WHO IS AN ACCOUNTANT: Accounting Technologies of The Future
WHO IS AN ACCOUNTANT?
An Accountant is a person who has undergone formal or professional training in the process of accounting and who belongs to at least one of the recognized professional accounting bodies.
ROLES OF AN ACCOUNTANT
- Preparation and presentation of timely and accurate financial/ accounting reports to management.
- Identification of areas of inefficiency and wastage of resources.
- Treasury functions- rising finance, cash management and so on.
- Setting up effective system of internal and accounting controls.
- Preparation of feasibility reports.
- Investigation of fraud within the organization.
TYPES OF ACCOIUNTANTS
- Financial Accountant
- Cost Accountant
- Management Accountant
- Tax Accountant
Accounting as a profession:
Profession: is a field of study, a unique career, or a job requiring special expertise or skill and operates with principle or standards agreed upon by members (professionals).
Accounting is a profession because it is field of study or a career that requires figure manipulation skills and unique expertise and operates with sets of principles and standards agreed upon by it’s members(professionals).
Accounting opens doors in every kind of business coast to coast. It can prepare you to become a partner in an accounting firm, to pursue a career in finance or corporate management, to work in government, or even to become an entrepreneur. In fact, no matter what you decide to do, having an accounting background can open doors wide.”
The reason why accounting may be the best route to a successful business career is, that accounting has always been considered as the language and basic tool of business. It has always concerned itself with determining how a business is doing and what the bottom line is.
In this increasingly complex and competitive business environment, accounting skills are very much in demand and accounting has become a dynamic career.
The Future Accounting
The demand for accountants appears to be growing and outstripping the supply. Job opportunities in today’s business climate are better than ever for accountants.
According to the U.S. Bureau of Labor Statistics, jobs for accountants and auditors are projected to grow by 4% between 2019 and 2029, which is on par with the projected average for all occupations. U.S. News & World Report ranks accountant No. 13 in its list of Best Business Jobs for 2021, citing its favorable salary and strong job security, among other issues.
With the advent automation being brought into accounting tasks, making it is easier for anyone to perform simple accounting works. According to Accounting Today Accounting professionals will never be replaced by technology. As the industry publication notes, “technology simply cannot — and will never be able to — solve on its own” the client problems addressed by accountants. In fact, accountants in the future will have the opportunity to develop more advanced skills so that they can increasingly serve as business consultants and strategic partners as opposed to simply financial experts. Technology Will Support, Not Replace, Accountants. Tomorrow’s Accountant will be More Relevant, Strategic And Creative Than Ever.
Accounting Technologies of The Future
Change is a fact of life in the business world. And if there was ever a time when accounting was only about bookkeeping, those days are long gone.
Accounting is no longer what it once was. And if you’re gaining new clients and expanding quickly (congratulations! ), it can make things much more difficult—how will you handle the surge of new clients? More clients equals greater money, but they also equal more demands.
You can adapt the way your accounting business functions and, more crucially, improve the customer experience with the correct technology—yes, we’re talking about the cloud. Cloud-based phone systems, for example, provide accountants with increased independence and flexibility to work from virtually anywhere.
Fortunately for everyone in the accounting profession, it isn’t quite that straightforward. In reality, rather than making accountants obsolete, automation promises to make their jobs easier.
We’ll go deeper into the future of accounting and examine a few technologies that will shape it.
According to Forbes, cloud computing is booming as new sophisticated technologies like the internet of things (IoT), artificial intelligence (AI), and machine learning are integrated into the cloud. The future of accounting appears to be cloud-based as these technologies become increasingly ubiquitous.
Automated Accounting Tasks
Audits, tax preparation, banking, and payroll are just a few of the labor-intensive aspects of accounting that are soon becoming totally automated. As artificial intelligence (AI) is used to construct self-learning systems, technological systems will take over the repetitive and time-consuming duties, leaving humans to handle the analytical and administrative responsibilities. According to Forbes, major software suppliers such as Intuit, Sage, OneUp, and Xero offer automated data entry and reconciliation alternatives in company bookkeeping using AI and machine learning technologies.
Blockchain technology, a computer-based recording system that employs bitcoin within a user-to-user network, is another trend that will effect the demand for accountants in the future. While bitcoin — a digital currency in which a record of transactions is kept and new units of currency are issued without the involvement of a bank — helped to popularize blockchain, the technology has advanced significantly. According to Accounting Today, the appeal of blockchain for accounting is “the promise of a new sort of accounting record – one that can be continuously updated and confirmed without the risk of being edited or damaged.”