Computers can see, speak, hear and also execute tasks. The smart technology era introduced us to computer systems that can be programmed to do the tasks that most human workers do daily.
To compete in the global market, organisations are utilising smart automation technology to decrease their operating costs, increase the development and delivery of new products and services, and offering clients a better experience. All the functional areas in business are candidates for smarter automation. Cost management, procurement and closure processing are but a few accounting activities that computing technology can streamline.
Smart technology is influencing the sorts of employment roles that will be accessible in the future of accounting. Humans will undertake more of the analysis as improved technologies handle monotonous tasks, making them the essential link between data and clients. In the future, technology will continue to have an influence on the function of the accountant and the need for accountants.
Accounting is reaching new heights thanks to technological advancements. Whether you’re an experienced accounting professional wanting to keep on the cutting edge of the business or an ambitious novice, you’ll want to be aware of how the accounting profession is changing due to smarter technological platforms.
Audits, tax preparation and banking are just a few of the labour-intensive aspects of accounting that are fast becoming entirely automated. As AI is used to develop self-learning systems, technology will take over the repetitive and time-consuming activities, allowing finance professionals to handle the analytical and advisory responsibilities. AI may also help reduce financial crimes through enhanced fraud detection and by identifying unusual transactional behaviour.
The two great scourges of the modern developed world are persistent unemployment and increasing income inequality. Smart technology will further introduce techno-unemployment which, if not properly addressed, can lead to greater poverty against a backdrop of escalating comfort and wealth.
With automation expected to become a big part of accounting soon, it’s critical for accounting professionals to have the abilities needed to perform managerial and analytical jobs that technology can’t. The education of future finance professionals must be built on a solid understanding of technology applications to the craft.
Please feel free to contact Horachio Scheepers at horachio@fhbc.co.za for any questions.
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