Digital transformation and accountants as advisors

Abstract

PurposeThe purpose of this study is to explore the role of accountants as advisors in professional services firms (PSFs), and it examines the impact of digital transformation on the work, knowledge and skills of accountants in their role as advisors in PSFs.Design/methodology/approachData were collected using semi-structured interviews predominantly with partners in Australian PSFs, including the Big4 and directors of professional accounting bodies.FindingsThe findings show that accountants as advisors fill a critical role in PSFs as they represent substantial human capital for such firms. Accountants as advisors are a valuable strategic resource because of their unique capabilities in combining generic human capital with digital human capital and social capital resources. Some differences between the Big4 and non-Big4 were found in terms of services offered that were attributable to the respective industry foci and resource availability.Practical implicationsThe findings have broader implications for both the accounting profession and the education sector in terms of providing a better, and more overt, understanding of what the future holds for the accounting profession and the relevant knowledge and skills required. Also, recruiters and managers at PSFs are likely to benefit from the findings.Originality/valueEvidence from PSFs provides insights into an evolutionary path for the accounting profession, and the knowledge and skills accountants need to work in that increasingly competitive domain, due to digital transformation.