Will accountant be replaced by technology? Don’t worry!

https://miro.medium.com/max/1200/0*EisX9BGwWc0c4pgM

Original Source Here

Will accountant be replaced by technology? Don’t worry!

Photo by Scott Graham on Unsplash

Talking about technology, in the last decade there’s tremendous amount of changes in technology, fast yet fascinating, yet it could be scary for several jobs especially for an accountant. Automation has became our daily basis in everyway, every time, every things that related to any prospects in our daily basis. Thus, there’s a tools in making accountants job more easier in making financial report in their business process. Slow but surely, the tech companies that developed these tools causing chain effect to disrupt and overtake conservational accounting industry and make accountants irrelevant for the future.

As you can see, there’s rapid changes in any circumstances especially for accountant job process. Before massive computer era, the main process in accounting basically used to be done by manual, for instances like inputting journal entries, financial report, consolidation report, etc. And surely, all those processes need a lot of times in terms of checking, inputting, generating, calculating, and anything that required to build proper financial statement still on the track. Nowadays, we could easily doing such process by using accounting software to do the job, all you need to do is type the data & entries and let the machine works. Seems like magic isn’t it?

So, back to the main question, will accountant be replaced by technology in the future?

For some people, the disruption towards this kind of automation would likely to kill several jobs in accounting like “Accounting bookkeepers” when a decade ago is still popular. Yes, that’s happening right now and in the future there are upcoming tools to make it and analyze it in comprehensive ways. That kind of jobs would likely to be eliminated in the future.

However, not all those type of accounting jobs would likely to die , there’s a hope for accountant in the future.

Basically, with the help of technology of Artificial Intelligent (AI) could help most accountant in doing their basic accounting process more faster, comprehensive, and also accurate with less human error. But it doesn’t mean that that AI could replace accountants. AI will likely to evolve in the future, but AI couldn’t doing the analyze towards all those complex data calculation. That’s why accounting the role of being accountant in interpreting and analyze the data will never die.

Nowadays, pretty much of accounting processes can be automated by technology like this graphics shows:

From what can I conclude based on that graphic, the whole basic accounting cycle could be easily generated and automated by only using several software to make it faster. But the certain aspect such as financial analysis until business development are the things that current technology or AI can handle it.

So it saying that the help from technology and AI will transform whole accounting process, but not replace accountants itself.

It absolutely accurate with the help of technology stuff can handle anything that related to whole accounting cycle itself in more efficient ways, there’re still part of the human part of accountant that AI couldn’t handle it well. So that’s why an accountant is evolving too. Not only practicing and doing basic stuff like that, but also they’re evolved to become an financial analyst in their specifics field like taxation, auditor, etc. So that, the accountant be able to analyze those blind part from the technology / AI parts in order to make sure the data and financial report that already automatically provided be checked it out from the risk management point of view.

It’s also important to consider human trust. Because it’s our instinct as social person to build a trust and connection based our common sense in particular ways especially on the human part itself. Human could talk directly to you and explain in more details way to their client towards their risk process that they bought so they’re able to understand the blind part of the lack of analyzing during the process.

Not gonna lie, AI technology is absolutely awesome. but it lacks of human interaction which they don’t have. AI not be able to speak and like human being do. They’re just interpret data and explain in short way. The client won’t be able to find the risk assessment based on their judgement.

So the simple answer is technology / AI not gonna able to catch up human being as an accountant.

Conclusion

Accounting is heavily affected by the help of the technology, software, & artificial intelligence to improve the assesbility and accuracy in making financial statement. However, technology still not able to replace the human being aspect of being accountant because it lacks of emphaty and not able to deliver speech like human do. Technology keeps evolving in accounting, and also accounting still evolving too to fill in the blind spot of what of technology couldn’t do. The beautiful harmony from those aspects will lead us to better understanding in making an accountant and accounting special and remarkable for the whole processes of organization chain.

AI/ML

Trending AI/ML Article Identified & Digested via Granola by Ramsey Elbasheer; a Machine-Driven RSS Bot

%d bloggers like this: