Our fast-paced world has transformed many jobs, but few will change as much as what accountants typically did even just 20 years ago compared to today, next year or the next decade.
Let’s look at the crucial trends which will influence what the job description of accountants of tomorrow will entail.
Financial Data Analyst
While not so long ago many accountants spent most of their time collecting and maintaining financial records, the rise of cloud technology will result in complete automation of financial data input and categorization. We see this already with the rise of countless expense management tools (Expensify, QuickBooks, Shoeboxed), automation platforms (Flowless), income tracking and reporting (Business Payments, Honeyfi) and others.
With all data already neatly gathered and organized, it doesn’t mean that accountants will lose their jobs. A unique industry outlook will allow them to take a step from being a financial data manager towards financial adviser positions.
We anticipate that having manual workflows automated by apps and accounting platforms, accountants will be able to benefit from their expertise in financial statistics, tax regulations, and pristine discipline when it comes to money data and will start advising their clients on how to manage their finances more effectively.
Many people not directly involved with accounting still think of numberswhen they are asked to picture a typical accountant’s workload. This too will change.
AI spread will result in numbers becoming a domain of apps, platforms, and virtual assistants.
Gone are the days when an accountant sat alone in a cubicle over piles of spreadsheets and tax forms. Exposure to numbers will require accountants to learn how to talk numbers. They will learn how to paint a picture of growth using numbers, and for that to happen accountants will be learning a lot about business growth and its requirements.
We are sure that in the past many accountants could draw conclusions on whether the company is taking the right business path from their records.
Now CEOs will listen to them.
We are excited about the recent developments in cloud automation when it comes to everyday accounting. While there is a trend to worry about job loss, we think that automation is a fantastic thing, because people are capable of so much more than they could take on before, burdened with repetitive processes.
Accountants of the next decade will champion added value for the customers, prioritizing science over emotion and embracing the Cloud in order to grow exponentially.
A smart accountant of the 21st century will fully utilize the power of the Cloud to enable automatically running systems doing most of the job accountants were doing manually decades ago, while going deeper into complex tasks which can not only contribute towards a healthy inter-company workflowbut will be able to actually increase the revenue of the companies they are working for.
This alone is revolutionary and we cannot wait to see what happens next.
Are you feeling the changes that automation brings to your everyday workflow? Share your story in the comments below.