It’s a great time to be an accountant–jobs for accountants and auditors are expected to grow by 7% over the decade, with an average of 135,000 job openings every year. But as in every field, it’s also a time of rapidly accelerating change and innovation–and to stay relevant, it’s vital to keep pace.
These new technologies are improving accountants’ lives by taking on more and more of the donkey work, freeing up human professionals for more high-level tasks.
Robotic Process Automation (RPA)
RPA can shorten audit and contract processing times from months to weeks. According to Forbes, top firms that RPA AI integration have “high efficiency and higher-level services” than smaller competitors without AI.
Machine Learning (ML)
Machine learning platforms can streamline and speed up accounting processes, providing more transparency behind the scenes and error-free, real-time visibility of financials.
Artificial Intelligence (AI)
AI has transformed the accounting industry. From chatbots and scheduling to managing regulatory requirements to gathering data on client preferences, AI enables innovative ways of working as well as new products and services.
However, just like people, our AI friends need someone to manage them, understand them, and collaborate with them to help them do their best work. That’s where you come in.
Here are some of the top tech skills every accountant should develop in 2023 to maximise their employability and career prospects.
Fundamental data skills
While you don’t have to be an expert data cruncher, it pays to get a handle on basic data strategy and data processing skills. Your deductive reasoning skills and knowledge of probability and statistics will also stand you in good stead when working with data.
Practical accounting
Practical accounting means not just knowing the skills, but having the contextual awareness to choose the right response in a new situation. This is an area where AIs struggle. Accountants who can work with AI to make intelligent recommendations based on insights from data can fill this gap.
Automation
Many tasks such as auditing, tax preparation, bookkeeping, reporting, payroll and banking can now be automated. New technologies can take on most of the repetitive work, but they need people to implement and operate them.
Storytelling ability
Yes, storytelling is a tech skill! It’s all about taking insights from data and explaining them effectively to laypeople using a compelling story.