Based on the Future of Jobs research done by WEF, these are some of the roles considered made redundant by technology: Data Entry Clerks, #Accounting, #Bookkeeping and #Payroll Clerks, Business Services and Administration Managers, #Accountants and #Auditors. Not only this, 81% of companies surveyed said they're looking to automate work, and 77% is going to embark on strategic redundancies of staff who lack the skills to use new technologies. Is technology on a mission to kill Accounting & Audit Practices? Let's discuss. Please feel free to share the post with your network, the more comments and opinions the better. SAIPA - South African Institute of Professional Accountants SAICA CA(SA) #SageBusinessCloud #Automation #CloudAccounting #FixingTheAccountingIndustry
Vangelis Kyriazis CA(SA), Alexander Clark, Ettiene Retief,?John Paul Kirton, Tshepo Moses Mosiedi, Eric Edelstein what are your thoughts on these results?
I think while opinions vary on the number of jobs that can be “automated away,” it’s clear a large number of positions now handled by people, including accounting jobs, will be supplemented or replaced in some way by intelligent machines. We’re already seeing a displacement of jobs in the accounting industry through outsourcing and robotic process automation, among other trends.
It’s not technology that disrupts industries but business models best leveraging technology. Therefore clerical work, mostly performed by your proverbial ‘bookkeeping’ functions need to reinvent this business model, leverage technology to become advisory and insightful rather than focusing on the Trial Balance.
I think we should look at this as an opportunity for us to pair with ‘robo-Accountants’ to provide more efficient and effective services to clients. Currently, there is no machine replacement for the emotional intelligence requirements of accounting work. The profession is becoming more interesting as repetitive tasks shift to machines. There will be changes, but those changes won’t completely eliminate the need for human accountants.