Technological advancements confusing accountants

By: Vishal   |   21 Aug 2015  |  
Tags: cloud accounting

In most cases, the concept of using new technology in your occupation would be encouraging. However, according to a study conducted by CV Library, 35% of people working in the accounting industry worry their jobs are in danger due to technological advancements in their industry.  This ranks quite high when compared with the national average of 25%.

What is also interesting is that 40% of accountants felt an increase in technology and connectivity had an adverse effect on their work-life balance.

But wait it gets even more unusual. When accountants were asked if being technologically aware made them more employable, a colossal 95% answered it does.  In comparison, the national average for the same question was 86%.  In addition to this, a whopping 85% of accountants felt that awareness and comprehension of advanced technology is fundamental to progress within their field.

According to the data accountants pose an intriguing conundrum.  They are worried about new technology disrupting their occupations, while also wanting to be tech aware in order to guarantee their careers.

Whether they want to accept it or not, new technology has already transformed businesses big or small, and is beginning to revolutionise the accounting industry.  Companies like Xero, Clearbooks, and FreeAgent are trailblazers in this new field.  Even established veterans like Sage and QBO have also understood the importance of adapting to this new technology and have developed cloud accounting software for their clients. 

With all signs pointing accountants to the cloud, you would think they would realise that a shift is occurring; and if they don’t transition and adapt they will render themselves obsolete. If you are an accountant and think any of this applies to you, then it probably does and you may need to start asking the right questions.   

Check out our other article around technology: Cloud accounting has grown from grub to butterfly

About Vishal Kurani

My name is Vishal Kurani, the author of the QXAS blog and I appreciate you stopping by! I help accountants gain Accounts Outsourcing knowledge through my easy to follow blogs and guides. Download my free guide "The Accountants Guide to Making Payroll Profitable" to learn how to make payroll profitable for your accountancy practice.