Is new technology a threat to accounting?

Is new technology a threat to accounting?

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Our survey reveals that while 38 percent of accountants view new technology as a threat to their profession, 96 percent are confident about the future of accounting.

So how will new technology affect your practice? Download our guide, The Practice of Now, to view the full results of our survey – which asks 700 accountants how they feel new technology will impact their profession.

 

Should accountants fear the rise of automation?

Many accountants fear new technology like AI and bots will make their role redundant. But is this fear valid?

Kriti Sharma, Vice President of Bots and AI at Sage, doesn’t think so. She’s dedicated her working life to innovating in the AI sector and knows firsthand how automation is impacting the professional world.

Sharma believes the worry around robots taking jobs will not be a permanent one.

“This fear is nothing different to when personal computers first came about and we were worried about losing our jobs to them – there was a lot of scaremongering at the time. But what happened was that it made our lives easier,” says Sharma.

“With every new wave of technology disruption, comes new opportunities. There will be a re-jig, we must upskill ourselves to live and work with AI.”

 

The imperative to adapt

While new technology will force practices to adapt, it will also help them save time, reduce costs, and offer new, more personalised services to clients, says Sage Vice President of Product Marketing, Jairam Padmanabhan.

He believes now is the time for accountants to embrace change.  

“This is really an opportunity for accountants to redefine the practice and what it means for their clients. The time they save with automation gives them more opportunity to build valuable relationships with their clients, which in the end often leads to referrals,” explains Padmanabhan.

“By not adapting to the way the industry is changing, accountants are leaving their practice vulnerable to disappointing their clients and putting themselves behind the competition. SMEs [small to medium-sized enterprises] are looking for actionable, proactive, next-level service that timid accountants can’t provide.”

 

How can you adapt to new technology?

And how do today’s practices feel about the ever-evolving technological change sweeping the accounting industry?

Download our guide, The Practice of Now, to discover the full results from our survey of over 700 accountants and learn how your practice can adapt to, and capitalise on, new technology.

 

Is new technology a threat to accounting?
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