The Future of Accounting

The fact is that the accounting industry is rapidly evolving through technology. Automations, machine learning and adaptive intelligence are becoming an intricate part of many advanced organisations. Autonomous tasks include onboarding, accounts payable, audits, procurement, purchasing, expense management, close processing and even customer queries. This is shaping the future of accounting and the types of jobs that will be in demand. As software handles more recurring work, humans will become a stronger link between data and clients.

Therefore, it is critical to prepare for the future by focusing on the skills required to perform higher value work. For many accountants this will take the form of an account advisor or consultant. These professionals will need to be skilled at soft and hard skills to offer maximum value. Analysing big data to spot patterns and trends requires data science expertise. At the same time, they will need to be able to handle client interactions and effective communication. Accounting professionals with this hybrid skill set can then use predictive analytics to strategically advise organisations.

Despite automations, accounting professionals will not be replaced by technology. Instead, accountants and auditors, like other professionals, need to worry much more about personal evolution and adaptation than replacement. But, technology will definitely play a strong supportive role for professionals with advanced analytical skills. For professionals ready to leverage their higher potential, this evolution is an amazing opportunity, not a threat. In fact, future accountants will mostly serve organisations and leaders as consultants and strategic partners.
Accounting professionals will also need to appreciate how to use data visualisation strategies and software that depicts key management data into unforced insights for company leaders. So, clearly automation will allow accounting professionals to focus on higher-level skills. And of course, the evolution needs to be balanced with the impact and the demand for these jobs. Therefore, senior accounting professionals and organisational leaders will need to understand the elements that will be at the core of the accounting profession in the near future:

  • Big Data
  • Data Security
  • Remote Workforce
  • Artificial Intelligence
  • Cloud Based Software
  • Value Based Pricing
  • Advisory Services
  • Data Analytics

Centralising data management through cloud technology will reduce waste and lower costs while improving communication and collaboration. Standardisation and a cohesive datasphere will also make it easy for AI to segment and analyse data. Transparency will also remove silos and of course increase data quality. Similarly, automations will improve efficiency and eliminate low level administration and human error. The future requires a higher value of work that will allow us to focus on strategic tasks, creativity, cooperation and imagination.

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