Both in life and business, change is the only constant. From resolving huge business receptors to embracing new functional paradigms, professionals in every industry manage major changes says Aron Govil. And much of it comes from the new technologies.
The same applies to the field of accounting. This profession has shifted from payroll to bookkeeping. Similar to its partner procurement, it is taking a strategic role for progressive business. Even though some experts might say that accounting has a bleak future in the forthcoming future world, the technologies like process automation, new-age analytics, and cloud data management are all pointing towards raising accountants in empowering and new ways.
Technology will assist instead of substituting accountants
When you go back to 2015, the industry leaders were in a way convinced that the developing technologies, especially automation, will mark the end of accountancy that way we know it. Also, back in 2019, there was a survey done on accountants to garner the effect of automation on the profession. The objective was to check whether the technology will result in fewer scopes for innovative problem-resolution or overdependence on technology to finish everyday tasks says Aron Govil. However, the events between now and then, comprising the pandemic, have shown that accountants should get concerned about adaptation instead of replacement.
It is a fact that online transformation has transformed the playing field. Today, big data should get tap on to compete effectively. Also, the current shift is scope than threat for businesses that are all set to make the most of the online tools.
Making the most of cloud automation and AI
According to Aron Govil, centralized data management, especially with cloud technology, brings down waste and reduces costs by enhancing collaboration and communication. A coherent datasphere and standardization makes it simpler to access, capture, analyze and share data. The transparency enhances as the data silos get dismantle and the quality of data increases.
Simultaneously, automation brings down costs and enhances effectiveness by reducing time-consuming and tedious manual labor. It also brings down human mistakes. It generates simple processing. Instead of substituting human accountants, it enables them to concentrate on strategic tasks that need ingenuity, collaboration, and creativity.
The accountant of the future will be more creative and strategic than ever
Assisted by the technology is a collaborative ambiance, the accounting teams will get populated with subject matter experts and dedicated accounting professionals. The accountants will have an advisory role to play in the years to come. They will embrace business intelligence and welcome procurement professionals for having a strategic sourcing plan. They might make the most of the data management tools, comprising of augmented reality. To contextualize and humanize the spend data for a C-suite. To arrive at improve decisions depending on long-term value instead of ROI alone.
Finally, the automation and data-driven technologies will free accountants instead of constraining them. According to Aron Govil, companies that have a clear understanding and relevance of such technologies and invest in the training and tools needed to provide the accountants’ advantage will move ahead of the curve.