There are many novel challenges facing old-school accountants. Are you afraid you might get left behind if you don’t adapt to the New Age?
Well, worry not a jot.
These challenges are actually improving the sector and opening up new job opportunities – as we can see from the vast range of accountancy roles currently on s1jobs.
So, let’s have a closer look at what’s coming our way and how ‘obstacles’ can become our best friends.
Artificial Intelligence
Often referred to as AI, this is popping up everywhere and is set to become a huge part of our lives as the technology develops.
In the world of accountancy, however, AI is not about to overthrow human employees – it’s here to give a helping hand by delivering real-time data analysis that speeds up and improves decision making.
Machines and software will also be able to rid us of those mind-numbing data entry tasks so we can get on with the more important work.
Brexit
Oh dear. Nobody wants to hear the B-word anymore. But it’s important to understand that, as we sail into unchartered waters, the future of accounting is not about to hit the rocks.
After the 2008 recession fewer accountants were hired by financial firms – but this also meant when the economy finally started recovering there weren’t as many well-qualified accountants to take on the available jobs.
Cue huge skills gap.
Since nobody wants to make that mistake again, whatever happens with Brexit, accountancy firms will continue to hire and train fresh talent.
The Cloud
As financial and business data begins to exceed the limits of conventional storage, we’ve started to move everything into the Cloud.
This allows us to store masses of data over the Internet rather than on a potentially unstable hard drive in the broom cupboard.
Accountants have found this has advantages and disadvantages in equal measure.
Cloud data can be accessible from anywhere in the world, meaning if someone slips up somewhere with a password, hackers can seize information and cause a data breach.
On the other hand, traditional accounting technology can be costly and it’s time-consuming to upgrade software, whereas the Cloud can update for free and automatically backs up your data.
Since everything is online, it’s easier to collaborate with your colleagues and managers – no matter where you happen to be.
Find out how you can fit into the future of Accountancy with the latest vacancies from s1jobs