Advances in processing power, bandwidth, storage space and search capabilities mean that collaboration and interactivity will come to define the accounting profession going forward, according to L. Gary Boomer, visionary and strategist of Boomer Consulting — and the Metaverse will be key.
Very broadly, the term “Metaverse” refers to the ecosystem of digital environments within virtual reality and augmented reality, as well as where they intersect with the physical world. While the precise definition is hard to pin down, it generally emphasizes collaborative conversations and digitally enabled human interactions. Boomer noted that the mass migration to remote work represented the profession’s first toe-dip into the idea.
“I think of the Metaverse when we talk about the remote workforce and how you manage a hybrid workforce in the future. You know there’s a lot of tools tied to that,” he said. “Firms really advanced at least five years overnight with the pandemic, and some were prepared because they were testing and trying already, and others were procrastinating and the fear of the unknown kept them from experimenting. So some of them had to learn and it was pretty difficult, but many were prepared for a virtual environment and they’re finding out it pays big dividends.”
There have already been major investments in this area, and Boomer expects this to continue in the future. Accounting firms who prepared for this moment could have an impact akin to being the first ones on Zoom or Teams but in a whole new space. Because the idea of the Metaverse is so new, there are many ideas still in place that early adopters can capitalize on.
One of the biggest advantages for early movers will be the increased access to talent in the global workforce. Once again, firms are already seeing the beginning of this as remote work has taught them their recruiting efforts need not stop at their backyards. As the Metaverse comes into maturity, Boomer predicted that the ability of firms to look globally for the best talent will increase. He recalled a quote from Bill Joy, founder of Sun Microsystems: “‘Even though you have smart employees, the smartest employees around the globe are employed by someone else.’ So, having access to collaboration and a global workforce certainly is going to prove advantageous. We’re already seeing outsourcing at the highest it’s ever been since 2004, 2005, when there was a lot of press about it,” Boomer said.
This will especially be the case as the profession furthers its digital transformation. While many recognize the importance of automation, data analytics and other evolutions to traditional practice, not everyone will have access to enough local talent to successfully implement them.
And that’s assuming they even have an inclination to do so: Boomer lamented that many firms have a culture that will prevent them from capitalizing on these changes. Firms need to understand that this isn’t about offering traditional services in new ways. It’s about complete business transformation.
“There’s a lot of people, including myself, talking about it, and that is really based on skill set, toolsets and mindsets. You’re seeing many skills become obsolete, but if you don’t have the mindset to update your skills and be a continuous lifelong learner, then that can be a challenge,” he said.
Some of this is because people don’t like giving up control, but other times it’s because of real anxiety over what a shift represents for the profession as a whole. Boomer, though, said people shouldn’t necessarily worry about that because the profession has gone through many such shifts in the past.
“We’ve seen it happen before in the profession: People are worried about their job going away. The jobs won’t go away, but [accountants] will have a different job and need to learn something new,” he said.
This story is part of a new Accounting Today series called “
As the global economy becomes increasingly technology-driven, so too has the accounting profession. Long gone are the days of hand-cranked adding machines and paper spreadsheets filled out in pen. In their place is a technological era where even the most routine office functions are now handled by sophisticated computer programs. In this world, things that may once have seemed the stuff of science fiction are now mundane, bound so tightly with everyday life they’re hardly noticed at all.
But what lies beyond that? What are the limits of what we can achieve right now, and what still lies just beyond our grasp? And how will the profession be affected once they’re within reach? These are the questions we aim to explore in the Frontier, a new regular series where we explore the cutting edge of accounting technology through conversations with thought leaders across the country, who will share with us their observations, hopes, concerns and even a few predictions here and there.
We’ll see you at the Frontier.
