The Future of Accounting in Hong Kong: What to Expect in the Next Decade

Accounting has been around for centuries, and it keeps evolving. From the days of rows of clerks with abacuses to today’s reliance on software and the internet, the profession has always adapted to the times.

Now, in 2025, a new wave of technology is reshaping accounting once again, bringing both exciting opportunities and fresh challenges.

It’s never been easier to streamline and automate your business’ financial operations, but what impact does this have on an accountant’s abilities? The rise in AI cannot be ignored, with many platforms now capable of strategic financial thinking. But where does that leave job security and the future of accountancy?

In Hong Kong, with its tech-savvy population and high-quality infrastructure, these changes are likely to be particularly profound. 

In this article, we’ll explore the key accounting trends shaping the next decade.

We’ll look at the technological, social, and environmental forces redefining the profession, and what they mean for accountants and the industry as a whole.

You’ll also discover practical ways accountants can adapt, stay relevant, and continue driving business success and growth.

Hong Kong’s digital shift and the role of technology in accounting

Hong Kong has long been a global leader in technology. Innovators from around the world come here to tap into its infrastructure and expertise. But even in a city this advanced, technology keeps evolving, and businesses and residents alike need to adapt to new ways of working and living.

Take iAM Smart, for example. Set up by the Hong Kong government in 2020, it’s a mobile app that provides all Hong Kong residents with a one-stop platform for all forms of digital identification and authorisation. While it is considered to be a form of digital ID, it’s currently voluntary to sign up for. It’s designed to house and streamline users’ online and transactional activities, removing the need to remember countless logins and authentication processes.

Housed within the iAM Smart platform, you’ll also find the eTax service. Through this service, Hong Kong residents are able to access everything they need to know about tax obligations. For accountants who work on behalf of businesses, it acts as an all-in-one hub for them to complete all relevant tax duties for their clients. 

It’s packed with guides and calculation tools, making an accountant’s job much easier, and will likely play a huge role in the future of the accounting profession.

How AI and automation are reshaping local practices

If we’re talking about accounting trends and advancements in technology, it would be impossible to go on without mentioning AI The rate of expansion and refinement is exceptional, and it’s finding its way into all employment sectors and fields, including accounting.

One of the biggest areas iis the development of Optical Character Recognition (OCR). This tech tool turns digital print text (or even handwritten text) into something that computers can read, interpret, and use. 

For accountants used to dealing with piles of bank statements, transaction records, invoices, and other financial documents, this is a game changer. 

Traditionally, all that data had to be reviewed and entered manually, often into a spreadsheet. Now, technology is transforming that process, saving time and reducing errors.

With OCR, you can locate and extract this financial data from scanned or uploaded images, before transferring it to where it needs to go. With this technology, you can expect to see the level of data errors drop drastically, as there is little to no manual entry involved. It also makes things much quicker and more efficient in general.

There’s also been a dramatic change in the way invoicing is completed. Many platforms, including QuickBooks, offer automated e-invoicing services that remove the hassle of customer payments for many businesses. This is particularly beneficial for large-scale Hong Kong businesses that have hundreds of invoices to handle on a daily basis.

With e-invoicing and automated financial management services becoming so prevalent, there’s far less risk of missed payment or manual input errors becoming a major issue. 

Cloud-based accounting: A growing norm for Hong Kong SMEs

Another major accounting trend is the use of cloud-based accounting. According to RackSpace, 84% of Hong Kong companies use cloud services in some capacity, with that figure expected to grow.

There are many advantages to this way of working. It saves money on IT infrastructure, and the security for cloud-based servers is far superior to local ones. The most common reason cited for using cloud technology is as a database, though when it comes to accountancy, it offers much more than that.

Through QuickBooks, businesses can conduct the entirety of their financial operations within the cloud environment. Features such as real-time auditing, multi-user collaboration, and in-depth account reporting are great for finance teams, and there’s no risk of data being lost or compromised.

It makes sense that so many businesses are switching to this way of working. The future of the accounting professional will involve high levels of automation, leaving them free to work on other areas of the business.

Redefining the accountant’s role in Hong Kong

An accountant’s role has often been seen as a very clinical one. Their responsibility is to make sure that a business remains on a sound financial footing through solving discrepancies, taking care of tax obligations, and analysing reports.

But as technology continues to evolve, so too does the accountant’s role. They’re now expected to use their financial knowledge in different, and often more creative, ways. Tasks like tax planning and budget strategising are often required, and with businesses becoming more global, in future they will likely have to understand complex international compliance.

Let’s take a look at these in a little more detail:

From audit to advisory: Meeting client expectations

Businesses want the accountants they work with to do more than just manage the numbers. Accountants are now expected to offer advice on a business’ financial health and outlook. 

This means that accountants are having to develop a broader base of knowledge, making the transition from accountants to consultants in areas such as expansion, logistics, or green initiatives. 

It speaks to the trust businesses place in their accountants. But it also highlights a shift, as accountants will need to build skills across a broader range of areas than ever before.

Must-have skills for future Hong Kong accountants

With the digital landscape constantly evolving, employees across all sectors are having to adapt the ways they work and learn new skills in order to keep up. And Hong Kong accountants aren’t free from this expectation.

Some of the key skills that accountants will require now and into the future include:

• Emerging tech knowledge: It feels like there’s a new tech platform or tool popping up every week. Some technologies, like blockchain, AI, and cloud-based platforms, are here to stay and will shape the future of accounting. For emerging accountants, now’s the time to build those skills and stay ahead of the curve.
• Business analysis and reporting (BAR): Accountants are expected to have a broad knowledge of a business as a whole, rather than just the financial side of things. In fact, the CPA exam now includes a section dedicated to this area of knowledge.
• IFRS knowledge: As an accountant, you’ll need a thorough knowledge of the International Financial Reporting Standards (IFRS). But Hong Kong accountants also need to be aware of the minor difference between these standards and the Hong Kong Financial Reporting Standards (HKFRS).
• Fluency in Putonghua: Hong Kong accountants are expected to be bilingual, as there will certainly be consistent exchanges with both English and Chinese speakers.
• Cross-border tax expertise: Many businesses, even SMEs, have some form of cross-border commerce. This is especially true for Hong Kong businesses, who are likely to provide services to companies all around the world. So, having an in-depth knowledge of international tax obligations is essential.

Gen Z and the new accounting workforce in Hong Kong

Time waits for no one. And now that we’ve reached 2025, it’s fast becoming time for Gen Z to step up and become the future of accountancy. But as with all previous generations, Gen Z workers have certain expectations, strengths, and weaknesses that businesses are going to need to pay attention to if they want to attract the best talent.

For example, an accounting firm in the UK recently announced that they’re planning to give their young workers lessons on how to talk on the phone, as this is an skill that Gen Z seems to have less experience with.

They’re also far more likely to expect hybrid work. This is due to the fact that they were entering the workforce when the COVID-19 pandemic hit, so it’s likely all they’ve ever known.

Recruiting and retaining young talent in the SAR

To make sure they are recruiting and retaining the best young talent, businesses within the Special Administrative Region (SAR) are having to offer things that they perhaps wouldn’t have in the past.

Gen Z workers have grown up with technology, so Hong Kong businesses will need to make sure that their tech platforms measure up to their expectations. With Hong Kong already leading the way in this regard, it’s likely that Gen Z workers based in the SAR are likely to be some of the most tech-savvy individuals in the world.

This younger generation also often see their job as more than just a means to make money. They want to be doing something that’s fulfilling, so mentorship programs are often a great way to combat this.

And finally, they’re a mix between ambitious and impatient. According to a recent survey, it’s estimated that up to 70% of Gen Z workers expect to receive a promotion within 18 months of starting their role. So businesses will need to make sure they develop clear road maps to progression for all their young workers.

ESG reporting: Pressure from regulators and investors

A final, relatively new trend that will continue to become more prominent in the future of accounting is environmental, social, and governance reporting (ESG). It’s becoming more important than ever for businesses to hit certain ethical expectations across these three areas, with customers and investors often basing their buying decisions on these reports.

The demand for this data is enormous, with up to 64% of consumers believing investors should put more pressure on businesses to be transparent about their practices.

While much of the data required for these metrics is non-financial, ESG accounting is on the rise. This involves accountancy firms examining indicators on things such as carbon emissions, diversity, supply chain logistics, and political contributions. 

A business needs to score highly across all areas to remain an attractive proposition for investors and customers who wish to interact with ethical companies.

Conclusion: Adaptation is the future of accounting in Hong Kong

The pace of change, whether it’s technology, customer expectations, or regulations, can feel overwhelming. Just when you’ve adjusted to one shift, something new comes along.

That’s why businesses need to stay proactive and flexible. The more you can move with the times, the better positioned you are to thrive.

For the future of accountancy, it’s all about embracing the change. Each new initiative or piece of technology represents a new challenge, and the best accountants are those who can adapt and overcome.