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Engineering jobs trashed

20 May 13:00 by Jason McClurg

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The accountancy profession has come a long way from the times of manual bookkeeping and ledgers. 

However, in the age of rapid digital progression its likely that the coming years will bring an unprecedented amount of disruption to this business function. ​ So how is accountancy likely to change, and more importantly how can you future-proof yourself?

What are the key changes impacting the future of accounting? 

In the modern digital age, the main driver of change for most industries, including accounting, is the rapid and unceasing advances in technology. It is safe to say that the increasingly varied and sophisticated uses of everything from data analytics to blockchain are revolutionising the accountancy job function. Dr.Scott The accountancy profession has come a long way from the times of manual bookkeeping and ledgers. However, in the age of rapid digital progression its likely that the coming years will bring an unprecedented amount of disruption to this business function. ​So how is accountancy likely to change, and more importantly how can you future-proof yourself? What are the key changes impacting the future of accounting? In the modern digital age, the main driver of change for most industries, including accounting, is the rapid and unceasing advances in technology. It is safe to say that the increasingly varied and sophisticated uses of everything from data analytics to blockchain are revolutionising the accountancy job function. Dr.Scott Showalter, chair of the Federal Accounting Standards Advisory Board, and professor of practice in the Poole College of Management at North Carolina State University explained to Accounting Today: "The introduction of data analytics and innovative technologies, such as artificial intelligence, bots and drones, provides the opportunity for the greatest change in the accounting profession since the passage of the Securities Act of 1933 and the 

Securities Exchange Act of 1934

no matter the discipline, whether audit, accounting, tax or advisory, all will be affected by these innovations." The exact nature of the changes presented by new technologies is still unclear. There are strong suspicions that increasingly sophisticated artificial intelligence could be used to automate many data processing aspects of qualified accountants roles. Tools that currently enhance job functions may soon be able to perform them independently, and further improve how companies collect and track data. New technology is automating basic accounting processes. We are also already seeing an increase in the presence of IT functions (business analysts or systems specialists) sitting within finance teams in larger companies. This could mark further integration of software tools into the financial mix. Another significant impact on the profession is the increasing prevalence of security threats in the wake of digital storage and globalisation. Instances of cyber fraud and theft of personal information have highlighted the importance of enhanced digital security. Discussions of improved surveillance and online security are now a new normal for businesses as they seek to cater to customer demand for digital services. 

There is potentially a significant opportunity for the accounting profession to help assist businesses in navigating the digital landscape and providing online security.​