How Accountants Can Thrive in the Era of Robots.
Will robots render accountants obsolete? The question looms large, and a retrospective look to 2016's QuickBooks Connect in the USA, reminiscent of Xerocon, reveals an insightful video. A vision articulated seven years ago is now a tangible reality, propelled by the substantial investments in Artificial Intelligence by QuickBooks and, presumably, Xero.
As these accounting giants pour billions into automation and innovation, the role of accountants and bookkeepers stands at a crossroads.
The annual spectacle of Xerocon, attended by 5,000 accountants, showcases an industry embracing change with a mix of praise, canapes, flashy lights, and a hint of Kool-Aid.
The recent acquisition of HubDoc signifies a strategic move towards automating transactions. The integration of bank rules, memorizations, and a diverse array of add-ons signifies a gradual shift towards the automation of routine tasks with the assistance of robots.
In the evolving landscape of small business accounting, applications intricately woven into cloud software, exemplified by QuickBooks and Xero, empower clients with unprecedented access. From inquiring about outstanding payments to seeking insights into average sales on rainy days, from forecasting weekly cash flows to querying monthly inventory quantities by item, the capabilities are expanding exponentially.
Yet, does the trajectory of automation strike fear in the hearts of accountants? Despite these transformative changes, the accounting profession is unlikely to meet its demise. Instead, it is poised for an inevitable metamorphosis. The pivotal question now revolves around readiness – how prepared are you to adapt to these changes?
Staying ready and observant is paramount. A relentless curiosity about emerging technologies that can benefit both clients and firms is a necessity. The ongoing quest centers on achieving more with less – a pursuit inherently tied to increased profitability. This ethos, encapsulated in the mantra of "more done with less," has been the guiding force throughout my business career.
Join me next week for a deeper exploration into navigating this transformative landscape. Gain insights into thriving amidst technological shifts, ensuring not just survival but prosperity in an industry undergoing dynamic change.