Year after year, the global transition to the digital age has provided a mix of bittersweet obsolescence of things.
From self-driving cars to drones delivering packages and other goods, modern technology is currently at a pace where no force can stop it or at least slow it down.
Just recently, according to AccountingNorth.co.nz, the very technology that everyone else praises for their value is now on the verge of robbing them of their jobs. With the rise of clever, zero-sum accounting software, the idea of the obsolescence of accountants and other financial managers is right on the tip of everyone’s mind.
Same as with most manufacturing industries, replacing employees with robots will dramatically stave off costs while improving the overall efficiency and production output. In addition, despite the technical knowledge accountants possess against manufacturing agents, they’re still not safe because a single asset liability software platform can fill in every accounting role possible. According to an analysis produced by the Chartered Accountant Australia and New Zealand and the New Zealand Institute of Economic Research, they found that the accounting, corporate treasury and secretariat professions have the latent higher risk from automation.
“While the number of New Zealanders working as accountants had increased by almost 6 percent between 2012 and 2014, the trend was likely to reverse in the coming decade as automation of many traditional accounting tasks takes hold.”
A Double-Blunt Sword
For most accountants and finance managers, the news, of course, sounds extremely terrible. However, for top management and unaffected executives, this change will be beneficial in a many ways. According to BDO New Zealand Advisory Head, Adam Davy, “the news is not 'doom and gloom' for all accountants. This is actually 'doom and boom' for those well enough placed to take advantage of it.”
For decades, the global accounting and finance system have remained untouched by technological solutions. But, now that the appropriate technology is here, the industry isn’t taking a step back from embracing the evolution.