Will Accountants Be Replaced By Computers?

Automation is the reality of the modern world. Rewind to 20 years in the past- things were quite black and white in terms of technology. Machinery was limited to manufacturing and industry. Artificial Intelligence was a far-fetched dream back then. We needed homo sapiens to perform most of the tasks. From plumbing to posting mail, it was always humans who were hired.

Coming back to the picture today, it is clear we have come too far in terms of technology. Automation is, quite literally, all over the place. Think about the routine tasks of your day to day life. The traditional alarm clock needed to be set every day; which is now replaced by smartphones, that once set, will be on point every day. You can operate your home appliances, such as- air conditioner, microwave oven, television, and the washing machine with the help of your mobile phones. Mail has been replaced by email. One thing is common in the present scenario- men have been replaced by machinery.

This raises a simple question- are we even needed for the jobs that we do now?

Cloud Accounting: The Latest Buzz

If we narrow down automation to accounting, we have various accounting software that can be easily learned and operated by anyone. Small business owners, in particular, have shifted to accounting software for their day to day tax and accounting needs. Although the expert advice is always needed, most of the financial stress can still be managed by cloud-hosted software such as Sage Cloud Accounting.

Why Are Firms Looking To Upgrade Technology?

Technology, and in particular, cloud technology is what every firm wants today. The reasons are several- the flexibility and freedom of working anytime, anywhere; upgraded software, cost efficiency, collaborative working, and regularity are some of the many benefits that cloud lends to businesses.

Apart from the attractive reason for staying up-to-date, another huge reason is the increasing competition. When all the firms in the market are making advancements, the need to upgrade becomes even more urgent.

The Growing Need For Accountants To Go Tech Savvy

Every business, big or small, needs accountants to monitor and record their financial transactions. Business owners too look for accountants who are well acquainted with the modern accounting software and techniques. The benefits that this software lend have no end. Moreover, cloud computing has emerged as a cherry on the cake.

How To Evolve As An Accountant?

Accountants need to take a leap in their accounting practices. The prominent reason behind this is that technology is hard to replace. The world economy is growing at a rapid speed, forcing technology to evolve as well. In situations like these, an accountant cannot take its role for granted. But, the emerging question here is how to keep up with the changes in accounting?

According to predictions, job cutting is going to be a real thing in the coming decade. This does not mean people will be jobless, but the work trend is going to change drastically. Machines are taking over and it will be impossible to create jobs that require humans more.

Accountants Can Still Outshine

The one comforting factor that favors accountants is that machines cannot operate on their own. Business owners will always need expert advice. There are tasks that only accountants can perform, such as building strategies, preparing the budget, giving advice and operating the machinery. Small business owners need to learn to operate the accounting software. Troubleshooting and technicalities can only be handled by trained professionals. This is a clear implication that accountants will always stay in demand. The only requirement from accountants is to keep up with the changing trends.

Machines Cannot Be Good Advisors

Can businesses run without expert advice? No. Accountants will continue to dig deeper, prepare reports, handle finances and give advice on what’s best for a business. There are things technology cannot do and accountants can do with utmost perfection.

So, Finally...

The point to remember is that change is constant. Social media will evolve, the cloud will grow, and blockchain will emerge. Thus, accountants need to upscale themselves to create a permanent niche in their industry.