New technologies, demographic shifts and the impact of Covid-19 on the economy have been radically transforming the way that organizations conduct business and the type of skills their talent needs to help them thrive in this new age of work. This has also seen skill transformation in the accounting industry. The industry is growing rapidly and the role of the accountant is becoming more of an advisory one as technology automates processes. Future work provides the need to share this information in different forms; podcasts, trainings and strategic planning in organizations.
With technology bringing constant change, professionals need to be able to adapt quickly and react constructively to whatever curve ball is thrown at them. Companies should provide room for new ideas brought about by the changes in technology. The world is growing into one global economy and being cloud savvy is inevitable. It is a skill we ought to embrace.
Intelligent technology may seem new, but many companies are already using basic automated accounting processes. Here are just a few of the accounting tasks and processes that machines can do or streamline; supplier onboarding, accounts payables and receivables, expense management, and customer queries.
Intelligent technology is shaping the future of accounting by impacting the types of jobs that will become available. Some of the software used in the accounting industry include QuickBooks, SAP and Sage. Apple, Microsoft and Android operating systems host applications that can be used for basic accounting functions to assist small businesses achieve their financial objectives. As advanced systems handle much of the repetitive work, accountants will deal with more of the analysis, becoming the crucial link between data and clients.
Today, more than ever, companies especially those in the budding stages need accounting professionals who can transcend the traditional number crunching. The transition from spreadsheets to strategic expertise requires new skills. Developing analytical capabilities ensures the accounting function can deliver true insights, not just historical information, while building communication and relationship skills guarantees those insights aren’t lost in translation.
Future of work will be incredible and scary for those who are unprepared. The ability to catch up will diminish exponentially as compute power is becoming directly linked to businesses productivity and efficiency.
