sarbanes Oxley days Sarbanes Oxley required an entire shift in our you worked on a date at this is how we documented not work and as such required. More more people within your arms ability that work done. And so it created more jobs within the Ribot accounting space. And then when you look at the public meeting the audit side of shop it also created many. Jobs for auditors on because you suddenly had to financial statement nodded Johnson with. And so just more people necessary to get that work done was obviously good for the the profession as a whole. And then what we saw from that was than those pain points recognized and new software vendors able up and start to solve some of those eight points and make it better, which is creates new new windfall around the software space. And so that's that's number one is just how any change in legislation or rules is good for the accounting world because it does create more work, and as such more jobs. Second is what's interesting is it gives the people doing out work in opportunity to specialize your skill sets or identify new areas where they should give better. And the the big one were saying does relate to attack as you as you mentioned. And where I think the future of accounting is going where the most valuable skill sets are going to be is one in understanding in being able to the new guidance like this. Revenue recognition standard ASU six. Oh, six. I'm more like Sarbanes Oxley, then be able to take that knowledge. Apply to the technology. That's being used L as problems. And so the future of accounting is in my opinion, someone who understands guidance and all the rules, and is able to have the technical chops in knowledge while to I that with our. And all of these things have from what I've seen internally. We we work with many companies that are based in the US, but have international operations and because of that this requirement to adhere to a ac- six. Oh, six the new Reverend standard or a US based company that has internationals city Aries requirement is made of internationals series as well. So in turn that is creating north more wargin. More jobs. So you could argue that anytime the US changes a ruler regulation actually does have a ripple impact throughout the rest of the world..