There has been no field of business yet that has been completely able to separate itself from the technological revolution. Accounting is no exception to this rule. It has seen a huge shift in practices over the years, increasing pressure on many accountants to modernize their methods.
Automation is the reality of the modern world. Rewind 20 years into the past, and things were much more black and white in terms of technology. Machinery was limited to manufacturing and industry. Artificial Intelligence was a far-fetched dream. And, most importantly, we needed homo sapiens to perform most tasks, from plumbing to sending a letter. It was always humans who were hired.
Not anymore, however…
A Look At Today
Coming back to the picture today, it is clear we have brought technology further than we ever thought we would or could. Automation is, quite literally, all over the place. Think about the routine tasks of your day-to-day life. A traditional alarm clock needed to be set every day. These have been replaced by smartphones, that will go off on time every day for the rest of your life without ever needing to be set. You can operate your home appliances, air conditioners, microwave ovens, televisions, and washing machines with the help of your mobile phone. And mail, which we once needed humans to deliver, has been largely replaced by email.
Whichever way you cut it, men have been replaced by machinery in many jobs that once were ours alone.
Which 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 the field of accounting, we find various accounting software that can be easily operated by anyone. Or simply left to do its own thing. Small business owners, in particular, have shifted to accounting software for their day to day tax and accounting needs, as a way to take some of the pressure off of themselves. And, though expert advice is almost always necessary at some point, most financial stress can actually be fully managed by cloud-hosted software such as Sage Cloud Accounting.
Why Are Firms Looking To Upgrade?
Technology and, in particular, cloud technology is what every firm wants today. There are several reasons for this: the flexibility and freedom of working anytime, anywhere, for one thing. Upgraded software, cost efficiency, collaborative working, and regularity, for another.
Apart from the attractive prospect of staying completely up-to-date, another huge reason is the increasing competition out there. When all the firms in the market are making advancements, the need to upgrade your own office can become a matter of life and death.
The Growing Need For Accountants To Go Tech Savvy
Every business, big or small, needs some accountant-involvement in order to monitor and record their financial transactions. Business owners look for accountants who are well acquainted with modern software and techniques. The benefits that current accounting software can lend you have no end. Moreover, cloud computing has emerged as the cherry on top.
How To Evolve As An Accountant?
Accountants need to take some sort of leap in their accounting practices in order to stay current. The most 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 their role for granted.
But, the emerging question from this becomes, “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 left jobless, but that the work trend is going to change drastically. Machines are taking over and it will be closer to impossible to create jobs that require humans when computers will do.
Accountants Can Still Shine
The one comforting factor favoring accountants is that machines can’t operate on their own. Business owners will always need expert advice. There are tasks that only accountants can perform, such as building strategies, preparing budgets, advising and operating and repairing machinery. Small business owners need to learn to operate accounting software properly.
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 changing trends.
Machines Cannot Make 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 the utmost skil.
So, the point then becomes to remember that change is constant. Social media will evolve, the cloud will grow, and Blockchains will emerge and sublimate. Accountants need to upscale themselves to create a permanent niche within their industry, and make hay while the sun shines.