The future is nigh as automation starts to take over processes in businesses and industries worldwide. Robotics, AI, and Machine Learning, and other similar technologies are now being used to conduct business operations with incredible accuracy, efficiency, and cost-effectiveness, without any human interference. Undoubtedly, automation is revolutionizing the way we do business, but it’s also leading to high rates of unemployment. After all, employees prone to human error will be easily replaced by intelligent machines as the part of the Automation Takeover.
Those working in accountancy are especially at risk of losing their jobs, as humans are no match for machines when it comes to crunching numbers. But fortunately, accountancy is more than just that. Data representation, analytics, thinking abilities, and effective communication are among the several other factors that combine to make a successful accountant.
Proving yourself better than machines and surviving the automation takeover will require you to develop certain indispensable accounting skills.
To help you with this purpose, here are some essential accounting skills you should focus on cultivating.
Analytical and critical thinking skills
Data helps companies make sound decisions. Machines can work with huge datasets and reach and reveal patterns and trends, but they cannot do qualitative analysis like human accountants. In terms of insights, the human mind is unmatched. Critical thinking skills do depend on the availability of vast amounts of data, though, that is made possible by machine analytics.
Financial analysts are equipped with this special skill, whereby, they’re able to deduce or infer sound financial decisions on the basis of the data available. Before their career, financial analysts are supposed to prove their worth by passing the CFA exam. Many who have successfully gone on to carve out exciting careers in Finance laud the Wiley CFA review course when looking to clear the highly challenging exam.
Communication
Accounting is not only about analyzing data, finding trends, and developing financial strategies. You’re also required to present your analytical findings, strategies, and implementations in a concise and clear manner to your employers or higher ups.
That means that you need to have exceptional written and verbal communication skills. Accountancy might seem something far removed from the world of writing, but accountant do need to provide insights, findings, and data trends in a manner that can be easily read and comprehended by other people. It literally goes without saying that there’s no room for error when it comes to communicating ideas.
Verbal communication skills hold equal importance. You will need to interact with clients and employers using clear and effective communication. Exceptional verbal communication skills can give you a competitive edge over the competitive automation technology, as it cannot match the human knack for communication.
Communication is as much about listening as it is about talking. You should develop active listening skills. Accountants often need to gather information from clients and interact with teammates to perform their jobs effectively.
Relationship building
As an accountant, you won’t be spending most of your time behind a desk. In fact, you will often find yourself interacting with teammates, employers, and clients throughout the day. Doing so requires more than just plain old communication skills.
It’s essential to develop a good professional relation with the people you communicate with at work to be able to perform your job effectively. Relationship-building skills give you a competitive edge over the automation technology that’s seeking to take your place.
In a team, being able to develop strong relations with every team member will allow you to participate as a leader and motivate your team to work harder and achieve more.
On the other hand, having good relations with your clients will make them choose you over the impersonal machines, as you will be able to gain their trust.
Employers seek out individuals with good relationship-building skills, as they know such people can improve productivity and can succeed at earning client’s trust.
Furthermore, relationship skills will help you expand your network, increasing your options in terms of employment, thereby, you will be preempting automation’s rise. It is worthy to note here that as much as 85% of positions are filled through the use of professional contacts.
Creativity
When it comes to accounting skills for the Automation Takeover, creativity is not the first thing that comes to mind. But it’s more relevant and connected than you might expect. During your career as an accountant, you’ll encounter several financial problems and challenges that the company you work for will face.
Devising solutions and strategies for such problems can often be quite hard unless you have a creative mindset. Thinking outside the box can allow you to come up with effective solutions for tricky problems even in stressful situations. Furthermore, creativity can also help you perform tasks with efficiency, as creative methods tend to be more effective.
A machine cannot think creatively in the way that humans can. This gives a creative accountant an advantage over the machines in an economy that is soon to be runover by automation. If you lack creativity, you will be easily replaceable.
Technical skills
In the modern age, the role of technology in accounting can’t be overlooked. While technology poses an existential threat to accountancy jobs, it’s also a tool that can be used to produce better accounting outcomes.
Instead of fearing the takeover, if you learn to embrace it, and focus on the number of facilitations it will bring into your work, you’ll be able to work in tandem rather than against the power of automation.
But to be that secure in your position, you’ll have to be armed with the right technical skills that can help you use the modern accounting technology.
As AI is playing an important role in analytics, strategy development, forecasting, and risk mitigation, it’s a good idea to learn how to use it for your benefit in accounting.
For example, you can learn how to use different types of AI software in accounting. With experience in handling and using automation technology on your side, employers will waste no time in hiring you, given the demand for automation experts is set to increase.
It’s not surprising that 55% of accountants are planning to use AI. To further improve your technological abilities, you can also understand and utilize blockchain technology in accounting.
Conclusion
With recent advancements in technology, automation is poised to takeover repetitive tasks and mundane jobs from humans. As an accountant, your position stands on shaky ground as automation seeks to take over the number-crunching role from you. Doubling down on the skills mentioned above can help you in not only surviving the automation apocalypse but thriving because of it.
