Jobs that require interaction with a live person are now being passed off to bots that are built to be as efficient as possible handling a specific task.
Today, it’s no longer a question of whether automation can help accountant, the question has become when will automation make accounting more efficient. To put it simply, automated accounting is here.
An article in Accountants Today indicated that task that require a lot of manual data entry are soon going to be replaced by bots and automated solutions.
Automation will help accounting professionals make more time to focus on (1) strategic efforts, (2) risk management, (3) external relations and (4) business development. Automation will engage clients to produce more accurate reports, and together they can spend their time turning raw data into actionable items.
A study from McKinsey Global Institute’s shows the actual accounting tasks that are most likely to be automate.
The myth is that automation and bots will leave everyone out of a job. The more likely scenario is that automation and bots will make accountants more efficient. Bots and automation will help accountants and bookkeepers the chance to specialize.