The level of accounting automation continues to grow. Accounting and bookkeeping systems are becoming more intelligent. While digitalization and modern information technology will continue to transform the accounting profession, at this time, we cannot say that accounting is an endangered profession. There is a huge market for accountants who can explain numbers and add value.
Just categorizing transactions is not what accounting is becoming. Basically, we're becoming more like a virtual controller. Accounting is a proud and ancient profession. The oldest accounting records date back 7000 years and were found in the ruins of ancient Babylon, Assyria and Sumeria.
These records recorded the growth of crops and herds. Later, when the kings came to power, they hired accountants to manage their stores and tax collection. Accounting is not a dying profession. It's a brave new world for accountants, but that doesn't mean that the role of the accountant is over.
While not necessarily good for accountants who fear big change, accountants and adaptable companies will thrive in this new environment, as professionals will now have more time to spend adding additional value to their clients' business. Although the advancement of technology will undoubtedly change the accounting profession forever, companies and employers will remain focused on revenue growth, so they will continue to require the services provided by accountants, however; the traditional accountant's skill set will need to be developed and evolve into so that they remain relevant. These lower-value, easily automated services such as data entry, accounting and simple tax returns, provided primarily by accountants, are becoming less profitable. While worklists for accountants appear to be on the decline, the profession remains divided between those who believe that cloud computing has killed accounting and those who take a more positive stance.
When I started my career, it was common to find accounting firms with many accountants on their staff, who offered accounting as a key (and cost-effective) service to their clients. The future of accounting is changing rapidly and constantly due to technological advances and changes in the way accounting firms, accountants and companies do their business. While most companies will still need an accountant to keep the books, accounting will become much more than just data entry, balancing bank ledgers, and reconciling bank statements.
