Accounting- Where we are in 2021? It’s the start of a new year, as accountants we should rethink our industry and its growth. If you consider the current market demand and what our future is going to be as a professional accountant, it looks highly challenging rather than the smooth work of a traditional accountant.
What are the challenges:
- Bookkeeping is going be fully automated
- Machines are going to replace the traditional accountants
- High demand for new accounting Softwares and Technologies
What are the opportunities we have?
If machines are going to replace most of the repetitive works like transactions recording, mapping to GLs, and automated journal entries, the Accountant’s work scope is going to be pretty small and we should focus on the areas where machines cannot handle or facilitate.
One of the famous areas would be Financial planning and analysis (FP&A). So Accounting professionals should focus on this sector of the industry and master this learning area where he/she do the consultation to CEO and be a major part of the business growth process.