Has Technology Completely Replaced The Need For Accountants?
Over the course of time, there has been an increasing debate regarding technology replacing humans. Regardless of the positive impact technology has had when it comes to helping organizations operate in a much effective manner, it can be seen that positive impact continues to overshadow the aspect of job replacement, which is not very well received by the masses. Accounting tends to be one of the careers that are significantly impacted by the technological influx over the years. The way technology has streamlined operations, and facilitated accountants (and organizations) is unparalleled in terms of the value addition it has provided. But has technology entirely replaced the need for accountants, and accounting as a profession? Let’s find out.
Accounting software is still managed by accountants – Accounting software that is now used by organizations (like SAP 4 HANA), are created by accountants.
The integration of accountants and IT professionals has resulted in the creation of such platforms. Interestingly, that is how it’s going to stay forever.
Without accountants, this software can never be created. Even for managerial issues, accountants are required to make sure that all issues are solved in compliance with the said law.
Data Entry: Regardless of the level of automation inculcated into the accounting department of the company, data entry is something that continues to be dependent on humans. Beyond a certain point, technology cannot really be used for an end-to-end purpose. This limitation applies to all technological purposes. It requires parameters to work with, and these parameters or inputs can only be provided by humans.
Accounting Analysis: Accounting analysis and accounting related jobs (like auditing or consulting) are fields that can never be automated, per se. This is simply owing to the fact that technology or software can help users to create or generate analytical reports, but cannot provide a qualitative analysis based on those reports. This is where accountants come in. Accounting and Finance professionals are predominantly responsible for covering ground relating to analysis, based on which decision making can subsequently be carried out.
Decision Making: Regardless of any technological integration and automation. Decision making and the final verdict needs to have a human element. This is because certain limitations prevent software from presenting a holistic analysis based on which a concrete decision can be made. While software mostly provides quantitative analysis, it is still dependent on humans for interpretation based on which proper decisions can be made by accounting professionals.
Therefore, based on the analysis presented above, the key takeaway is unanimous. Technology can be integrated with accounting, but it cannot ever outdate accountants or accounting as a career.
Factually, it is expected to evolve with time, and this is something that can leave a positive impact on organizations across the globe in terms of being more effective in financial management, and disclosure related policies.