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How Technology is taking over the profession of Accounting

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The accounting profession is on the verge of complete revolution as automation, machine learning and robotics are expected to take over the job of an accountant completely. It doesn’t indicate that the accounting profession is dying, as long as the companies will exist, the accountancy too will remain in need. With the  increase in technological application in the department of accounting, the want for skilled employees that can operate accounting functions by implementing data technology too will rise.

 Historic revolution in the realm of accountancy

The earliest acknowledged revolution in the field of accountancy is double entry book keeping method that is practised for more than ten thousand years.

The second accounting revolt occurred during1970’s when computers and internet were used for accounting.

The third accounting revolution is occurring presently with technologies like cloud, block chain and artificial intelligence introduction and their implementation in the accounting industry.

The  scenario of accounting world is about to go 360 degree change in 2019, as computers and robots are expected to take over the job of accountants needing no manual accounting work or probably a man. Now we all see escalating demand for data processing, financial analysis and management analysis. Gone are the responsibilities and duties of earlier existing accounting jobs; the present age is completely different.

 Revival of Accounting work –

It will not only end monotonous nature of work but will also open new prospects confirming economic development. Computers depend upon algorithms to make some judgements.  Fairness of data processing is vital and to confirm that GDPR emphasizes, organizations must explain their algorithm decision.  It implies the need of an independent service provider to assure that algorithm is unbiased and doesn’t discriminate on any basis.  It wasn’t possible earlier, now practitioners need to accentuate algorithm and develop skills to confirm system do not become unfair and unhealthy. The present market requires domain expert proficient in understanding finance and accounting along with knowledge of data and technology. They must be capable of communicating effectively with the data and IT departments.

The game changer

The biggest outcome of technological revolution on the globe for accounting community is artificial intelligence, block chain and cloud computing. Data is the driving force behind ABC. Large companies involve huge data to be processed. AI facilitates data collection and its analysis. The Cloud computing feature assists in sharing of data and Blockchain guarantees security of data.  The all above jobs in financing and accounting stream is vital, therefore, their practitioners should emphasize on building up applications in data technology in time ahead.

The change has been occurring right from the time machine learning concept was commenced in the industry of accounting. Machine-learning techniques have the potency to explore entire new sets of statistics for scrutiny. It also aids in deriving new and extra functional features from existing records. With machine learning, we can fabricate algorithms that are robust to word choice and therefore will be able to pull off a more proficient workflow and improved results with less investment of time.

Job augmentation

Can the issues concerning to accountancy be ruled out with machine learning? If yes, then it is assured to be more effectual. With machine learning, there will be increase in jobs as both machine and employees can accomplish the work simultaneously. Employee can attain greater efficiency by having oversight of the operations.

However, we cannot completely rely on technology. It will on the part of employee do manual, routine and difficult part of job but technology lapse in taking decision to be taken.  Therefore, the AI technology is generating more captivating parts of job for future accountants.

Keeping up with the speed

It is just that accountants need to learn more due to changes or advancement on accounting industry.  Those looking to be better and have accounting edge over others, need to get equipped with programming languages for statistical analysis like SQRL for data entry, Pythn, R, Spark and Hadoop.

Learning is necessary as long as there is innovation. However, this does not mean that the jobs are getting more difficult; it’s simply that what is needed is changing. For those who want to be on the cutting edge, it is necessary to pick up programming languages for statistical analysis, such as R or Python, SQL for data query, and Spark and Hadoop for big data analytics. On being versed with the programming languages, one can find out more values in data; as a result, workflow can be easily automated.

“Data and analytics” is the core of all technological application. Accounting practitioners should understand the data and its expertise to examine them. Therefore, one should learn critical problems.

A better grasp of the business

The accounting profession is on the verge of technological revolution and professionals are indulged to stay attuned with the changing business needs. Accounting practitioners will be able to understand business better and can work towards growth of the company with data and analytics skills. By appointment of  the skilled talent, organizations will be able to procure lucrative results. Data and analytics are going to be highly important skills for accounting professionals in future.

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