Should Accountants Fear Process Automation?

If you’ve been following the news, you may have heard about the increasing trend of automation and how it is stealing jobs.

A global survey of corporate executives and business leaders from a wide cross-section of industries by McKinsey & Co reveals that, in 2020, 66% of them were piloting solutions to automate at least one business process, up from 57% two years earlier.

Should accountants be worried about process automation? How are you supposed to respond in a world where automation’s impact on accounting is not only disrupting practices but also business models?

The answer: It depends on how you look at it.

Accounting automation is here!

Truth be told, the age of accounting automation is upon us; and in fact, it’s been around for a while.

But it is for good: many accounting professionals have been utilising technology to streamline and manage financial transactions. In doing so, they’ve become more efficient at 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 doesn’t mean all accounting roles are at risk.

On the contrary, there is a lot of work that still needs to be done by humans to ensure business advances 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 save 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 escape it but what you can do is embrace it.

This means you ought to be open to new learning opportunities and be willing to experiment with these new technologies to see how they can improve your work.

By keeping up with the latest technology trends, you’re poised 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 important for accountants to be versatile 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?”