The second machine age is driven to substitute humans with Artificial Intelligence whereas in the first machine age, they just complimented humans. This vast rift brings to the collective consciousness the role of human capital in the next generation.

As per the study conducted by consultancy firm Mckinsey, 800 million jobs will be affected due to automation by 2030.The most vulnerable industry in this transformation is Finance & Accounting. Since, robotic automation has clearly set its footprints and experts predict that it has ‘cast a long shadow’ for the future accounting professionals.

If so, what is the future in store? Let us share our two cents to it.

What role can accountants play in the second machine age?

As per research conducted by ‘Onpay survey’ 61% of small sized businesses are satisfied with the performance of the accountancy services. It is therefore implied that technology did not diminish the role of accountant, in fact their role is needed more.

• Trusted advisor - is the title given to the accountant. Clients get more value and pursue the accountant’s advice, thereby reaping rich dividends. They out class in the inner circle of friends, families, financial consultants etc. The reason being, accountants are working in close proximity at every stage of financial aspects of a company. Therefore, they are very much aware of the highlights and pitfalls of a company.
• Valued professional - as many firms yet do not consider automation as a replacement to accountant. They value the professionalism exhibited by accountants through critical thinking, deliverables etc.
• Technology expertise - is another area where an accountant’s knowledge is widely regarded by clients. They help small size businesses to understand the latest in technology and help them scale to keep them at par with their competitors in their industry.

In order to be the benefactor for SME firms, the accountants need to keep themselves abreast of the latest trends. What are the skills they have to acquire that can add value to their profession?

Also read: Why is Robotic Process Automation (RPA) your friend in avoiding cyber security risk?

What are the new skill sets an accountant can harness?

The role of the accountant is constantly morphing due to the changing landscape of financial accounting. With routine processes already automated then they need to invest their undivided attention on more vital skill sets. Though they were aware of their requirements, they never had the wherewithal to pursue them, due to lack of time and energy.

Let us find out what they are

• Inculcating - clarity in communication:
  The visualization of an accountant as a ‘loner’ does not hold ground any more. Today’s world cannot classify communication as a ‘finesse craft’ and negate its importance.
  On the contrary, accounting professionals need to inculcate the ability to be convincing enough in presenting financials to various members in their client hierarchy structure. It germinates through asking relevant questions, listening with an open mind from various sources, determining the information at hand and finally, providing your opinion with rectitude. This helps not only in identifying the problem and finding solutions through the various opportunities.
• Building - team work & spirit:
  When new technology is introduced in any firm, there is an equal amount of skepticism & enthusiasm. As no one is interested in shifting their usual way of doing work related tasks. It brings an opportunity to lead from the front to reassure them the opportunity to function better to all the parties concerned (team members, clients, stakeholders).
  In this change process, teamwork is developed, as accountants develop the art to articulate better with clients, management, skills to negotiate with a customer, the empathy to enliven a team.
• Fostering - analytical and rational thinking:
  As the repetitive accounting work is delegated to the accounting robots, now the time at disposal can be well utilized to restructure the revenue models of the firm. Meaning to analyze from the data common patterns, trends, variances, etc. Accountants are in a position to do critical thinking and are able to provide insight to the management for building a road map to the firm for driving economic growth.
• Nurturing - cross functional alliances:
  Accountants' interactions are not limited to just a few players on the board, they have to deal with the cross discipline work force like procurement, operations, internal audit, HR etc. Since, each function brings their own set of skills and knowledge. It becomes necessary to create awareness to seek collaboration leading to discussion with subject experts, lessons learnt from team leaders, obstacles resolved by employees can help to put overall ideas to best use.
  The main players can help them to turn prospective business ideas into successful enterprise governance.
• Learning - new trends:
  Accountants' cannot remain satisfied with their current knowledge base. As technology keeps evolving, there should be no deficiency seen in this pursuit. A minimalist idea of various technological trends and their benefits needs to be within their grasp.
  Only being tech savvy can benefit both the management and clients, the potential in the form of additional revenue generation, competitive advantage, affordable pricing can be best presented to make an impact for investment.

Also read: Robotic Automation - Introduction to smaller accounting firms

Just as the role of an accountant is indispensable, but it does not take away the urge to be at par with the latest technology. Accountants have to redefine their role to be more relevant in the industry. Our firm has helped many firms navigate this need to automate by using the various categories of accounting robots palette. Call us to find out more or request a demo to understand better.