The new age of enterprise computing has led to the adoption of cloud computing. The Accounting function, being central to organizations, is not immune to this evolution. The inevitable question of the accounting personnel ‘value to an organization’ keeps arising following the replacement of some of the roles by systems. Could it be that accountants are no longer as valuable as they were ‘traditionally’?
While it is true that the data processing function can and will be entirely replaced by technology, technology adoption is not a threat and should be viewed and embraced as an unexplored opportunity to prospect new service lines in the accounting function.
The opportunities are however heavily dependent on organisational culture flexibility and individual learning attitude.
How Can Accountants Adapt?
The surest way for accountants to retain value is by mastering and harnessing new skills inclined to groom them as strategists in terms of business insights, performance monitoring, and decision making.
These would include skills such as Leadership, Data Analytics, Advanced Excel, Business Intelligence, Cloud Computing, Regulatory Knowledge etc. This will strengthen accountants’ capacity to add more value to the organization and organizational clients in some cases.
The first step is to however onboard to cloud computing and familiarize with the use of accounting, operational, performance, and client relations software. Further, accountants will be required to have basic knowledge on solving or preventing problems such as data security issues that couple with embracing technology.
What are Some Current Opportunities for Accountants?
An accountant committed to career evolution may start taking up roles such as Financial Forecasts Advisory, Software Development Consultancy, Business Performance Consultancy, Business Processes Re-engineering Consultancy among others.