The accounting industry is experiencing advancements in digital automation and AI tools. These technologies are applied to increase efficiency, support proactive advisory guidance and improve data security.
As you explore your career in accounting or the next stage of your accounting management opportunities, these technologies are already redefining and adapting job descriptions. The future for accounting jobs is bigger than ever and will require a combination of technical and soft skills to advise your team and clients. Take a look at these four technology trends in accounting.
Accounting Process Automation
Automation and cloud-based tools have revolutionized accounting and tax preparation. Accountants are evolving from number crunchers to analysts and advisors. They can access data in the cloud, analyze it and make recommendations to clients much faster and more often.
Career prospects: The accountant’s role will be forward-focused while validating the accuracy of data that was processed through workflow and accounting automation tools. Your analytical skills as well as your soft skills for client and staff relationships will be highly prized.
Blockchain
Blockchain technology maintains a secure and accurate ledger of transactions that can support contracts, audit procedures, recordkeeping and liability management for companies and industries. It will take time and testing before it is standardized to be used across businesses or economies.
Career prospects: Accountants and auditors can lead the way in defining the use cases and risks of blockchain. With its use, they will focus their skills on transaction confirmations and elements of judgment such as valuations. For now, explore the evolution and applications of blockchain technologies for business and finance.
Cybersecurity
Accounting firms must continuously assess outside threats of cyberattacks while training their employees to protect sensitive data. Cyberattacks threaten a firm’s bottom line while also negatively impacting reputations and client relationships.
Career prospects: Accountants can join the IT team or an internal committee for improving cybersecurity process and policy updates. They can help with tools and techniques that protect firm data from cyber threats. Firms will need all accounting professionals to stay up-to-date and observe cyber awareness with their daily activities.
Accounting AI Tools
Like accounting process automation, artificial intelligence is reducing labor-intensive tasks and streamlining processes in the following five areas:
- Bookkeeping
- Payroll
- Forecasting
- Tax preparation
- A/P and A/R
AI is only as intelligent as user queries and it learns based on users putting it through various scenarios. This means that AI will get smarter as its use increases for accounting and other industries. For now, AI requires the oversight of experienced CPAs and accountants to verify accuracy and standards. They will also deliver client accounting and advisory services (CAAS) for complex issues.
Career prospects: Students and current accountants should experiment and understand AI capabilities and continue to read about advancements in this technology. Position your career to offer client guidance. Accountants will be called upon to verify and assess AI results, working in collaboration with the technology for deeper analysis, verification and consulting.
As you can see, accounting jobs are not being replaced by technology. In fact, our profession is evolving alongside various technologies for sophisticated data verification, testing and analysis. Accountants remain trusted client advisors through this evolution, and your technical and human skills are in high demand for the future.
Sources:
Motley Fool
https://www.fool.com/the-ascent/small-business/accounting/articles/ai-accounting/
Data Science Central
https://www.datasciencecentral.com/how-blockchain-is-changing-the-accounting-profession/
Accounting Today
https://www.accountingtoday.com/opinion/the-importance-of-cybersecurity-in-the-accounting-profession
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