Analyzing Who to Hire Now
Even though technology is changing accounting jobs drastically, there are still many professionals in the field who will not be replaced by robots anytime soon, as most of the accounting work is still not fully automated.
Indeed, contrary to some forecasts, the effect on the numbers of accounting jobs is likely to be minimal. What will be affected is the work that accountants do, the role of jobs in accounting, and the skills that employers will require from candidates.
Here are five technology trends that firms must hire for in accounting today, to safeguard and maximize their future.
1. Automated Accounting Processes
Automating more accounting processes is a key trend in the industry. Automation reduces confusion and eliminates errors.
In an ACCA study, more than half of C-level execs in accounting expect automation to continue to be developed in the industry. This automation will enable accounting processes to be delivered faster and more accurately, as well as enabling data-driven decision making.
Will this mean fewer jobs in accountancy? We don’t think so. Computerized systems carry the risk of being hacked and becoming the victims of fraud. Therefore, we expect the role of accountants to change – requiring more creativity and a greater focus on auditing of data.
2. Rise of Accounting Software Solutions
The adoption of tech-driven solutions in accounting is predicted to increase dramatically within the next few years. Such software offers a lot of features that accountants can use to optimize their work, like automation and improving communication.
Firms should hire for accountants who are adept at working with a variety of accounting software platforms, and who can guide others through getting the most from them.
3. Cloud-Based Accounting
More accounting services are being conducted in the cloud.
Remote work setups are among the most common post-pandemic trends in accounting. The cloud makes this possible, delivering fast and easy access to accounting records anytime and from anywhere.
There are many benefits of using a cloud-based accounting system. This includes:
- You don’t need to spend time maintaining your own servers
- Modifications happen automatically
- You save money on this type of software
More businesses are realizing these benefits and we expect more will shift to cloud-based accounting systems. It also makes hiring of remote accounting talent possible, and this helps to mitigate the skills shortage in the market.
4. Big Data in Accounting
Big data helps organizations by improving the data available to make assessments. Accountants and finance experts can provide support using this data, creating actionable insights from the most valuable data.
To capitalize on this, the skillsets that employers should seek include experience and expertise in data analytics and data science. These capabilities will enable accounting functions to shift from reactive to proactive responsibilities, such as planning, process analytics, and accurate forecasting of financial problems.
5. An Increasing Role for AI
Artificial intelligence (AI) and machine learning is the key to gaining the most from technology trends in accounting.
AI has improved accounting tasks, allowing accountants to use their abilities on more complicated work which will result in significant changes. This leads to much better efficiency in the workplace.
While AI is improving efficiency in accounting roles, it is unlikely to replace humans. Instead, the most effective accountants will be those who can work alongside AI functionality and use it to empower greater and more relevant analysis and decision-making.
Hire for Technology Trends in Accounting to Maximize Your Future
The accounting industry is in a state of rapid change. New technological advances are happening constantly, and adapting to these changes is essential for long-term success.
A lot of today’s work can be done with automation, but more complex tasks, like analyzing data and developing systems and processes from scratch, require human intelligence. Hiring for technology trends in accounting means investing in the right people and enabling them with the right tools so they can do their job quickly and efficiently.
Where do you find the talented candidates that you need to safeguard and maximize your business’s future?
Contact 6 Degrees today for the best accounting talent in today’s rapidly changing market.