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Accounting, Automation, and Change technology automation

Accountants, look out—the robots are coming for your job. New technology is changing the future of accounting, and many accountants are afraid that …

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Accounting, Automation, and Change

Accounting, Automation, and Change

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#Accounting #Automation #Change
Accounting, Automation, and Change
technology automation
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22 thoughts on “Accounting, Automation, and Change technology automation”

  1. Businesses have various uncertainities and only a human intellect can resolve it every business is different in it self so chill accountants you job is not going anywhere, earlier companies had 3-4 accountants to store and file the records and then computers arrived so as assumed accountants will be out of job never happened instead we have more accountants now, World is full of uncertainity and you cannot programme computers for every uncertainity.

  2. You wont realize ,
    Accountants will have bright future ahead & they will be called as "technical accounts analyst" later in future . You will like this comment after 10 years

  3. If horses were completely replaced by model T, and Model T were replaced by vehicle..electric vehicles…..for sure one day accountant will wiped out and new work frame will come out, unless our education systems is redesigned, I don't see accountants or analysts learning new set of skills.

  4. Accounting Automation & IOT


    Electronic Data Interchange

    Businesses issue various Financial Documents for recording their Transactions to counter-party(ies) in paper / closed formats.

    Electronic Data Interchange – transmission of Information “electronically” but not “intelligently” – manual re-keying and / or extraction of data.

    Transformation – From Mail Box to a system where Accounting Package receives EDI Transaction Vouchers and intelligently processes the same.

    Bits and pieces of business information are extracted by Information Systems from XBRLised Documents and re-used with or without additional pieces of business information and transmitted for onward use.

    #accounting #automation #iot #data #business #transformation #fintech #digitaltransformation #supplychain

  5. The video maker doesn't know shit about accounting. He is not an acountant, just an outsider collected some shit from the internet and trying to make some views

  6. All analysts trying to prove how accounting will disappear lack the knowledge of GAAP, IFRS and IAS plus. They are not also aware of why organizations have accountants,they focus on how organizations do accounting not why they have accounting.
    1. International standards guide the preparation and presentation of all accounting statements which keeps on changing that for you to be abreast you must have an expert not just an automated robot.
    2. Without qualified and professional accountants companies are likely to suffer from wrong taxes attracting litigation and other costs since taxation policies keep on changing and for your to reprogram your robot you not only need an IT specialist but an accountant who understands what is allowed and disallowed.

  7. The most pathetic thing about this is the assumption that accountants can just adapt and learn something entirely different from accounting and then say that they are still doing accounting. Accounting is relevant but if a computer is replacing everything you are doing as an accountant causing you to do something totally different, then you are no longer an accountant.

  8. Would you rather stand in front of a tsunami to block it, or grab a surfboard and try to ride it out? The best thing you can do is prepare for the inevitable and enjoy the ride as the world gets turned upside down around you.

  9. there is something wrong with every point he made
    innovation no longer means new jobs the cars example is super outdated – lets look at the internet age for example

    1- in 2004 blockbuster had 84,000 employees ,due to innovationinternet we got Netflix which in 2016 only had 4500 employees (and made more money then BB) , blockbuster now only has 1 store hiring less then 20 people
    so in short Netflix killed 79500 jobs

    innovation does create new jobs but it makes less and less and less above example 84000 jobs destroyed 4500 new jobs made

    2-big companies hire from 5-15 accountants since automation is going to automate the boring repetitive tasks companies wont need that many accountants meaning if a company had 10 accountants they can get ride of 5
    and smaller companies (hiring 1-2) wont need accountants anymore since almost all there work would be automated
    meaning higher supply of accountants and less demand meaning way less pay

    in the future we might see 10 accountants managing 20-30 companies

    and since computers make NO mistake the number of auditors needed for an audit will drop auditing

    and saying accountants would be need to manage the AI is wrong that job will be replaced by the IT department and u can cheaply outsource it

    and how can you say advisers wont get automated ?

  10. Number of jobs for accountants would be greatly diminished because of AI and blockchains. By then, new "accountants" needs to know programming and statistics for communication with AI. How could existing accountants even hope to compete with new graduates with these skills equipped?

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