The Future Of Accounting: Are Robots The Next Accountants?
Dr. Manuel Fernandez, Professor, Skyline University College, reassures accountants that technology is bringing opportunity to the sector.
Robotics, Machine Learning (ML), and Artificial Intelligence (AI) are no longer stuff of science fiction films. These emerging technologies are taking center stage in workplaces across the globe. Currently, the advancements, growth and innovations in technology are tremendous and accelerating at an unimagined speed, and it is disrupting the job market by making many jobs obsolete.
More than 800 million jobs could be replaced by robots and AI technology by 2030. Initially, automation, robotics and AI seemed to affect only blue-collar workers. As these technologies advance and become more powerful, even accounting and finance professionals are starting to worry about what the future holds for their career and whether robotics and AI will make their jobs obsolete.
Robotics and AI In Accounting
Robotics and AI are already able to handle many basic accounting tasks, such as bank reconciliations, invoice categorization, risk assessment, tax preparation, payroll and audit processes. Many of these standard tasks are extremely repetitive, time-consuming and can weigh down on work hours as they come with risks of miscalculations, typos and other human errors. Robotics and AI bring significant improvement in the quality of output, as human error is eliminated and also helps in cutting cost, increasing efficiency and providing real-time reporting in a fraction of the time. Studies show that robotics and AI can bring up to 80% cost reduction and an 80% to 90% reduction in the time taken to perform tasks.
Robots and AI Will Transform Not Replace Accountants
Computer learning systems or robotics will be able to perform simple and routine tasks faster and more accurately. Machine learning algorithms running on purpose-built computers pose a clear risk to several specific jobs and industries. Already in industries like manufacturing, retail, agriculture and customer service, machines are taking over jobs that used to be done by humans. Accounting and finance professionals are probably anxious about the coming of the 4th Industrial Revolution. In reality, when machines take over repetitive, time-consuming and redundant tasks, it will free accounting and finance professionals to provide clients with higher level and more lucrative analysis and counseling.
Accountants don’t have to worry about their jobs being replaced by robots or AI any time in the near future. Companies will always need accountants that can analyze and interpret system-generated real-time data to provide clients with sound business solutions. Rather than replacing accountants, robotics and AI will transform the duties accountants perform.
Be Future Ready
Technology is advancing at record rates, so now is the time to obtain the IT and database management skills you need to advance. With the right skills and training, accountants can take their career to new heights that will last well into the future. Accountants should embrace technology as a powerful solution to enhance customer services. They will be able to use their skills, knowledge and experience to provide the customer with real and effective business solutions, whether that is in reference to tax consulting, real estate deals, mergers, growth options, asset management or any other business practice. Robotics, ML, and AI will, in fact, create more jobs than they replace, so be ready for the future by upgrading your skills.
Some professional certification bodies such as CMA, CPA, CFA, ACCA, and CIMA have already upgraded their courseware, syllabus and exams accordingly, and others are in the process.
Accountants, relax. You will still be needed in a highly automated and integrated future world; your role will not become obsolete, but will be revolutionized to be more strategic.