Reflections and predictions for 2024

Sarah Beale, CEO, Association of Accounting Technicians (AAT)

Not only in 2023, but over the last few years, there has been significant change both in the wider world of work and the accountancy profession.

It Is a complex set of challenges; financially, an ongoing cost of living crisis and rising inflation impacting both individuals and businesses alike; socially, to secure the environmental and social changes the world needs; and professionally, to build an attractive sector, trusted and valued by the public and governments. Now, more than ever, is the time to focus on just how critical the accountancy profession is to ensure that companies of all sizes not only survive, but thrive, in the new world.

Global events, as we know, can turn things upside down and force businesses to adapt quickly. While daunting, it can be a great opportunity to accelerate positive change and ensure that everyone in the profession – whether starting out in their careers, seeking a change of direction or wanting to build on their existing knowledge – has the ability and experience to adapt and provide the vital, real-world skills to support any business.

To help our whole community, at the start of 2023 we published our new strategic plan to 2030. Securing Future Relevance focuses on three core principles: Keeping the profession relevant; Driving up professional standards; and Building responsible business. We have four key approaches to achieving these goals – putting our community at the centre of decision-making, developing and growing effective partnerships, applying a digital first approach and sharing evidence-based decisions with the profession.

Even in our foundation year we have started to deliver, such as through the development of our action groups for students, employers and training providers, allowing them to share their views on how AAT can best support them. Our fully digital student conference, accelerAATe, has become a fixture of the AAT calendar and led to us winning the Best Event on a Shoestring trophy at the MemCom Awards recently. We have also massively increased our range of CPD events and masterclasses.

We have seen our professional membership grow by 3% and applications to be an AAT-licensed member or bookkeeper rise by 9%. We have also had the highest level of membership satisfaction and administered 192,000 computer-based assessments.

We will continue to promote the commitment to high standards of professionalism amongst our members and support the government’s drive to reduce economic crime through our role as a supervisory body for anti-money laundering purposes, including our calls for an ‘OPBAS+’ amid plans for reform in this area. We will continue to promote our ongoing Accountable campaign, aiming to further raise standards by mandating anyone offering paid-for tax advice to be registered with a professional body.

Diversity and inclusion remain at the heart of AAT’s mission. Having smashed the target of 45% females in senior management early, we continue to drive for improved numbers of ethnic minority colleagues holding senior positions, and to increase our Employers Network for Equality and Inclusion benchmark score. And, as a member of the Net Zero Now initiative, we will continue to work towards long-term sustainability goals.

In the future, inclusivity and diversity will continue to be key. Gen-Z will account for more than a quarter of the workforce by 2025 according to the World Economic Forum. They want to make an impact and they increasingly value social responsibility and ethical business practices. The profession has to ensure it is appealing to the next generation and that comes down to talking in ways that resonate with them and making clear the value we bring.

Tech is going to continue to dominate. AI is here to stay and is already having a significant impact across many industries. Reports suggest that AI in the accountancy profession will grow 30% year on year in the next four or five years. Through research, upskilling and CPD we will ensure our professionals are ahead of the game and equipped with the skills to take on modern challenges and provide modern solutions.

In 2024, we will look to further implement our strategy as the role of accounting technicians continues to broaden across the globe. To achieve this, we will support our members and students to embrace innovation, benefit from relevant, high-quality practical qualifications, attract a wider talent pool by making the profession more accessible, and raise professional standards, which builds trust and global recognition of the importance of accounting technicians. These goals are ambitious, but essential if we are to protect and enhance the value of accounting technicians in the UK and around the world.

I am confident we can ensure AAT members and students are real-world ready so they can build rewarding, thriving careers in the accountancy sector, helping the UK and global economy grow stronger. It is an exciting time to be part of this profession and, although there will be challenges along the way, I look forward to seeing the impact of our evolving profession.