Or rather, it will force accountants to evolve or risk extinction. If I had to guess, I think the profession will become more demanding and will require stronger analysis and communication skills and less basic repetitive tasks. As things stand, I see that many talented accountants struggle with basic presentation and management skills. The first known printed use of the word “accountant” in English dates back to 1555, according to Merriam-Webster.
Obviously, the way accountants work has changed significantly over the years, but what is even more important is that the evolution is far from over. Technology is breathing new life into the profession and transforming the role that accountants can play in the future of small businesses. Accounting has come a long way since those days and has seen many changes and innovations in companies. But as more and more accounting work is automated, many accountants look to the future with concern.
With the imminent rise of artificial intelligence, a wide variety of professions will be at risk of becoming obsolete in the next 20 years. With this in mind, many business owners and numbers experts ask themselves, “what is the future of accounting? Accounting Goes High Tech Technology is generating significant change for the accountant of the future. Artificial intelligence, machine learning and blockchain technologies are poised to transform the way accountants work and serve their customers. Although the advancement of technology will undoubtedly change the accounting profession forever, companies and employers will remain focused on revenue growth, so they will continue to require the services provided by accountants, however; the traditional accountant's skill set will have to develop and evolve so that they remain relevant.
While most companies will still need an accountant to keep the books, accounting will become much more than just data entry, balancing bank ledgers, and reconciling bank statements. The future of accounting is changing rapidly and constantly due to technological advances and changes in the way accounting firms, accountants and companies do their business. These lower-value, easily automated services such as data entry, accounting and simple tax returns, provided primarily by accountants, are becoming less profitable. While not necessarily good for accountants who fear big change, accountants and adaptable companies will thrive in this new environment, as professionals will now have more time to spend adding additional value to their clients' business.
While worklists for accountants appear to be on the decline, the profession remains divided between those who believe that cloud computing has killed accounting and those who take a more positive stance. It's a brave new world for accountants, but that doesn't mean that the role of the accountant is over. That's why I recommend the Accountants course, the program is designed to help people who don't know anything about accounting or running a business.