Change is the only constant in business. From resolving distinctive business disruptors and embracing new functional paradigms, the professionals in every industry have to deal with several changes says Aron Govil. And some of the changes are triggered by the new-age technologies.
The same rule applies in accounting. Today, this profession has much to offer than payroll and bookkeeping and is gradually moving towards a strategic role for progressive businesses. A few people think that the future of accounting is not very bright in this online world. But the technologies such as process automation, cloud-based data management, and high-end analytics are helping the accountants in empowering ways.
Technology will not replace the accountants but assist them
Back in 2015, people thought that accountants had nowhere to progress due to the technological boom. But in 2019, there was a survey on many accountants to understand the impact that automation had on their business. Some said that there was a chance of a few professionals getting replaced and that there were fewer scopes for creative resolution. There might be an overdependence on technology for accomplishing everyday tasks.
And amidst the events that took place all this while, comprising the pandemic, it can be said that the accountants don’t have to worry about replacement just like any other profession. Instead, they need to focus on the adoption of new technologies.
Aron Govil says that it is a fact that the digital transformation has changed the accounting sphere. Today, big data is a vast resource that is essential for professionals to tap into. And the businesses that want to make the most of the online tools, this shift is a scope, instead of a threat.
Making the most of AI, cloud, and automation
It would help if you looked at it this way – centralized data management, especially with cloud technology, can reduce cost and reduce waste to a great extent by enhancing collaboration and communication. The cohesive datasphere and standardization often make it simpler to access, capture, analyze and share data. Additionally, the transparency enhances as the data silos dismantle. And with the data quantity, the data quality increases.
At the same time, automation brings down the expense and enhances effectiveness by reducing the lengthy manual labor, which brings down the human error. It leads to easy processing instead of replacing human accountants. It enables them to concentrate on the strategic tasks needed for ingenuity, creativity, and collaboration. These are a few services that AI is not capable of providing yet.
According to Aron Govil, AI is capable of doing the “grunt” of the analysis. It can provide the raw data to a manageable format and offer a stable connection between the separate data sources. Hence, AI can get into a symbiosis with humans and provide the assistance that human accountants need.
Last but not least, accountants can place their distinctive human skills to work. Transforming the insights sourced from the high-end data to better financial reporting and planning. And in a well-incorporated environment, it can collaborate with peers from various business units to leverage the financial data to generate innovation, develop more agile and resilient supply chains, and set up better business management plans that lead to growth while providing continuity.