Will we need accountants in the future?

automation

Will we need accountants in the future?

It’s a topic of discussion you see in a lot of industries. Will robots take my job? As technology advances, it becomes an even more relevant question. You can’t blame people for worrying. Automation could lead to people losing their jobs. Are we ready to train our workforce for their new role in the business?

And accountants can’t escape the question either. If software can do your job, does it jeopardise your ability to put food on the table? But we prefer to look on the brighter side of like and how it makes the future of accounting interesting. We can’t see taxes going anywhere, even decades into the future. So we’ll probably still need to take control of our accounting. But will we still need actual accountants?

The robot takeover

Let’s take a step back for a second. It’s not only accounting that’s seeing sophisticated technology make major changes to the wider industry. According to the World Economic Forum, these are the most at-risk industries, where workers risk losing their job to a robot:

  • Hospitality
  • Agriculture
  • Manufacturing
  • Transportation and warehousing
  • Retail
  • Mining

The list goes on, with finance and insurance in 11th place and administration in 14th. So what does this mean for accountants of the future?

The future of accounting

Some people worry that sophisticated technology will remove the need for accounting services as we know them today. However, software is only as smart as the human who builds it. While software completes split-second calculations most people could only dream of doing in hours, like humans, they’re not exempt from errors. In fact, they struggle to respond to unpredictable events, often requiring human intervention. But this isn’t necessarily a problem. 

In the past few years, there have been some high-profile cases of technological errors in finance. In April 2018, TSB’s IT system upgrade left 1.9 million people unable to access their bank account. It’s problems like this with financial software which make it hard to envision an accounting profession without human oversight. 

But this doesn’t mean accounting won’t transform significantly. One survey showed 60% of AAT members said they believe basic accountancy processes will be fully automated by 2023. But 89% also said these advances in technology are positive changes. 

As one door closes another opens

This automation won’t end human involvement in the profession. Instead, it may allow accountants to spend their time on other areas of the business. They could offer clients more by providing business advice services or analysing accounts. 

And, at the end of the day, it will make your job easier. With greater value in your service, your business can thrive. This means you can rest easy knowing your business in on good ground and you can keep your staff happy and employed.

It seems automation in accounting, like many industries, is leading to positive changes for accountants and their clients. As technology becomes more sophisticated, accountants now have more time than ever to spend building up their business and reaching new heights.

Big Hand uses sophisticated technology to manage your accounts efficiently. That’s one less thing for you to worry about and it gives us the time to focus on giving you the advice you need to reach your business goals, whether it’s growth or being able to spend more time with the family. For more information, get in touch with us on 0161 327 2911.

By |December 17th, 2019|Uncategorized|0 Comments

About the Author:

Since 2013, Sophie has been an integral part of the Big Hand team. As a social butterfly, Sophie is mostly responsible for introducing new clients to the company. If you’re an avid networking, you’re most likely to meet Sophie at local events. Alongside attracting new business, she also assists with account management, and she manages payroll on behalf of clients. For fun, Sophie loves to keep fit running or playing korfball with her team. She is also in the middle of learning a new language and so her most recent challenge is attempting to read Harry Potter in Dutch.