The Future of Accounting
February 12th, 2019
Posted in: Trends
The Robot Revolution Is Coming!
According to The Verge, “A new report noted predicts that by 2030, as many as 800 million jobs could be lost worldwide to automation.”
You could argue that computers and automation are in the process of taking over the world. What does the future look like for accounting companies? At first glance, it might look like accounting occupations would be one of the easiest jobs to automate—there is a lot of repetitive data entry involved in accounting that could be automated.
Automation Freeing Up Accountants to Become Advisors
On the other hand, the reasons for hiring a professional accounting company like Shaw & Associates Chartered Accountants now are the same reasons that accountants are likely to survive the robot revolution.
Says Canadian Accountant, “[T]he key to our ongoing relevance will be our professional judgment, pointing to our ability to interpret information and provide guidance to employers and clients.”
In a different article, they go on to say, “[W]ith recurring tasks out of the way, accountants will be free to tackle more complex issues, such as the interpretation of data and the implementation of business processes… Even with automation through AI, humans will still be needed to oversee strategy, balance conflicting business priorities, and ensure that ethical guidelines are followed. Plus, there is no machine that can build trusting relationships with clients; that can only be done by living, breathing human beings.”
Shaw & Associates is more than happy to handle your data entry needs, but there is so much more to a business relationship with your accountant. To successfully move a business forward, you need to have an accurate picture of where you are, and where you want to go, and that’s what professional accountants can do for you. This will not change with automation.
More Than Data Crunchers
Canadian Accountant points put that, “More than ever before, we need to position ourselves less as human calculators and more as innovative experts who are trusted advisors. Deliberately downplay the business of crunching data. Emphasize instead your value as an irreplaceable expert source to help your clients maximize revenue and reduce expenses and taxes.”
Accounting professionals are much more than data crunchers; they are invaluable expert financial and business advisors who understand what it takes to keep your business healthy financially. Your accountant builds a relationship with you and your business, going above and beyond to understand what you need even if you don’t. After all, you aren’t in the accounting business; you’re in the business of running your own business. We’re in the business of helping your business.
Contact Shaw & Associates Chartered Accountants for accounting help you can count on. One complimentary meeting with us will put you and your business on a more profitable and positive path.