The Future of Accounting: Trends to Watch

If you’re on the front lines of accounting in Malaysia, you can probably feel change in the air. The industry is rapidly evolving. New technologies are on the rise, and new vocabulary is cropping up to talk about those technologies. The future of accounting looks bright, but, to some, unrecognisable.

Technology is shifting the everyday roles of accountants worldwide. Automation is increasingly handling the bulk of repetitive tasks, leaving space for accountants to specialise in more strategic roles.

Technology is the biggest driver of change in accounting. As Malaysia’s economy digitalises, so will its industries. The digital economy makes up roughly 25% of Malaysia’s total GDP in 2025, and that’s expected to grow significantly.

So, how will accountants keep up? What factors are driving this change? How can you prepare your team and future-proof your firm so that you thrive in the future of accounting?

QuickBooks is at the forefront of accounting technology, and we’re well placed to bring you expert insights on the future of accounting. Here are some of the top trends to watch in 2025.

The impact of automation and AI on accounting jobs

If you’re searching for information on the future of accounting jobs, the first thing on your mind is probably AI. And for good reason, AI is perhaps the biggest driver of change since the steam engine.

For some, that’s a worry, for others, an opportunity. But what’s clear is that AI can’t be ignored.

Let’s see how AI and automation technology are changing the way accountants work in Malaysia:

• Bookkeeping and data entry: This is one of the most visible areas of impact. AI-powered tools, like optical character recognition (OCR) and AI-assisted bookkeeping software, are increasingly handling routine data entry tasks. Such tools can automatically extract, categorise, and even reconcile, financial data at lightning speeds. Platforms, like QuickBooks, now offer smart features that reduce human error and improve efficiency, significantly cutting down the time needed for routine tasks.
• Robotic Process Automation (RPA): Some larger Malaysian firms are even using AI to automate high-volume, repetitive tasks. In 2025, tasks like invoice processing, payroll calculations, and tax compliance reporting are all being automated. 

These technologies come with implications. Junior roles, that mostly rely on manual data entry, may be at risk of being phased out.

However, AI is also heralding never-before-seen opportunities, especially in areas like data analytics and fintech advisory. Accountants are increasingly expected to possess tech-savvy skills, including familiarity with cloud-based platforms and data visualisation tools. 

What’s more, the government is behind you. In Malaysia, initiatives, like the Digital Economy Blueprint (MyDIGITAL), are actively encouraging digitalisation. 

The future of accounting lies in evolving beyond traditional bookkeeping to become strategic business advisors who can interpret data and offer unparalleled levels of real-time insight.

Emerging business models in accounting

Technology is clearly changing the way accountants carry out their day-to-day tasks, and it’s also changing the way firms offer services more broadly. 

The truth is, traditional accounting business models are increasingly uncompetitive, and in 2025, clients want more flexible, technology-driven approaches. 

That’s where three major shifts are gathering momentum:

• Cloud-based accounting: Today, around 60% of Malaysian accountants are using cloud-based platforms like QuickBooks. These tools allow real-time access to financial data, enabling firms and clients to collaborate seamlessly from just about anywhere. They’re particularly useful for smaller firms, too, as they can cut costs and improve security.
• Subscription-based pricing models: Say goodbye to traditional hourly billing, it’s subscription models’ time to shine. For clients, these models mean greater transparency and predictability. For firms, it encourages long-term relationships and steady revenue streams. In particular, tiered packages are increasingly common.
• Client Accounting Services (CAS): Instead of focusing solely on compliance and reporting, CAS involves offering end-to-end financial management. That would include things like budgeting and cash flow forecasting. Essentially, for clients, it means strategic support without the cost of full-time finance teams.

These three emerging business models help strengthen client relationships. They position accountants as proactive partners, not just reactive service providers. 

As these models, and the digital economy at large, evolve, we expect accountants to be able to deliver higher-impact, more personalised experiences.

The rise of Client Accounting Services

The trend is clear, clients want more holistic and strategic financial support, not just specific services. Clients favour accounting firms that can offer a full suite of outsourced accounting functions, such as payroll, accounts payable and receivable, budgeting, cash flow forecasting, and even virtual CFO services.

That’s where CAS comes in. CAS helps Malaysian businesses make smarter financial decisions, not just reactively crunch numbers. They put them ahead and give them a competitive edge.

So, what technology and methods can accounting firms in Malaysia adopt to stay competitive in this arena? 

• Cloud-based accounting platforms: The huge advantage of cloud-based accounting is secure, real-time collaboration between firms and clients. That means that accurate financial analysis can be worked on much faster than traditional methods allow. What’s more, with platforms like QuickBooks, you can even integrate apps to centralise all your data.
• Workflow automation tools: Don’t neglect automation, either. Faster delivery means more preparedness. That’s what clients need in our fast digital economy.
• Staff training: It’s also crucial to give your firm the best chance of success by providing comprehensive training, too. Make sure you train your staff not just to perform tasks, but to interpret data and deliver meaningful insights as well.

Shifting to CAS can be daunting. However, it offers firms the chance to seriously diversify their services and build much deeper client relationships. Once again, technology is at the heart of this change.

The future of accounting jobs: What skills will you need?

What do all these changes mean for accountants on the ground? It doesn’t throw your current skills out the window, but it does mean the future of accountancy will favour accountants with more specialised skill sets.

The days of manual bookkeeping and desktop spreadsheets are fading. Today, accountants are expected to bring a mix of technical expertise, digital fluency, and strategic thinking to the table.

Here’s what the future of accounting jobs look like in terms of skills:

• Data analysis: Software can now handle most financial data, however, trained accountants will be needed to analyse its results. The accountants of the future will be skilled at extracting insights, spotting trends, and, most importantly, making data-driven recommendations.
• Proficiency in cloud-based accounting platforms: Once again, cloud-based platforms will play a big role. The fact is, these tools are already favoured in Malaysia, particularly among SMEs. Accountants who can easily use these platforms and integrate them at speed will stand out.
• Understanding AI and machine learning: You may already use a fair amount of AI, but how well do you understand it? Those who have a solid understanding will be able to shift to higher-value services like forecasting and risk analysis.

While you don’t need to become an AI developer, it’s a good idea to learn more about these systems as you’re going to be spending a lot of time with them.

• Soft skills: It’s not all about tech. We shouldn’t neglect the role of soft, interpersonal skills here. After all, if accountants are to become strategic, advisory partners, communication is going to be fundamental. The ability to explain complex data in simple terms shouldn’t be underestimated.

Accounting and cybersecurity: A growing focus

Technology brings new opportunities to the future of accountancy, but it also brings new risks. Never before has cybersecurity been such a critical concern. This is especially true for accounting firms, as accountants are responsible for storing and transmitting sensitive financial data.

The truth is, digitalisation comes with new responsibilities. Accountants are now not only financial stewards but also custodians of client data security. A single breach can damage trust, lead to regulatory fines, and severely impact a firm’s reputation.

So, how can you protect against cyber attacks?

• Robust cybersecurity practices: The first step is and must be to implement strong cybersecurity practices. These must not just be theoretical, but must permeate every action. This includes using:
• Strong password protocols
• Multi-factor authentication
• Secure cloud storage
• Regular system updates
• Cyber-awareness: We can rely on tech to a point, but accountants themselves also have a responsibility to learn about cybersecurity. Firms and clients increasingly expect their accountants to have an understanding of aspects, like data encryption and file sharing, as well as Malaysia’s Personal Data Protection Act (PDPA).

For larger firms, the solution may be to appoint dedicated IT or cybersecurity personnel. However, that’s not always possible for SMEs.

That’s where secure cloud-based platforms come in. Trusted names like QuickBooks guarantee the highest level of efficiency while also offering advanced, state-of-the-art encryption and security processes.

Evolving client expectations and service models

It’s not just the tools accountants use that are changing. Client expectations are also undergoing a dramatic shift. Today’s clients, especially SMEs, no longer want simple end-of-year reporting, they want real-time financial insights and personalised advice that helps them get ahead.

• Proactivity: Before, accountants may only have been required to provide reactive reports on financial situations. Today, clients, especially younger business owners and entrepreneurs, want more proactive advisory models. They want strategic advice where, and when they need it.
• Technology-driven service: If clients want to make faster, data-backed decisions, there’s only one way forward—technology. Luckily, cloud-based platforms make this possible. Real-time dashboards and automated on-demand reports are just two features that are helping accounting firms meet these new demands.
• Transparent pricing and flexible engagement models: Clients in 2025 prefer subscription-based or tiered service packages over traditional service models. They offer the client two things they need today more than ever—more clarity and more control.
• Integrated services: Tech is also making it possible to offer integrated services. And the verdict is clear, clients much prefer this to traditional end-of-year reporting.

This may sound like a lot to adapt to, and to some degree, that’s true. Accountants shouldn’t underestimate how much clients’ expectations are changing in the new digital economy. 

However, you don’t have to overhaul your firm overnight. It comes down to careful and considered changes, investing in the right places, and listening to clients.

Leveraging technology for client-centric services

Technology has been a big theme, but what are the actual technologies that can provide the kind of accounting magic that’ll keep your clients satisfied?

Let’s take a look:

• Cloud-based accounting software: Imagine being able to offer your clients instant, real-time financial metrics and reports instead of asking them to wait for days, or even weeks, while you compile the data? That’s just a hint of what’s possible with cloud-based accounting software like QuickBooks. This will be your most important accounting tool moving into the future.
• Automated reporting tools: Instead of manually compiling monthly reports, firms can set up recurring, auto-generated financial statements that are sent to clients on a schedule. This keeps clients informed without delays (one of the biggest killers of accounting success)..
• Dashboards and data visualisation tools: It’s easy to forget that accountants’ clients aren’t accountants. The ability to translate complex numbers into easy-to-understand visuals is paramount, and for SMEs operating on tight margins, it’s vital.
• Client portals and secure messaging platforms: Remember that clients want deeper relationships with their accounting partners. At the heart of that is communication. Why not keep your clients in the loop using nice, simple client portals with strong security?

Future accounting tools: Automation, AI, and blockchain

There’s a whole new generation of powerful technologies behind the accounting revolution. Spreadsheets are giving way to automation, AI, and even blockchain. Each is as important as the last. Here’s why:

• Automation: Automation has become something of a buzzword in recent years, but that's not without good reason. Tools such as robotic process automation (RPA) can handle high-volume, repetitive functions faster and more accurately. This doesn’t mean you won’t have a job in the future, it just means you’ll have more time to focus on more strategic work.
• AI-powered financial analysis: If automation is the steam engine, AI financial analysis is the sports car. It takes analysis to a whole new level. Modern accounting platforms now include features that can detect anomalies and generate strategic recommendations. QuickBooks, for example, is integrating AI to help identify spending patterns or alert users to potential compliance issues.
• Blockchain: While it’s still very much in its infancy, the potential of blockchain is huge. Its decentralised and tamper-proof nature makes it ideal for secure, transparent transaction recording. In the near future, we expect blockchain to seriously cut down on things like fraud.

But how should you integrate these new technologies? For starters, investing in cloud-based software is essential. Then, training staff and reassessing workflows are crucial.

Adopting new technology isn’t just about staying afloat, it’s about making a bigger impact and being the best firm you can be.

Balancing technology with human expertise in the future of accounting

No matter how good the tech gets, there’s one thing that can’t be replaced—human expertise. What you’ll notice is technology, AI and cloud accounting included, is changing how services are delivered. It’s not, however, changing the fact that clients today, perhaps even more than ever, want personalised strategic insights from trusted sources. Your firm can be that trusted source.

Clients in Malaysia are increasingly seeking trusted advisors who understand their goals and challenges. Accountants today, armed with powerful tools, are better placed than ever to forge deeper connections and make impactful recommendations.

However, it’s a tentative balance. Malaysian firms should invest in both technology and talent.

Why not start with a free trial? QuickBooks is the perfect road into the future of accounting, and you can try it for free for 30 days right now!