Tech is transforming accounting and finance. What does that mean for you?
AI and automation will displace 85 million jobs worldwide by 2025, according to the World Economic Forum. It’s no wonder that employees in every industry are looking nervously over their shoulders – and those working in accounting and finance are no different.
More than one in five employees in this sector worry their job will be replaced by technology, according to a recent survey by the Association of Chartered Certified Accountants, while 42% say they are ‘overwhelmed’ by the pace of technological change.
Machine learnings
The technological revolution has been underway for some time. EY, for one, was using AI to manage and analyse companies’ lease agreements as long ago as 2017. AI may even have helped you order your last burger – four years ago, McDonalds started using machine learning technology in its touchscreen kiosks to predict what you might like to eat.
Today, AI and robotic process automation (RPA) are handling many of the highly repeatable tasks that used to be done manually – and they’re doing those jobs with exacting accuracy and at speed, too. But that doesn’t necessarily mean they are coming for your job. There’s a more positive narrative here; that by taking care of the more mundane accountancy and finance tasks, technology can actually enhance rather than threaten livelihoods.
It gives professionals the time and space to perform more meaningful work, which benefits both employee and employer.
“AI and automation is going to allow people to engage in more meaningful and exciting work.” says Paul Newell, Operations Director, LHH Recruitment Solutions UK&I. “It will support retention; the employees using automation will be more engaged, they will feel that they are able to spend more time adding value and making a bigger contribution to the organisation.”
Attracting talent
Technology can also help attract new people to your team. The best candidates want to work for forward-thinking companies; in other words, those that are harnessing the power of this revolution.
[This technology] is important to candidates when looking at jobs. They want to see if a company is really in tune with future technology” says Newell. “For companies who fall behind, they may find it harder to attract and retain talent.”
Technology isn’t the end of the world, but the start of a new one. By anticipating and preparing for these changes, you can have one foot planted firmly in the future.”
For more insights into the current trends shaping the accounting and finance sector, read our latest white paper.