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*👨‍💼STUDENTS' PROFESSIONAL BUREAU OF ACCOUNTANCY👨‍💼*

*HOW ACCOUNTANTS CAN SUCCEED WITH ARTIFICIAL INTELLIGENCE*

*There's no bigger bogeyman in the accounting industry today than the specter of artificial intelligence* that seems to be looming over the entire field. _Accountants everywhere appear to be worried that they’ll soon be replaced by the robots_ , and are beginning to wonder how they can ensure their job security. Luckily for you, *the savviest accountants have already gotten started adapting to the 21st century* , and those just now preparing to confront AI have a number of examples to follow.

*How can you leverage AI for success, and become part of the 21st century instead of being replaced by it?*

👉 *Don’t fear tech; use it* ❌😫
The first thing you need to understand is that it’s vitally important not to be intimidated by forthcoming technologies. _Too many of today’s accountants are scared to look reality in the face_ , and instead act as if the forthcoming age of AI will be an Armageddon for them, when in reality it will prove to be a boom to their industry.
By thinking outside of the box, you’ll come to realize that your value as an accountant in new company formation doesn’t stem from *your ability to be a human calculator, but rather from your ability to closely analyze complex financial situations and to make cool-headed decisions.* Rather than being replaced by tech, you’ll come to see that you’ll mostly be leveraging tech to better inform yourself before making decisions, and will become vastly more familiar with things like data analytics before long.

👉 *The age of expertise* 👨‍💼👨‍💻
You can no longer afford to be a low-level, one-size-fits-all accountant. These days, it’s all about specialization, which is where AI comes in. To find your special area of expertise, however, you’ll need the basic skills necessary to master artificial intelligence. Become familiar with how your company collects, stores, and utilizes data currently, and you’ll be better situated in the future when data becomes even more important.
While artificial intelligence services can take massive mountains of data and grind it down into a small, easy-to-digest pile, it will still fall to human accountants to make important financial decisions on their client’s behalf. You may be expected to explain the latest trends to your more important clients curious about how you’re using their data, and will need to master your social skills to become adept at translating hard, AI-forged data into a meaningful presentation for your customers.

Automation to some degree is inevitable, which is why it’s vital that accountants hoping to keep their jobs should focus on developing skills that machines aren’t so great at. Interpersonal communication will become vastly more important in the accounting industry than it presently is, and collaboration with others who are also equipped with reams of data will become very commonplace in the field.

If it sounds like preparing for the forthcoming AI-wave is as much a social and personal endeavor as it is a professional and analytical one, you’re on the right track. While few in the corporate world like to admit it, Artificial Intelligence is a vastly world-changing thing, and won’t stop within the halls of industry alone. It will fast become a part of our everyday life, meaning you’ll need to be familiar with every aspect of AI if you hope to find professional success in a world dominated by it.

*Make your piece with the robots now; they’re not coming, they’re already here. AI stands to benefit accountants who invest now in its future, and will rapidly come to redefine much of what we currently know about accounting in general. Don’t be left behind by the future; start educating yourself on AI now, and you’ll be providing invaluable accounting services for decades yet to come.*

*©BUREAU OF ACCOUNTANCY*

👨‍💼STUDENTS' PROFESSIONAL BUREAU OF ACCOUNTANCY👨‍💼

How Technology is Changing the Accounting Profession

The accounting profession, like many others, is undergoing a significant transformation as the proliferation of mobile and cloud technology makes it easier to enhance productivity, facilitate client relationships and open the door to expand capabilities and services.

Technology is a driving force behind today’s evolving accounting firms. Surveys show technology facilitates client communications and improves employee connectedness. A Journal of Accountancy study of 1,750 firms showed that 70% utilize remote access to their networks, with half doing it via the cloud and almost another half making use of cloud-based software.

Meanwhile, mobile has become the preferred technology utilized by society, Nigeria as base of study, 36,445,000 individuals (18.5% of the nation's population) uses a smartphone(as at May, 2018). That usage is also transferring to the business environment, and accounting firms are no exception.

Cloud computing, along with other technology tools, makes automating data collection, improving data quality and reducing validation time a possibility, according to Intuit’s Future of Accountancy report.

Mobile devices are becoming accounting firms’ most critical tools, enabling more efficient operations and equipping accountants with a host of apps and other cloud-based solutions that can facilitate sophisticated financial calculations or transform a mobile device into a portable hand-held scanner for client documents – allowing them to provide clients anytime, anywhere service from virtual offices.

As technology improves, accountants can eventually move toward consulting on business information analysis, and provide high-touch service clients value and expect.

Accounting professionals that expect to succeed in this changing environment must address multiple challenges:

👉 Staying on top of emerging technology trends relevant to their business environments.
👉 Being open to the implications of new developments as starting points for learning to use and leverage technology.
👉 Remaining apprised of the digital options reshaping clients’ business matters for those intent on maintain roles as trusted business advisors

©BUREAU OF ACCOUNTANCY

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