Rate this item
  • 0.00 / 5 5
(0 votes)

A worthwhile read:

Source: https://accountingweekly.com/job-disruption-is-coming-to-accounting-too/?utm_source=email&utm_medium=newsletter&utm_campaign=march-w3&utm_content=accounting_weekly

Tax SAIBA Accounting Weekly

Never before have the fundamental assumptions about the US job market looked so precarious. Automation, artificial intelligence, and robotics, among other technologies, are changing the skills and the skill level required of employees in many industries, including retail, transportation, and manufacturing.

This is according to an article in AccountingToday 

Amy Pitter writes that the accounting profession is experiencing similar changes, and the pace and pressure of that change is exploding into a major disruption. She says robotics is expected to eliminate 40 percent of basic accounting work by 2020. We’re in the early stages of the big data and artificial intelligence revolution in accounting, which already is being wholeheartedly embraced at the larger firms. “Blockchain, which may develop as the most significant disruptor of all, is only in its infancy. As blockchain gains traction, it promises to provide a viable replacement for the traditional third-party verifier of transactions, radically altering both the concept of audit and the role of auditors in ways that are only beginning to emerge”.

Pitter further writes:

These new technologies create a labour conundrum for the accounting industry. As routine work becomes commoditised, the traditional entry-level jobs are being eliminated. At the same time, there is an intense demand for accountants with more specialized and higher-level skills. But where are these accountants with knowledge of data analytics, cybertechnologies, critical thinking and great client skills going to come from? It’s hard to grow them organically with fewer entry-level jobs, and these higher-level skills are not necessarily being taught in college accounting programs.

The demand for data analysts and experts in the space where technology meets accounting is through the roof. Also, what we used to call “soft skills” are now being taken very seriously. Critical thinking, creativity, communications skills and the ability to be part of a team are skills that have become as integral to the job as debits and credits. One clear challenge for the academic community is to provide curricula that better mirror the reality in the industry – for new hires must embrace the evolving technology and also quickly become fluent in the new level of consultative services the technology will yield.

One thing that hasn’t changed is the human capital crunch in accounting, which has brought a profound culture shift in the profession. There was a time when staff at all levels were expected to be physically in the office nights and weekends during the “busy season.” Increasingly, a combination of enabling technology and employee expectations has turned those old ways on their ear, giving way to greater flexibility for employees – so long as they produce. Firms also are learning that Millennials are not a generation that wants to be seen and not heard. Indeed, they want to be consulted and see their ideas put into place.

More in this category: Business Rescue – Changing the Landscape of Business Advising in South Africa » Salary payment still best option for business owners » Sars’ revenue collection increases by 6.3% y/y, but misses Treasury target – This Could Only Mean One Thing for Tax Payers » Impact of the Vat Change Effective 01 April 2018 on Transactions » Value Added Tax (VAT) from 14% to 15%, effective 01 April 2018 » » HIGH LEVEL SUMMARY OF PERSONAL TAX CHANGES ARISING FROM THE 2018/19 BUDGET SUBMISSION » IABC – NOW A GOLD LEVEL SAGE RE-SELLER FOR SAGE PRODUCTS » How Compliant is your VAT Administration? » 2012 Tax Season is Open » Regulation Of Tax Practitioners » Softline Pastel Accounting & Payroll » IABC – Now an Accredited Pastel Evolution Business Partner and Approved Training Centre (“ATC”) » IABC – APPROVED TRAINING PARTNER » the dti RECOMMENDS 01 MAY 2011 AS IMPLEMENTATION DATE FOR THE NEW COMPANIES ACT » Tax compliance, obstacles encountered by small and medium enterprises in South Africa » Audit vs. Independent Review for Companies » POTENTIAL RISKS WHEN BUYING A BUSINESS – BUSINESS DEVELOPMENT » Leasing vs. Buying – Corporate Finance » Security around VAT Registrations and administration – Taxation » ENTERPRISE RISK MANAGEMENT » 2011 Message from the MC » SEVERE NON-COMPLIANCE PENALTIES – (Taxation) » Importance of Sound and Effective Business and Financial Controls – Enterprise Risk Management » IABC Notice Board » OUTSOURCING – Business Management » Financial and Other Economic Indicators »
Previous Post
Next Post Value Added Tax (VAT) from 14% to 15%, effective 01 April 2018

Leave a Reply

0
Connecting
Please wait...
Send a message

Sorry, we aren't online at the moment. Leave a message.

Your name
* Email
* Describe your issue
Login now

Need more help? Save time by starting your support request online.

Your name
* Email
* Describe your issue
We're online!
Feedback

Help us help you better! Feel free to leave us any additional feedback.

How do you rate our support?

Pin It on Pinterest

Share This