admin/ March 26, 2020/ Accounting, Alan Boal, Finance, Uncategorized/ 0 comments

Automation

Automation is the next big thing. It has drastically reduced the time needed to perform a task and improved overall productivity. However, the wave of automation is causing jitters to professionals from various fields, accounting is one of them.

Robots are no longer science fiction; they are already here, and people are losing their jobs. Accountants are worried about losing their jobs too. They are living in anxiety, not knowing what is in store for them. Those who want to pursue a degree in accounting must rethink before making a decision.

Artificial intelligence is taking centre stage in organisations across the world. The bad news to employees is that technology advancement will not slow down anytime soon. In fact, researchers have predicted that robots will replace more than 800 million jobs. Artificial intelligence does just affect white-collar jobs. It is proving to affect the nationwide industries out there.

Artificial Intelligence in Accounting

AI are ingenious machines that can perform repetitive tasks and complete tasks at little time compared to humans. The innovation of machine learning enables AI to follow, analyse, and evaluate data and processes for high accuracy.

As of now, AI technology is handling a couple of accounting functions., such as payroll, tax preparation, and audits among others. Accounting software innovators have improved their systems to incorporate more features. These features have enabled them to handle accounting tasks such as invoicing, bank settlements, audit processes, and risk assessments.

AI platforms handle many standard tasks at a twinkle of an eye with more accuracy. Therefore, there is a chance that in the next few years, companies will need few or no accountants at all.

Transformation and Not Replacement

Renowned financial experts have it that AI will only transform the nature of accountants’ jobs and not entirely replace them. It is evident that machine learning can complete essential accounting tasks in little time with exceptional accuracy. But, artificial intelligence cannot efficiently perform without the human element.

In fact, AI might trigger the creation of more jobs than it will eradicate. What will happen is that the nature of jobs will automatically change?

What accountants need to do is acquire information technology skills. AI should not cause panic among accountants. Organisations will always need accountants with dexterity to analyse and shed light on AI data. Therefore, only the duties of an accountant will change.

Accountants will no longer perform basic accounting tasks. Their roles will shift to providing consulting services and data analysis.

In other words, accountants should not worry about the emergence of artificial intelligence. They should be busy improving their skills so that they can offer real-time solutions in the realm of accountancy.

Preparation for The Significant Shift

Since automation is here to stay, the best thing is to improve your skills to remain competitive. Accountants cannot beat AI technology in completing basic accounts tasks. Therefore, it is prudent to maximise its use and deduce more roles from its existence.

Accounting degrees with not be worthless in the future, but only those that are integrated with AI technology will retain relevance. Fortunately, a significant number of universities are intermarrying IT and database management with accounting degrees. This means that fresh graduates are fully baked cakes.

On the other hand, experienced accountants should acquire IT skills to remain relevant. They can do this by attending college-level courses, utilising online self-learning programs, and attending seminars. If you are looking forward to pursuing an accounting degree, ensure you acquire IT and database management skills too.

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