Since the mid-1980s, accountants have relied heavily on spreadsheets–a technology that was never intended nor designed for the complicated multi-entity work common in accounting today. As technology evolves, so does the accounting and finance industry, and with the advent of automation and artificial intelligence (AI), accountants are gearing to adjust to a changing industry.
While some have warned that automation and AI will lead to the end of accounting as we know it, savvy accountants know that embracing the changing tide and allowing the industry to undergo this seachange will leave opportunity aplenty–as long as they remain as versatile and open to change as the industry.
How accountants must adjust
Remaining relevant in today’s accounting sphere requires adaptability. Crunching numbers in Excel spreadsheets and otherwise completing tasks in the same manner and cadence as before will not propel future-thinking accountants forward. Instead, embracing technology and capitalizing on strategic and advisory services is necessary.
Where do you stand?
According to AccountingWeb, people can be divided into five segments based on how willing they are to adopt new, innovative technology: innovators, early adopters, early majorities, late majorities, and laggards. Innovators and early adopters only comprise 16 percent of the population, but they highly influence the next subgroups: the early and late majorities. The graph follows a bell curve, with the final 16 percent being laggards. Laggards refuse to adopt new technologies until their existing, tried and true technologies are no longer available.
Adopt cloud technology
Don’t fear automation: you will not be replaced by robots if you can learn to work with advanced technology. Technology can never replace the human component of processing, analyzing, and strategizing–but it can buy you time to do those things. In the past, manual number crunching and hunting for errors was a necessary evil of the job. Now, by implementing cloud-based technology, much of the bulk of your hours of work can be automated. This frees your time and mind to sit with the data and reflect upon it. And this leads to better, stronger business decisions.
We’re never done learning. As technology changes, it is imperative that you keep up with the change. There are courses, webinars, and even networking opportunities to connect with the latest technology–and its users.
FYIsoft can help you propel your business forward. Stay relevant by embracing this tectonic shift and stay on the right side of accounting so you don’t lose credibility as your competitors capitalize on new technology. Contact FYIsoft today to learn how a move to the cloud can benefit you.