In recent years, the pace of technological change has been so rapid that it has almost acquired its own life. Technology has made continuous progress and much more in each and every area, including our own accounting profession. Over the years, accounting has undergone many changes as a result of the world’s evolution.
For Example- We use Mobile for many reasons like Calculator, Calendar, Searching New Address, Alarm, Calling, etc. That is to say, we use only one device instead of using multiple devices. That is the advantage of the invention of technology.
Day by day with the influence of this digitization & automation, the need to ‘get a hold’; on these emerging technologies has become a crucial point. That will be essential for the professional success of accountants. There are two technologies i.e. Artificial Intelligence (AI) and Blockchain have the potential to reshape the accounting profession as we know it.
Now since all the major accounting related work is being accomplished with the help of Artificial Intelligence (AI), it leaves us with one career impacting question – Does this world still need Accountants? The answer is definitely a YES. Let’s find out how?
Meaning of Artificial Intelligence
Artificial intelligence (AI) technology is a class of intelligent machines that, when compared to humans, can help you complete monotonous, repetitive tasks more quickly and accurately. It can self-learn data to enhance their performance. You may have heard about AI recently, but it has been around for a long time that it is already capable of managing many accounting functions, such as tax preparation, payroll, and audits. Also, nowadays the accounting software uses the capabilities of AI to automate tasks such as data entry, account payables, etc.
Will Accountants be replaced by robots and artificial intelligence?
Many science fiction films, television shows, and novels that have come out over the years have depicted the future. In which parts of our lives seem to be replaced by robots and artificial intelligence. Everything from factories to storefronts seems to be filled not with humans, but with cold, calculated examples of the best that “modern technology” has to offer (not that accountants are any warmer).
While we probably don’t have to worry too much about an uprising of robots (again), to say that technology already has an impact on accountants is an understatement. As accountants, we are already making incredible strides in the fields of technology, robots and cloud accounting solutions make it easier than ever for small business owners to manage their accounting and bookkeeping tasks with the efficiency which only their larger counterparts previously appreciated.
With these changes, there is a change in the role of accountants in working with their business clients. This change will accelerate as more and more businesses choose cloud. Many accountants riding this wave will prosper, but many more could go the way of the dinosaurs.
The Accountants Technology Learning Curve
This stems from the idea that entrepreneurs know how to use these new gadgets and tools in the first place. Anybody can blindly enter numbers into a software program; figuring out what they mean is the key. It’s not because you know what the cloud is that you know how to take full advantage of it.
In the end, the cloud accounting revolution doesn’t really pave the way for a time when accountants won’t have jobs, but a very genuine and valuable chance for accountants to assist their business clients in ways that weren’t even possible five years ago.
Building the Accountants of Tomorrow
Just by being open to adopting cloud accounting and value pricing, accountants of the future will play a significant role. Businesses will soon be able to access effective CFO advice without the expense of a full-time employee. There won’t be any more of those tedious, time-consuming tasks that used to take up entire days. The need for accountants is not diminished by this, but rather increased. It gives them more time in the day to work more productively with clients.
Consider the advantages of being able to access a single general ledger from any location at any time in real-time. Technology exists today, enabling accountants to provide more valuable business advisory services. This is not science fiction. Accountants can now handle tasks like business planning, controls, succession, and more; they are no longer limited to being bookkeepers. Better accountants are produced by improved technology, which enables improved business owners to make improved decisions.
There is more than enough evidence to suggest that a symbiotic relationship between the two actually benefits businesses more than cloud-based software systems that replace accountants’ roles. Accounting professionals are empowered by technology, who they then use as the potent, effective weapon that it is. More companies will begin to experience better results as more accountants and small business owners begin working together as partners.
Despite all the significant advantages that technology offers, there is one attribute that accountants currently possess that cannot be replaced: humanity. The “smart” move may be quickly identified by artificial intelligence, but how effective is it at identifying the “right” move for the right client at the right time? Accountants’ humanity is a quality that can never be automated, replaced, or taken for granted.
The most crucial lesson to learn from all of this is that the opportunities mentioned above won’t be limited to millennials. In fact, the people best suited for this new position may be seasoned accountants and CPAs with years of experience working with a variety of businesses. What might seem to be a unique issue for your company is something that a truly savvy accountant has already solved for many other clients. You will possess knowledge that was not available only a few years ago if you allow them to participate in larger decisions that go beyond the numbers.
Conclusion
As we already know that the talent of anyone is irreplaceable. By applying the same principle in this case, the talent of Accountant is also irreplaceable. It’s just that they need to learn different techniques to cope up with the ever changing technology in the world. This is the key to achieve success in any field. You just remember and keep in the mind that, Go with the flow!
