Technology has changed the landscape of every field, from agriculture and hospitals to the restaurant industry and many more. So its integration into finance jobs is not at all surprising. Even though advanced technology is heavily integrated into the finance sector, it is highly unlikely that AI (Artificial Intelligence) will take over all Accounting or Finance jobs in the future[I].
There may be some roles that will transform in the next few years, but at the end of the day, human input and logical reasoning remain unmatched even by AI.[ii]
Even with the advancements in technology, finance occupations still remain amongst the most popular.[iii]
The software and computational power of artificial intelligence are tremendously helpful in the finance sector, but professionals are needed and will continue to be required to strategize and practically use the information generated.
The impact of technology on Accounting and Finance jobs is that the automation of operations has freed up a lot of the working professionals’ time and reduced human error. Risk analysis doesn’t take that long anymore, and it is much easier to detect fraud and unlawful practices related to financing.
That means professionals today must learn skills to adapt.
But this is nothing new. Advancements to improve job performance have been continuous. And with that comes the need for upskilling yourselves. It happened when computers were first introduced in the workplace, and it is happening now as you learn how to integrate technology for efficiency in your work.
Hence, the future of your job in this field lies in the question: How well can you adjust to the technology and learn the skillset to integrate it into your work? It’s not just individuals who will evolve but the entire structure.
Artificial intelligence and technology are a part of Accounting and Finance now.[iv] Here are some examples of the technology that professionals in this industry use regularly:
- Cloud accounting for up-to-date remote access to company worksheets[v]
- Blockchain to increase operational transparency[vi]
- Mobile payments for domestic and international bank transfers
- Budgeting software for payroll management[vii]
- Financial Forecasting Software to automate risk analysis[viii]
(Related: How Can A Masters in Accounting and Finance Accelerate Your Career?)
Conclusion
Jobs don’t go extinct; rather, they evolve. A restaurant server who takes orders on paper can learn to use a tablet for the job if s/he is willing to learn and adjust accordingly. The same is the case with Accounting and Finance jobs.
AI can recommend strategic financial moves or payroll adjustments according to professionals’ performance. Still, the knowledge of how to implement these changes in the real world is something only a competent professional can do, not a robot.
If you are looking to upskill or gain more understanding of the field, then enrol in the online Masters in Accounting and Finance. Here, you will learn about the contemporary practices and other advancements in the field related to Strategic Audit, Global Finance, Strategy, etc., and prepare for senior management roles.