The accounting industry is changing. And it’s not just that some of the old ways of doing things are going away; that’s undoubtedly true. But what’s happening under the surface is even more profound: how we interact with information has fundamentally shifted.
Accounting has traditionally been seen as an administrative role where accountants prepare financial statements for clients or investors who need them to make informed decisions about their companies’ prospects. However, with digitization taking off in recent years and automation following, this traditional role may soon change completely.
Going digital and the rise of automation
The accounting industry is going digital for a variety of reasons. Some examples:
- To stay competitive in today’s market, companies need to be able to provide their customers with an easy-to-use and accessible experience. Digital accounting solutions allow you to do just that while reducing costs by eliminating paper and manual processes.
- As the world becomes more connected, it makes sense for businesses and even individuals to be able to access information from anywhere at any time. This means your company needs a way to manage your finances while also allowing you access through multiple devices so that no matter where someone is located in the world, they can still access all of their financial data whenever they need it.
The rise of automation has been happening for decades:
- Robots have been used in factories since their inception.
- Artificial intelligence (AI) has been able to identify patterns in data faster than humans ever could.
- Self-driving cars are already on our roads today.
- Machine learning algorithms are making headlines daily thanks to their ability to predict customer behaviour based on past actions taken by other customers.
This trend will only continue as technology advances at an increasing rate. With it comes more opportunities for accountants who want a competitive edge over their peers who aren’t embracing change yet.
The evolving role of accountants
The role of an accountant is evolving. As more and more companies move to digitize their operations, accountants will be required to have a broader knowledge of technology to keep up with the changing landscape. They’ll also need to be creative, as they’ll need new ways of thinking about how they help their clients.
Accountants will likely become even more entrepreneurial over time; this means that some may choose not only accounting but entrepreneurship as well.
Whether you’re an accountant that embraces technology or one that feels threatened by it, the best option is to get on board and start learning how to use it. The accounting industry is being disrupted by technology every day, and there are many ways in which accountants can benefit from this shift. Some companies have already begun implementing automated processes that reduce their costs while improving efficiency and accuracy, and this trend shows no signs of slowing down. However, if you don’t understand how digital tools work or even what they do, you could miss out on opportunities for growth within your company or your career as an accountant at large.
It’s clear that accounting is undergoing a significant transformation. Many of the traditional practices that accountants have relied on for decades are being rendered obsolete by the rise of automation and digitization, but this shift isn’t just going to affect the accounting industry; it will also impact every kind of business, from small start-ups to giant corporations with hundreds of employees.
As you can see from our examples above, there are many ways that this might happen: automated systems might replace human workers and maybe even make them redundant, software could be designed specifically for specific industries, or simply by improving efficiency through data analysis techniques like machine learning. One thing’s for sure: if you want your company to survive these changes well enough so that it remains competitive over time, then now is the time to start making changes towards becoming more digitally-minded!