During a time of uncertainty, disruption, and change, accountants need to change how they position themselves. It is an open secret that technology is rapidly transforming the accounting industry. Accounting processes are already being automated by many companies. Increasingly, humans will work more on analytics rather than repetitive work as advanced systems handle it for them. There will be an increase in demand for accountants as technology continues to impact their role positively. So what will it be like in the future? Let’s analyze.

RPA Bot Automation must be welcomed with open arms

In the past, a good majority of the work of finance and accounting departments involved repetitive processing, and a smaller portion was client facing and other interactive work. Finance and accounting departments must become profit generators for their companies rather than cost centers, right now more than ever. With the advent of RPA tools, businesses can now monitor their operations more accurately and in real time. 

A collaborative approach is essential

There was already a slow process of change taking place in finance and accounting functions. The pandemic forced organizations to speed up their digital transformation. Commercial accountants who are tech-savvy are more in demand than those focused solely on compliance. Now is their chance to take advantage of the opportunities presented by the new era of accounting.

Let us have a look at the up-and-coming technologies in the accounting industry

Technological advances are transforming accounting. No matter what level of experience you have in accounting, you should be aware of the technologies that are transforming the profession.

1. Robotic Automation of Accounting Tasks

In recent years, the time-intensive parts of accounting, such as bookkeeping, accounts payable entries, journal entries, payroll entries etc., have been automated almost completely. Data entry and reconciliation are automated by leading software vendors like Quickbooks, Sage and Xero. RPA-AI integration has led to increased efficiency and improved services for bigger firms compared to smaller firms that have not implemented AI integration.

2. Cloud Computing 

Integrated technologies such as AI, Natural language processing (NLP), Computer vision (CV), and machine learning (ML) are driving cloud software’s capabilities. With these technologies becoming more prevalent, the future of accounting is clearly cloud-based. Thanks to cloud computing, you can access such powerful resources instantly.

3. Blockchain Technology

Blockchain technology involves setting up a computer-based network that uses very secure means of communication to conduct and record transactions. Several accounting firms including the Big Four are already using blockchain technology. It's no surprise accountants are intrigued by the system since it enables real-time access to ledgers and smart contracts in a very safe manner.

What will be the required skills for a better future of accounting professionals?

Accountants, in the future, will need to be tech-savvy and up-to-date in order to keep up with the evolving industry. Accounting professionals need to learn how to leverage the cloud as more and more businesses are adopting the cloud to store their data. Accounting professionals will also need to know how to visualize data better to translate it into valuable insights for their clients.

What is the outlook with regard to demand for accountant roles in the future? 

A country's economic health often affects the outlook of accounting professionals. Accountants are among the most sought-after professions, according to surveys. A global economy and increased regulations will also result in an increase in demand for accountants in the future as payroll and bookkeeping aren't the only tasks they do.

Big data has become an invaluable resource. Accountants, to stay relevant and competitive, need to focus more on adapting to changes rather than worrying about being replaced by RPA accounting and other technologies. Aside from reducing costs and improving efficiency, automation software gives accountants the freedom to utilize human skills to develop more effective financial plans and reports based on high-quality data. No matter all these tools, these are just that - tools. It still requires a human to operate, interpret, have face to face conversations, build trust and be a face for the company. This can never be replaced by any advanced software.

Accountants of the future will be relevant, strategic, and creative

Technology will enable accounting teams to work collaboratively with other departments and teams in the business. The role of accountants in the future may change to that of an advisor charting out strategies. With this an accountant will become more and more involved with higher level business functions with the C-suite to provide better long-term value.

With the emphasis on lifelong education and skill development required to thrive in a complex, constantly evolving business environment, accounting may slowly become less about refining the skill set via certifications. Robotic Process Automation, AI and other technologies driven by data are expected to free accountants, not restrict them. By investing in training and tools for their accountants, organizations can enable them to stay ahead of their peers when it comes to using technology. Tomorrow's accountants will play a more strategic and creative role in their companies.

Taking the future-ready step is the best approach. For your automation-related requirements, you can check out Integra Balance. Schedule a demo today!