Emerging technology is transforming our industries, especially those most reliant on data such as the Accounting sector. Automation, Artificial Intelligence (AI), Machine Learning, Blockchain, the Cloud and other forms of Industry 4.0 will reimagine this field in the coming years. It will change the methodology, standards and skillsets of accountants and bookkeepers and adapt the way companies and accounting firms interact with each other.
According to Accounting Today, accounting firms need to look further than location and firm size in order to stay relevant. Firms of the future will be shaped by a value-added client service that will require firms to work in collaboration with third-party software engineers in order to create solutions to the challenges faced by companies. This is, of course, exceptional news for companies, but it could create some concerns with regards to job security within this sector.
Experts believe that technological advancements within the accounting industry won’t make accounting jobs obsolete, but instead reinvent them. Those willing to adapt and learn new skills will advance into more fulfilling, specialised roles. While mundane, repetitive tasks are handled by software programmes, accountants and bookkeepers can devote time to adding value in other key areas. Those less willing will unfortunately be left behind.
How far are we from this future? Not too far at all. Cloud Accounting is already here, and it is reshaping the way companies manage finances, payroll and compliance, allowing them to future proof their businesses for what is to come.
Cloud Accounting allows businesses to:
The benefits Cloud Accounting offers companies are incredibly impressive, and they are sure to set the pace for other technologies to come.
At MWare, we help companies stay at the forefront through our number of advanced business automation solutions. Through SyncedBeans, software that integrates with cloud-based accounting systems, we help our clients extract invoices directly from suppliers and deliver these to customers’ systems electronically. SyncedBeans can help your company save time and money, eliminate errors, optimize processes, scale up and grow profits. Learn more here: https://mware.co.za/product-solution/syncedbeans/