The Future of the Accounting Profession: Apocalypse No, But Deep Transformation

Surely you have heard about Artificial Intelligence or the famous fourth industrial revolution where machines will perform the jobs that humans do today.

And although it might seem like something very distant that is only seen in movies or television series, the reality is that we are getting closer and closer to this happening, and it is possible that the profession of accountant will not be saved.

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However, in this article, we will tell you the reality.

Various economic opinion forums have made and are making apocalyptic predictions of the accounting profession. (Read More: Supreme Court ratifying the validity of Rule 89- A Way forward on Inverted duty Structure (Part-II)

The new technological wave, which incorporates more speed, more inter connectivity, more data processing capacity, and more capacity for self-learning, may initially be perceived as a destructive wave that threatens the extinction of the profession.

Even so, and as has been seen in other fields, once the initial skepticism have been overcome and making a more in-depth analysis of the changes that are being seen, three major challenges that accounting professionals will have to face can be isolated:

  1. New technological opportunities,
  2. The globalization process in reporting practices,
  3. New forms of regulation.

These three challenges, which condition the future of the accounting services in Delhi, require

  • The integration of new technologies and
  • The acquisition of new skills.

Regarding the integration of new technologies, specific mention must be made of the impact that intelligent systems or the so-called artificial intelligence or management based on massive data processing can have.

Traditionally, accounting has used technology to carry out its recording activity but also for analysis.

In the new scenario, these technologies, which are not new, are still in a very incipient phase of adoption, even though many voices highlight their benefits in matters such as data processing, analysis capacity, and processes of prediction.

Otherwise, the ability to have more data and greater capacity and speed in its analysis allows us to develop new metrics, new analytical capabilities, and new visual languages ​​for transmitting the information.

Just by introducing the windows of opportunity that open with the assimilation of all this new technological potential, it quickly appears that although the profession is not in imminent danger of being replaced by supercomputers, it is immersed in a deep process of transformation that demands new skills.

Apart from attributes that in this new context intensify, such as the capacity for leadership, to work and influence in multidisciplinary environments, or to integrate these new technologies, the one linked to ethics and transparency takes a special role.

In an increasingly digitized environment, where the algorithm has more presence in decision-making, the ability of the top accounting companies in India to generate and transmit relationships of trust becomes fundamental.

The challenges that arise for universities and other professional institutions cannot be forgotten. To conclude, it cannot be forgotten that this landscape regarding the future of the profession puts on the table a set of challenges for universities and other professional institutions concerning research and training.

The greater the time lapse in integrating the issues covered in both curricula and research plans, the greater the danger that threats will outweigh opportunities.

This content is meant for information only and should not be considered as an advice or legal opinion, or otherwise. AKGVG & Associates does not intend to advertise its services through this.

Posted by

CA Aman Aggarwal

AKGVG & Associates

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