Major Aspects of Technology In Shaping the Future of Accounting

Accounting’s future is bright, with a projected 10% increase in accountant and auditor employment between 2016 and 2026, according to the U.S. Bureau of Labor Statistics (BLS). Not only does the future of the accounting profession look promising, but the industry is also rapidly evolving with the rise of technology. For example, “automation, minibots, machine learning, and adaptive intelligence are becoming part of the finance team at lightning speed” at consulting firm Accenture, as noted in Forbes.

Intelligent technology may seem new, but many companies are already using basic automated accounting processes. Here are just a few of the accounting tasks and processes that machines can do or streamline, according to Forbes: supplier onboarding, accounts payable, audits, procurement, purchasing, expense management, close processing, and customer queries. Intelligent technology is shaping the future of accounting by impacting the types of jobs that will become available. As advanced systems handle much of the repetitive work, humans will deal with more of the analysis, becoming the crucial link between data and clients.

To gain a more complete understanding of the new integrated accounting technology and learn advanced analysis techniques in preparation for client recommendations, additional education may be critical. For example, earning an online master’s in accounting can give you opportunities to learn many of the skills necessary for success, such as managerial accounting, data analytics, and advanced financial reporting. Advanced coursework in the online master’s in accounting program covers cloud-based work, automation, and blockchain. These trends are important to study, as they are changing the technological landscape and will likely have long-lasting impacts on the accounting industry.