Accounting and job automation. by ferado https://padlet.com/088_fsmyth1/90dtvga01mrq Free inquiry assginment en-us 2018-02-19 22:12:56 UTC 2023-02-11 14:38:47 UTC hello@padlet.com "How much of accounting will be automated?" 088_fsmyth1 https://padlet.com/088_fsmyth1/90dtvga01mrq/wish/233071587 2018-02-19 22:19:17 UTC https://padlet.com/088_fsmyth1/90dtvga01mrq/wish/233071587 Automation 088_fsmyth1 https://padlet.com/088_fsmyth1/90dtvga01mrq/wish/233071926 Automation definition:
The use of largely automatic equipment in a system of manufacturing or other production process. Google definition.

The rate in which technology is growing robots/machines are bound to replace us, taking over most of our jobs however there would still be careers and positions that are left unscathed by this. 
According to research by Frey and Osborne cited in a 2014 article by The Economist, 47% of job categories are open to automation within two decades. Accounting and auditors are the second highest in terms of automation, just after telemarketers and with those career paths being popular choices for aspiring children, future accountants and such are threatened due to this ever changing world. Common accounting and finance roles like payroll managers are being replaced by accounting tools like WagePoint and roles that require a lot of manual data entry are soon to be replaced my robots and automated solutions. High-risk fields that include repetitive tasks are of high risk of automation hence why accounting and finance are in danger, however because of automation by default jobs that embrace automation are going to be in high demand, jobs such as computer, data science jobs, engineering, etc. Jobs that needs high emotional engagement in the customisation and delivery of services to other human beings will be the most safe.

]]> 2018-02-19 22:21:51 UTC https://padlet.com/088_fsmyth1/90dtvga01mrq/wish/233071926 The statistics & probabilty 088_fsmyth1 https://padlet.com/088_fsmyth1/90dtvga01mrq/wish/233075743 2018-02-19 22:49:33 UTC https://padlet.com/088_fsmyth1/90dtvga01mrq/wish/233075743 Citation 088_fsmyth1 https://padlet.com/088_fsmyth1/90dtvga01mrq/wish/233076506 Author, Eva Nagarajah
 July / AUG 2016 | Accountants Today  pg.35
https://www.pwc.com/my/en/assets/press/1608-accountants-today-automation-impact-on-accounting-profession.pdf]]> 2018-02-19 22:54:12 UTC https://padlet.com/088_fsmyth1/90dtvga01mrq/wish/233076506 How do we get ready for this era of potential unemployment? 088_fsmyth1 https://padlet.com/088_fsmyth1/90dtvga01mrq/wish/233537685 Either we change our career paths to something that relates to making/coding the machines or take up on new skills to get jobs that might be unaffected to automation, however getting into these jobs will be very competitive; you might also need to move to other countries if you would like to work using your current skills, if your job is automated. The government has also been thinking of making a re-skilling initiative that will help the work force train new skills to get new jobs however this will be very costly.

]]> 2018-02-20 22:06:23 UTC https://padlet.com/088_fsmyth1/90dtvga01mrq/wish/233537685 Should we start thinking of a plan B or even a C?? 088_fsmyth1 https://padlet.com/088_fsmyth1/90dtvga01mrq/wish/233542714 Yes, yes we do, we need to research on what jobs that has low chances of automation, if we do not research we will have a harder time in learning a new skill in the future and waste more time of our lives in the process.]]> 2018-02-20 22:28:00 UTC https://padlet.com/088_fsmyth1/90dtvga01mrq/wish/233542714 More insight 088_fsmyth1 https://padlet.com/088_fsmyth1/90dtvga01mrq/wish/233543382 References

Campbell, C. (2018, February 14). Get ready: A massive automation shift is coming for your job. Retrieved from The Globe and Mail: https://www.theglobeandmail.com/opinion/get-ready-a-massive-automation-shift-is-coming-for-your-job/article37988586/

 


]]> 2018-02-20 22:31:12 UTC https://padlet.com/088_fsmyth1/90dtvga01mrq/wish/233543382 Why this is meaningful for me. 088_fsmyth1 https://padlet.com/088_fsmyth1/90dtvga01mrq/wish/233547019 Since I chose accounting as a career path I need to know if accounting will still exist by the time I graduate, this will also benefit my peers as well, informing them of automation and the possibility that their desired career paths will be automated.]]> 2018-02-20 22:51:05 UTC https://padlet.com/088_fsmyth1/90dtvga01mrq/wish/233547019 Have some hope. 088_fsmyth1 https://padlet.com/088_fsmyth1/90dtvga01mrq/wish/235177531 Despite all of the intimidating info that I have displayed, a future built around automation isn't necessarily a bad thing for the finance industry and accounting. Due to robots getting the job of crunching all the numbers, accountants will get to focus more on developing strategic plans, accurate reports and spend their newfound time turning raw data into impactful insights. The goal of automation is to keep the busy work off your plate and keep you focus on the big picture that steers your business's future, this would mean that accountants need to hone their strategic thinking, analysis, and people management if they want to cement themselves in the future.]]> 2018-02-26 00:49:45 UTC https://padlet.com/088_fsmyth1/90dtvga01mrq/wish/235177531 The chance in which accounting and finance roles are getting automated 088_fsmyth1 https://padlet.com/088_fsmyth1/90dtvga01mrq/wish/235189349 Another study from McKinsey & Company shows the actual accounting tasks that are most likely to be automatable in the future]]> 2018-02-26 02:00:52 UTC https://padlet.com/088_fsmyth1/90dtvga01mrq/wish/235189349 References 088_fsmyth1 https://padlet.com/088_fsmyth1/90dtvga01mrq/wish/235200986

Unknown. (2018, February 20). Will Bots Eventually Take The Jobs Of Accountants & Bookkeepers? Retrieved from chatbotsmagazine: https://chatbotsmagazine.com/will-bots-eventually-take-the-jobs-of-accountants-bookkeepers-207c465bc6af

Housten, K. (2018, February 1). Experts Answer: Who Is Actually Going to Suffer From Automation? Retrieved from futurism: https://www.google.ca/search?q=is+all+of+accounting+going+to+be+automated&source=lnt&tbs=qdr:m&sa=X&ved=0ahUKEwiIyeb3ucLZAhUW52MKHQBcDmgQpwUIIQ&biw=926&bih=962

 

]]> 2018-02-26 03:15:57 UTC https://padlet.com/088_fsmyth1/90dtvga01mrq/wish/235200986 Skills that accountants needs to survive automation. 088_fsmyth1 https://padlet.com/088_fsmyth1/90dtvga01mrq/wish/235215081 Aspiring accountants are now required to be skilled in probability, theoretical and practical understanding of data and analytics. Effective communication is also key, accountants must have the ability to think critically and translate those thoughts into compelling documents, they would also need strong oral communication skills so they could deliver financial information to executive teams and stakeholders. Relationship building such as team playing skills and leadership is also a crucial skill. The need to have creative thinking is also critical for out of the box strategic strategies. With automation comes with a need for tech knowledge and the ability of adapting to new technologies, with all this accountants can survive the era of automation.]]> 2018-02-26 04:55:15 UTC https://padlet.com/088_fsmyth1/90dtvga01mrq/wish/235215081 Reference 088_fsmyth1 https://padlet.com/088_fsmyth1/90dtvga01mrq/wish/235216691 Shannon, A. (2018, February 7). 6 SKILLS ACCOUNTANTS NEED TO SURVIVE THE ROBOT UPRISING. Retrieved from blackline: https://www.blackline.com/blog/exceptional-accountants/6-skills-exceptional-accountant/

]]> 2018-02-26 05:11:47 UTC https://padlet.com/088_fsmyth1/90dtvga01mrq/wish/235216691 Conclusion 088_fsmyth1 https://padlet.com/088_fsmyth1/90dtvga01mrq/wish/235659126 Accounting will have a high chance of automation, however this doesn't mean that accounting will be fully automated, this will only mean that accountants will be more required focus on developing more strategic strategies and insightful thinking that will help the growth of the business (more important things), as long as we get better in our abilities to speak, predict, and be accustomed to technology we can survive the automation era. The next question is "What will happen if every job is automated?"]]> 2018-02-26 22:21:41 UTC https://padlet.com/088_fsmyth1/90dtvga01mrq/wish/235659126