By Jessica Salerno-Shumaker, OSCPA senior content manager
Professionals who continue to educate themselves in new technology will have an advantage as business competition grows fierce.
“Start asking questions, doing your research, and paying a little bit more attention to some of these technologies,” said Brandon Fredericks, CPA, principal at Apple Growth Partners
Fredericks said it’s common for people to brush off new technology, such as the metaverse, assuming it’s too “far-fetched” to realistically apply to businesses today. But he says the important part to focus on is how technology could advance and evolve and make a difference in your business.
He mentioned an old video clip from a morning show program where the news anchors joked about using email and doubted that the technology would ever grow. And while not every new technology will revolutionize the business environment the way email has, there are still valuable lessons and advantages to be learned.
The metaverse is an example of a technology that many people might not be familiar with but is an opportunity area for CPAs. The metaverse is a virtual-reality space where users can interact with a computer-generated environment and other users.
While some people might be wary of new technology, the transition is inevitable. Fredericks pointed to even how the CPA exam has evolved in how it weighs technology in the comprehensive knowledge a CPA should have.
“I don't think you should be scared about new technology; I would actually be excited about where the profession is going,” he said. “Because we get to have more complex conversations.”
The metaverse will most likely make more sense earlier for some spaces than others, Fredericks said, so if you have clients already inquiring about the metaverse it might be time to educate yourself. Ultimately, he said technology is an opportunity to strengthen the CPA reputation.
“We get to be what a lot of us in this industry strive for, which is truly that business advisor for our clients and for our firms,” he said. “This can really help move forward complex business matters.”