The Future Of Accounting:
How Will Digital Transformation Impact Accountants?
In business, as in life, change is the only true constant. From
mitigating unprecedented business disruptors to adapting to new
operational paradigms, professionals in all industries find
themselves dealing with major changes — many of them driven
by emerging technologies.
Accounting is no exception. The profession has moved far
beyond mere bookkeeping and payroll, and like its partner
procurement, it’s taking an increasingly strategic role for forward-thinking businesses. While some pundits say accounting has a
dim future in the digital world of tomorrow, technologies such as
cloud-based data management, process automation and
advanced analytics are actually poised to further elevate
accountants in new and empowering ways.
As far back as 2015, industry leaders were sounding the death
knell for accountants, convinced emerging technologies —
particularly automation — would end in death by digital for
accountancy as we know it. And as recently as 2019, accountants
surveyed by Robert Half on the impact of automation on their
profession expressed concerns about being replaced, having
fewer opportunities for creative problem-solving and an
overdependence on tech in completing daily tasks.
Yet, the events between then and now, including the Covid-19 pandemic, have instead shown that accountants, like other
professionals, need to worry much more about adaptation than
replacement.
There's no question that digital transformation has radically
changed the playing field. Big data has become a rich resource
that needs to be tapped to compete effectively. But for
businesses ready to leverage the potential of digital tools, this
shift is an opportunity, not a threat.
[…]
Both the skill set and the job description for tomorrow's
accountant will be greatly expanded, while still hewing to the
core competencies of the profession. Supported by technology in
a collaborative setting, accounting teams will be populated with
both dedicated accounting professionals and subject matter
experts from other areas of the business.
Tomorrow's accountants may play an advisory role,
welcoming business intelligence and procurement professionals
and working to chart a strategic sourcing plan. They could
leverage data management tools, including augmented reality, to
humanize and contextualize spend data for the C-suite to make
better decisions based on long-term value rather than return on
investment alone.
With more diverse skill sets and greater technical acumen,
accountants can bring their own expertise to teams in other
business units, providing crucial financial intelligence, refining
budgets or ensuring compliance. […]
As a function, accounting may become less about refining
one's skill set through certifications and more about core
competencies that grow over time, with a focus on lifelong
education and skill development required to take on a complex,
ever-changing business environment.
Automation and other data-driven technologies are poised to
free accountants, not constrain them. Organizations that understand the potential and importance of these technologies
— and invest in the tools and training required to help their
accountants take full advantage — will be ahead of the curve.
Tomorrow's accountants will play a more creative and strategic
role in their companies. As a result, their businesses will not only
enjoy more efficient workflows and reap more useful insights
from their accounting processes, but help strengthen their own
resiliency, agility and competitive footing.
Adapted from: https://www.forbes.com/sites/forbestechcouncil/2021/05/19/thefuture-of-accounting-how-will-digital-transformation-impactaccountants/?sh=343b437853fb