The impact of technology on the accounting industry
The accounting industry is rapidly evolving with the rise of technology. For example, “automation, minibots, machine learning, and adaptive intelligence are becoming part of the finance team at lightning speed” at consulting firm Accenture, as noted in Forbes.
Intelligent technology may seem new, but many companies are already using basic automated accounting processes. Accounting tasks and processes that machines can do or streamline, according to Forbes, include supplier onboarding, accounts payable, audits, procurement, purchasing, expense management, close processing, and customer queries.
Intelligent technology is shaping the future of accounting by impacting the types of jobs that will become available. As advanced systems handle repetitive work, humans will deal with more of the analysis, becoming the crucial link between data and clients. Technology will continue to impact the role of the accountant and the demand for accountants in the future.
To gain a more complete understanding of new integrated accounting technologies and advanced analysis techniques, individuals may want to earn an online master’s in accounting degree, which can help students develop skills in areas such as managerial accounting, data analytics, and advanced financial reporting.