By Accounting is one of the evolving industries with the rise of technology. Technologies like automation, minibots, machine learning, and adaptive intelligence are becoming a big part of the finance and accounting sector. Companies are already using basic automated accounting processes.
Accounting tasks and processes that machines include supplier onboarding, accounts payable, audits, procurement, purchasing, expense management, close processing, and customer queries. Emerging technologies shaping the future of accounting, and also makes a huge impact on the job opportunities in the industry. Advanced technologies handle repetitive work while humans deal with more of the analysis. Technology will continue to impact the role of the accountant and the demand for accountants in the future.
Demand For Accounting Professionals
The accounting profession is always tied to the economy of the country. With the improvement in the economy, there will always be a need for accountants, auditors, and other accounting professionals. Globalization and increased regulations also impact the demand for accounting professionals in the future.
There are many accounting technologies that are arising despite all that, accounting professionals will never be replaced by the technology. Technologies can not solve problems of clients addressed by accountants on their own. Therefor Accounting profession will always be in demand.
Skills Required For Future Accounting Professionals
Major skill that is needed for an Accounting professional in the future is technological skills. As intelligent technologies progress companies are moving their information to cloud based systems. So the accountants need to become more proficient in the cloud to offer clients up to date financial analysis. Professionals who want to use blockchain must be needed to be familiar with relevant software programs, as well as how to set up information transfer for ledgers, contracts, and records.
Even though there are some tasks that technology can’t do. Accounting professionals must need the skills to perform the administrative, managerial, and analytical tasks. Also they may take on advisory roles with clients. The accounting professionals need to be skilled at analysing big data to spot patterns and trends. Familiarity with data mining and other data science techniques is also will be a key skill needed for an accounting professional.
Another skill needed for accounting professionals is that they need to understand how to use data visualization strategies and programs to translate all that data into insights for clients and company leaders. These skills will help them to use predictive analytics and forecasting to strategically advise clients or organizations. As technology frees up the time previously spent on more tiresome tasks, accounting professionals can focus on these higher level analytical skills.
Accounting Technologies
Advanced technology taking accounting to new levels. If you are looking to stay in the accounting industry or want to pursue a career in accounting, here are some technologies that are emerging in the accounting profession.
Cloud Computing
Cloud is one of the significant technology trends that is used in accounting. It allows instant access to resources, such as data and computing capabilities.
Cloud based systems helps in continual updation of information, which allows accountants and clients to analyze data and make decisions based on cutting edge information is one of the biggest advantages. Also cloud systems ensure constant monitoring, rather than intermittent analysis.
Cloud computing is experiencing rapid growth as new intelligent technologies, such as the Internet of Things (IoT), Artificial Intelligence (AI), and machine learning, are integrated into the cloud. As these technologies look more in the mainstream, the future of accounting is looking decidedly cloud based.
Automated Accounting Tasks
Audits, tax preparation, banking, and payroll are some of the time consuming processes in accounting. With the help of automation these labor and time intensive tasks become more quickly and easily. The application of AI helps you to create self learning systems that continue to be integrated into accounting tasks, technological systems will take on the repetitive and time consuming jobs, and leave the analytical and managerial tasks to humans.
Softwares such as Intuit, Sage, OneUp, and Xero offers data entry and reconciliation options using AI and machine learning technologies in company bookkeeping.
Using Robotic Process Automation (RPA) to reduce processing time for audits and contracts down to weeks instead of months. Larger firms use RPA AI integration because they have increased efficiency and higher level services compared with smaller non-AI competitors.
Blockchain Technology
Blockchain technology is another technology that makes a huge impact and demand in the accounting sector in future. This is a computer based recording system that uses cryptocurrency within a user to user network.
Mainly blockchain got popularity due to bitcoin, which is a digital currency with record of transactions and new units of currency generated independent of a bank. Later the blockchain technology has progressed substantially.
The main advantage of blockchain technology is the possibility of a new type of accounting ledger that can be updated and verified continuously without the threat of being altered or corrupted.
Blockchain enables users to access ledgers in real time. They also help to create smart contracts and record transactions. This makes the system more special. In fact many accounting firms already implement blockchain.
Conclusion
Building a career in accounting is not an easy process. It requires continuous learning and updating of latest trends in the industry. There are many platforms to find the job of your interest. SpotGiraffe is the best job portal for all accounting and finance jobs.
