Although there is a definite shift in the future of the accounting industry, all is not bleak when it comes to automation and the future of jobs. This is because no matter how powerful automation technology gets, there will always be a need for people.
So, instead of looking at jobs that may get phased out due to automation, it is worth a more in-depth look to figure out how automation can actually benefit those in the accounting industry. And there are definite benefits to be had.
One of the great things about automation for the accounting industry is that it can save serious time—up to 90% for certain tasks. And the thing about accounting and bookkeeping work is that it involves a lot of time-consuming, repeatable tasks.
With the enhanced precision and speed offered by AI, those tasks can be automated and give accounting professionals the ability to respond to their clients faster, take on new clients with their freed-up time, and deliver reports with far greater ease and efficiency.
Prior to AI, there was a lot of sifting through spreadsheets to analyze trends. But with AI, processing that data and analyzing trends has never been faster or easier. This allows you to make smarter decisions both for yourself and your clients in far less time.
Even better, cloud-based technology allows for greater communication across the globe so that you can keep in touch with clients or team members from literally anywhere. That provides the flexibility of collaboration and information-sharing on a level unlike ever before.
Data entry is not what being an accounting professional is about; it is about providing valuable solutions to clients. With AI in place to handle those repetitive tasks, you are free to focus on work that is more valuable to your business.
Automation can be used to handle the menial tasks that can take up much of your time as an accounting professional and allow you to be of greater value to clients.