In a survey conducted by McKinsey & Co, 70% of respondents say their organisations are at least piloting automation technologies in one or more business units or functions in 2022, up from 66% in 2020 and 57% in 2018.
If you have been keeping abreast of the news, you may have heard about the growing trend of automation and how it is taking jobs.
Should accountants be concerned about process automation? How should you react in a world where automation’s effect on accounting is not only altering practices, but also business models?
The answer: It depends on how you see it.
Accounting automation is here!
To be honest, the era of accounting automation is upon us; and in fact, it has been around for some time.
However, it is for the better: many accounting professionals have been using technology to simplify and manage financial transactions. In doing so, they have become more efficient in their jobs, and at the same time, reduced costs for their organisations.
It is true that automation has the potential to eliminate or reduce the need for certain types of accounting and finance-centred work. But that does not mean all accounting roles are at risk.
On the contrary, there is still a lot of work that needs to be done by humans to ensure business progresses smoothly.
In fact, process automation can actually create new opportunities for accounting and finance professionals who are willing to learn new skills and embrace new technology.
What’s more, process automation can help businesses become more efficient and productive by eliminating bottlenecks and automating repetitive tasks. So, in a way, it can actually help to preserve jobs.
The bottom line is that accountants should not fear process automation. Rather, they should embrace it as a means to become more effective and relevant in today’s technology-driven world.
Embracing the inevitable
Change is inevitable. You may not be able to avoid it but what you can do is embrace it.
This means you should be open to new learning opportunities and be willing to experiment with these new technologies to see how they can enhance your work.
By keeping up with the latest technology trends, you are well-positioned to handle any impact of automation on your job.
After all, automation is not a substitute for human labour but a partner.
The future of accounting is bright
In the end, the future of accounting is bright. It has never been more crucial for accountants to be adaptable and willing to take on new challenges.
Technologies like process automation will not only change the way businesses are managed but will also offer opportunities for accountants who are open to learning new skills and embracing new technology.
The question you should be asking yourself is not “should I be afraid of process automation?”, but rather “how can I use process automation to improve my work and career?”.