Can Technology Replace Accountants in the Future?
01

Sep 2020

In a few decades, there have been huge developments in science and technology. These developments have affected everyone, and everything and the business world has not been left untouched. Technology has had a positive effect on various business activities and has become part and parcel of business.

With the arrival of various technologies such as Artificial Intelligence, Machine Learning, Data Sciences, etc., the way business functions have changed. The world of Finance has also seen a great shift from manual work to quicker ways of analysis of company data. This has also created fear in the hearts of the people as there will be potential job losses.

So the question arises, can technology replace human accountants in the future?

The Change in Accounting

Nobody can refute the fact that there have been profound changes in the business and financial sector. According to various surveys consulted, the people have a feeling that in the near future, their jobs will be taken over by a robotic entity that will be far superior to them. These speculations are correct, but only partially.

There have been huge changes in the which have changed how accountants used to operate, and due to the various technological advancements, a single accountant can perform a lot more work than he could handle previously. In the present day, Accounting for a business cannot be even thought of without the new additions such as Artificial Intelligence, Data Analysis, and the likes.

Transformation Instead of Replacement

Technological advancements have transformed the finance industry, and now every accountant is able to handle many more tasks at a faster rate. This, in no way, means that the accountants will be losing jobs at the hand of technology. The increasing rate of technologies has actually helped accountants to be more relevant in the market and have helped numerous companies to make a mark in the market.

One of the main reasons for the companies to still employ humans for accounting is that though the collection and analysis of the data can now be done at a faster rate, not all businesses are the same. Thus at a point, the management of every company would require an accountant who will know how and when to perform a certain activity.  Technology can always help an accountant to perform the evaluation and analysis of the business activities at a faster pace, but they will pose no threat to the lives and jobs of the people.

There will always be a requirement of professional accountants in a company that can perform all the collection and analyzes the data of the company. The only thing the people have to take care of is that the accountants need to understand the position of technology and be well versed in the use of such technologies. People should use technology to conduct more activities and to make the company more profitable.

Preparing for the Future

There are various new technological advancements that have changed the face of finance. Now it has become easier to collect and analyze the financial data of a company. The machines can do the work fast, but they do not have the intuition and the creativity of a human, and this is the reason there will always be a demand of human accountants in a company.

There will be a significant increase in technology in all the sectors in the coming years. People should increase their knowledge about upcoming technologies so that such people are more employable in the future.

Moreover, technological advancements have provided a new revenue source to the people. There are various software, types of machinery, and techniques that need to be understood by the accountants. This has created a new marketplace for people who want to learn and teach such technologies. A lot of new jobs have been produced because of these technologies, and the developing technologies ensure that businesses utilize the best possible solution for their activities.

How can JAXA Help?

JAXA Chartered Accountants comprise dedicated experts who are well versed in the technologies used in the accounting process. With an understanding of more than 13 years and an ISO 9001:2015 certification, you can be assured that you have availed financial services from the right people. For any more details on the services provided by JAXA Chartered Accountants, we encourage you to Contact Us. We will be happy to offer all the necessary details for you.