Demand & Technology – Transforming the future of accounting

Demand & Technology – Transforming the future of accounting

By Janita Kapoor

With giant leaps being made every day in the world of technology, the accounting industry is rapidly evolving to keep up with the changing times.

Advances in tech are taking accounting to new heights. It doesn’t matter if you are a seasoned accounting professional wanting to be on the cutting edge of the industry or an aspiring newcomer, understanding the following technologies that are emerging in the accounting profession will play a crucial role in yours and your company’s future growth.

Emerging Accounting Technologies

Cloud Computing – A significant technology trend everyone is working with today is the ‘cloud’. Cloud computing is revolutionizing the way accountants operate and manage financial data. It not only helps businesses store and access data but also offers flexibility, data recovery, little to no maintenance, easy access and a higher level of security.

Automated Accounting Tasks – Accounting automation takes the most manual elements of an accountant’s workday and does them automatically, often instantly. Also known as computerized accounting software, these systems remove the least efficient aspects of an accountant’s work and leaving more time for analysis, strategy, and human interactions.

Blockchain Technology – Another trend impacting the demand for accountants in the future is blockchain technology, a computer-based recording system that uses cryptocurrency within a user-to-user network.
With “the possibility of a new type of accounting ledger” — one that can be continuously updated and verified without the threat of being altered or corrupted, it’s no surprise this system is grabbing the attention of accountants.

Required Skills for Future Accounting Professionals

With automation due to become a major aspect of accountancy, it’s crucial to prepare for the future of accounting by developing the necessary skills to perform the administrative, managerial, and analytical tasks that technology can’t do. Additionally, with cloud computing and automated accounting many accountants will have more time for high value work such as taking on advisory role with clients, which means they’ll need to be skilled at analysing data to spot patterns and trends. Familiarity with data mining and other data science techniques will be key here.

Demand for Accountants in the Future

Improvements in the economy generally result in the need for more accountants, auditors, and other professionals to manage financial records.
Despite many accounting tasks being automated, accounting professionals will never be replaced by technology as technology will never be able to solve on its own, as the client’s problems are addressed by accountants. In fact, future accountants will have the opportunity to develop advanced skills so that they can serve as business consultants and strategic partners as opposed to just being financial experts.

Accounting is undeniably changing and intelligent technology is shaping the future of accounting. As advanced systems handle repetitive work, humans will deal with the complexity of analysis work, becoming the all-important link between the data and the clients.
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