No, this is not a reference to the dour image many people have of my profession. Rather, according to recent research, accountants are one of the professions at greatest risk of being made obsolete by technology. Out 366 jobs assessed by the study, there are seven accountancy related jobs in the top 30 most at risk- including Chartered and Certified Accountants (26th most at risk).
Naturally, this could make many people in our profession very nervous, especially those whose working lives will go well beyond the 20 year time span covered by the research.
But really this should not be news to anyone who has been following advances in accounting systems and technology. Accounts software is getting better all the time and real-time reporting of financial information is now a possibility for even the smallest businesses, using cloud-based, fully integrated accounting and business systems.
The fact is that, in future, the computers will do the accounts and these will just be the starting point where the human accountants need to step in. Our role needs to be interpreting the numbers and advising on how to use them to really help the business and its owners.
I’d like to think that at K&H we spotted this threat and acted on it some time ago, by developing the advisory side of the business and our succession planning specialism.
More recently, we have recognised the threat of technology and turned this into an advantage by bringing into the company Robin Winnett, a long-standing client and systems and IT software consultant (and non-accountant!). Robin’s role is to help us and our clients to embrace the opportunities that new technology can bring – in terms of efficiency savings and the ability to offer new products and services – especially those related to real-time accounting systems.
By doing this we hope to be able to offer the best of both worlds: fast and highly efficient accounts combined with the personal and business advice that you need to get full value of the numbers.
Have a look at how at risk your job / industry is here >>
Do you need to find a new way to do your job to make sure you can stay ahead of the machines? Have you already started to look at how the advances in technology will affect your business?
Please post a comment with your thoughts.