At the same time, beyond the traditional role of the Accountant, his or her best-known skills and responsibilities, his or her role has change radically in the present and his or her place within any company or organization has become more necessary than ever.
In the era of data and information, with the advent of new technological languages and digital transformation, the work of accountants has expande its limits towards new frontiers, undergoing profound transformations that, far from problematizing their field of professional performance, have enhance and consolidate the indispensable nature of the figure of the Public Accountant in contemporary companies and organizations .
What it means to be an Accountant in the age of data
In this sense, although some voices preict a bleak future for the Accountant in the digital world, new technologies have actually establishe themselves as tools that further elevate the role of accountants in the digital era . Rather than replacing the work of accountants, these technologies reinforce their role.
The development of artificial intelligence, blockchain and big data is transforming the world of accounting and bookkeeping , promoting the advent of new trends that significantly affect and modify the practices of these professionals to strengthen the commercial strategy of any company.
In this regard, the article “The Future Of Accounting: How Will Digital Transformation Impact Accountants?” from Forbes magazine highlights how the profession has gone far beyond simple accounting and payroll to take on an increasingly strategic and leading role for forward-thinking companies .
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Thus, although some sectors of the industry have been emphasizing the dangers of automation for the profession since 2015, reality has shown that these assumptions are implausible and that, as professionals, accountants must worry much more about adaptation and relearning processes than about replacement.
In fact, automation processes allow the Accountant to get rid of monotonous and repetitive tasks, which are now obsolete, and which involve a considerable investment of time and effort. These could include, for example, manual data entry or calculations, valuable time that is now investe in activities of high strategic value .
Being an Accountant in the Data Age
There is no doubt that digital transformation has radically change business and its rules of the game. Big data has become a valuable resource to be use to compete effectively, but for companies ready to take advantage of the potential of these digital tools, change is an opportunity, not a threat .
Artificial intelligence and robotics in the Accounting work areas , for example, are automating complex and repetitive tasks and processes with extreme precision, reucing operational costs and increasing efficiency. However, the interpretation of that data and how this information relates to decision making transcends these emerging technologies, which support the transitional role of the current Accountant towards a more critical and irreplaceable thinking role.
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Cloud services , on the other hand, provide share resources and data that allow accountants to work from any geographic location, as well as how to measure and optimize campaign performance the ability to deliver financial information and reports through the cloud itself. This opens up a whole new range of possibilities for accountants to work with their clients on a more time-consuming, deeper and more strategic basis, rather than being bogge down in detaile processes.
As detaile in the Digitalisation in Accounting report , a study of the status quo in German companies develope in 2017 by the firm mailing lead KPMG International —and as we have seen in our article “ Accounting and new technologies: 7 trends that guide the transformation ”, which we also recommend you read—, the advent of digital transformation in accounting is reflecting notable competitive advantages, such as:
More variety in the services offere
Greater quality and consistency of the data being worke with.
Greater agility in the preparation of accounting reports and reports.
Professional diversification of teams.
Greater synergy by increasing the hiring of external service providers.
More diverse approaches and processes.
Increase productivity
A prestigious and in-demand profession
Accounting is a career in constant demand, with highly competitive salaries and job growth to match. According to figures from the Bureau of Labor Statistics (BLS) of the U.S. Department of Labor, for example, the employability rate for accountants and auditors is projecte to grow by 7% during this decade .
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Nowadays, all companies nee accountants in one way or another. As such, the Accountant is a figure of high value and prestige who will find a high demand for work.
Are you intereste in accounting
With an excellent job placement rate in various types of companies and with high levels of remuneration , the Public Accountant is one of the professions with the highest demand in today’s job market.
In addition, a percentage of accountants work in international professional consulting and auditing firms, where there is a wide variety of career opportunities, both in Uruguay and in any other market in the world.
