Artificial intelligence and robotic automation processes are one of the most widely speculated topics for quite some time now. This calls for the following questions:
- Is the future of today’s accountants bleak or bright?
- Is the profession of accounting on a collision course with these technologies?
While we are still far from the world where the intuitive and complex role of accounting professionals will be taken away by mechanical robots, some software robots are, however, capable of giving accountants a run for their money. These robotic software do not sit in front of the desk like a normal robot would, but efficiently behind the scenes and ease the burden of the accounting tasks. They offer help with data collection and reconciliations, compliance testing, journal entries, master data management and much more. Once they are taught how to do things, they will continue doing them reliably and accurately until you tell them to stop. They will not care about skipping lunch breaks, nor would they mind working 24/7. And the best part, they will not quit. Thus, you can be free of the worry of losing an exceptional accountant.
An Inevitable Trend
Robots can very well manage and access multiple systems all at once while also make complex calculations and manage data as long as they are provided with digital data. There are a number of excellent finance, accounting and ERP software that have been in the industry for quite some time now. These have helped hundreds of organizations in streamlining not only their finance and accounting, but also a number of other business processes. However, the number of accounting staff is still very large in businesses and corporations.
How should organizations take advantage of this trend of automation to the full rather than being thrashed by it? Automation is inevitable in accounting and its processes. Thus, it is important for businesses and organizations to have a plan for it.
How to Plan for Accounting Automation?
As mentioned above, automation is inevitable in all business processes and that includes accounting as well. You should use the early days of the business to get to a comfort level with the automation, and then introduce it to the organization in an encouraging way. Then, move to adoption, slowly and steadily. Keep your accounting professionals in line with the developments that are taking place in the organization and include them in the process to make them aware that these developments are made not to rig them of their positions but to help them in their daily tasks, which should be your actual aim.
The Future – Is it Bright or Bleak?
Coming to the question of whether the future of the accounting professionals is bright or bleak, one has to take into consideration a number of factors. The most important one is, while robots may take the place of accountants in the future, they still need humans to train them. Humans will be still needed for advice and help, which serves as a ray of hope for the humans in the accounting profession. And, this is the case not just in accounting, but all other professions out there as well. On the split side, organizations should welcome automation as this is the need to be successful in the business world of today’s digital age.