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Will Computers Replace Accountants?

Re-Leased 08 October 2018

There is a lot of chatter around how we’re going to lose our jobs to computers.

In a report conducted by the International Bar Association, machines (or robots and computers) will replace humans in high-routine occupations.

That’s a lot of highly skilled, educated people who provide their services to the masses that will allegedly have their nine-to-fives put in jeopardy. But do you buy into the discourse?

Well, it’s important to note that there’s just as much skepticism on the topic as their are news reports, and for good reason.

Let’s look at the dynamic of the modern accountant to uncover whether computers, robots or artificial intelligence will replace accountants.

They are more than just money-managers

Successful accountants do more than manage money. For decades, the highest performing accountants have helped grow businesses through something only humans can provide with great integrity: and that’s business advice. This is no different for commercial property owners.

The number one thing business owners take away from their lengthy meetings with accountants isn’t necessarily what came in and went out for a given month – instead, it’s the advice they give on how to take the key financial learnings and apply it to enhance their cash flow and, ultimately, do better business.

They build lasting relationships

Beyond being trusted advisors and advice-dishers, accountants are real human beings who do well to build relationships with their clientele. No matter how sophisticated an algorithm may be, it is devoid of human emotion.

Empathy is huge in business. But some would argue that operating on too much emotion can hinder a businesses progress, but what remains true is that better decisions are made – or are at least made with more conviction – when the advice bearer demonstrates empathy.

We feel comfortable taking advice from someone who has experienced the same thing, right? In life that is true, and it is no difference in business, too.

They embrace technology

Accounting software solutions and their features are being used by the world’s most innovative accounting professionals to do two main things: to help provide a better service and to automate systematic accounting workflows.

A lot of the discourse on the rise of artificial intelligence and how its going to take over jobs within the next two decades fails to credit the work done right now to do innovation better.

Accountants across the globe – and particularly property accountants, as we’ve covered closely for the past year – are adopting intelligent cloud-based platforms to improve their businesses overall.

These professionals have been reaping the rewards, too: they’re saving their own time (which is allowing them to spend more time on revenue-driving tasks), they’re providing a better service to their clients (which is ultimately boosting their sales figures), and they’re therefore scaling their businesses.

So do you think computers will replace accountants?

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We’re going to be at Xerocon London November 14-15. Make sure you book your tickets and schedule a time to catch up with our team to talk all things cloud-accounting.

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