The Future Of Accounting Is Tech (and Human)
To both internal accountants and external professionals, today's accounting landscape can seem disjointed, chaotic, intimidating, and overly tactical. Finance leaders recognize the need for technology and artificial intelligence to solve these problems and recognize that technology is essential to the future of business. But while they are under internal pressure to grow their operations or expand their offerings and business processes, they also recognize that there are two fundamental barriers to success.
First, many back-end accounting technology solutions are not ready for fully automated and AI-driven transactions. These products rely on legacy frameworks that rely on manual processes and are not designed to handle new technologies, making it difficult to "integrate" new solutions into legacy software. Second, it's important for the business clients you serve to understand that people are critical to the day-to-day decisions that must be made in any financial operation. After all, people play an important role in setting the strategic direction of the accounting work.
Businesses, especially small and medium-sized businesses, deserve a more modern and efficient accounting function that takes these factors into account. To fill this gap, business owners must combine a people-first approach with technology to deliver successful accounting for the next generation. Because while more and more companies can (and should) adopt a technology-centric approach to their accounting services, technology alone will never replace the needs of real people.
Technology is making great progress.
To date, technology has allowed accountants to automate repetitive tasks, provide data processing and analysis capabilities, and reduce human error, among other benefits.
The promise of artificial intelligence is huge. according to
However, in an article published in June 2023, Thomson Reuters of…
Technology has limits.
Artificial intelligence has yet to invade the world of mathematics. As artificial intelligence and machine learning become faster and more efficient to carry out routine transactions, no technology solution can replace humans. Indeed, machines are not yet able to interpret informal situations, solve algorithmic biases, or apply the judgment required to make complex decisions.
Only an accountant can use professional judgment, build relationships, think strategically, and communicate differences beyond a page of data.
The human element is essential to bridging the gap between existing systems and new technologies. For example, the collaboration and integration needed to analyze and interpret data across multiple systems and product groups that don't necessarily speak the "same language" can only be achieved through real human interaction.
Practice a growth mindset
The benefits of advanced technology approach are clear. Technology can facilitate processes, identify trends and facilitate forecasts. It should not be ignored. As financial operations are simplified and automated, accountants can better leverage their capabilities and make clear, informed business decisions. By stepping out of the day-to-day operations and optimizing processes, accountants can play a more strategic role in making businesses successful.
But the AI landscape is also evolving rapidly. As available technology evolves, accountants must be ready to adapt and embrace new solutions. To do this, they must be committed to observing the landscape and improving their skills when necessary. Technology and artificial intelligence are improving every aspect of accounting, from accounting to tax filing, forecasting, payroll and more. The speed and magnitude of change can be enormous. But with the right people and continued focus on the opportunities offered by technology, accountants (and the companies they work with) can reap the benefits of the AI revolution.