Our favorite time of year is here...
yeah maybe not
. Today, April 15th, is tax day. As many of us scramble to finish or fill out the paperwork for extensions, we as human resources professionals are examining the ever-changing role of the accounting industry. Take a look at how automation, new technology and artificial intelligence are playing a massive role in changing the accountant job description.
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How Workplace Automation is Changing Accounting Jobs
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“The real value of accounting in the future is going to be about connecting the dots,” Sheehan says. “Not just for the finance department but for marketing and sales, HR, IT, procurement and so on. They’ll then link this out to data across the world: local and global stock market data, marketing research data, weather patterns and so on.”
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How A.I. Is Transforming the Job of an Accountant
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"In accounting specifically, "Machine Learning's" support of decision-making turns into offering accounting professionals impeccably referential data-driven insights and a combination of financial and non-financial analysis. AI also equips accountants with the tools to solve current and contemporary issues they face, such as the delivery of reliable, cleaner and cheaper data, in addition to the aforementioned capability to let accounting professionals allocate their time to problem-solving, advising, strategy developing, and leading, as opposed to the mundane tasks of procuring and organizing data."
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The Impact of Disruptive Technologies on Accounting and Auditing Education
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"Both the accounting and auditing functions are experiencing a major wave of automation that most likely will result in substantive reduction of staff. It is predicted that the traditional mix of jobs in accounting firms will change substantially, and accountants will need to learn new skills when the more traditional tasks become automated and the technical maintenance and analytic needs of the work increase substantively. A major wave of educational change is also emerging with the advent of distance education, various forms of unorthodox training, and a large set of new learning needs."
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The Accounting Profession's Biggest Challenges
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"Staffing, succession planning, tax reform, cybersecurity, merger mania, commoditization of core services, the demand for more CPAs, and the search for relevance — as important as all these issues are to accountants, they pale in comparison to two overarching concerns in the minds of the profession’s leaders: the impact of new technologies, and accounting’s ability to adapt to the rapid pace of change. In a recent
Accounting Today
survey of a wide range of practitioners, firm leaders, association heads, regulators, consultants and other thought leaders, those two concerns were most frequently cited as the biggest challenges facing the profession, raising a host of subsidiary issues that accountants will need to address in the coming months and years."
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Just think, we get to do this ALL OVER AGAIN next year! Here are some tips ⬇️
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*We do not recommend actively following these so called "tips"*
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