‘Automation to impact accounting sector’

The automation and artificial intelligence is changing the profession and lot of routine tasks like compliance and auditing will get automated very soon.

By Author  |  Published: 7th Jul 2018  12:01 amUpdated: 6th Jul 2018  11:46 pm
Automation
Almost 25% of the professionals globally will have to change the way they do their job.

Hyderabad: Automation has been changing and impacting every sector and profession. And while banking and financial services were the early adopters, the accountants are slowly being hit by this storm. The automation and artificial intelligence is changing the profession and lot of routine tasks like compliance and auditing will get automated very soon.

Speaking about the impact, Dennis Whitney, senior vice-president, Institute of Management Accountants said, “While automation will definitely change the profession, it also means that accountants will have to up skill themselves and they will get to do more interesting tasks like data analytics. In this respect, it is important that the professionals develop skill sets in the space of data analytics and soft skills like leadership and management skills in order to grow.” On the other hand, companies and academic institutions need to make a conscious effort to help their employees and students to upgrade themselves with the changing world.

In terms of numbers, Whitney was of the view that in less than five years the accounting professional will experience a shake up and those who do not revive their skill will have a hard time finding new jobs. Almost 25 per cent of the professionals globally will have to change the way they do their job and adapt themselves to the growing automation.

In order to provide the requisite help for these professionals, IMA has developed two certification courses CMA – Certified Management Accountant – that covers the skills that are most in demand and CSCA – Certified in Strategy and Competitive Analysis – that is for high-level professionals who want to get trained in strategy and soft skills.

“The CMA is offered not only to corporate professionals but also in academia. And for this we have tied up 26 colleges and universities in India that provide the certification either as an add-on or as part of their elective to the accounting students. This makes them industry ready and prepares them for future,” Whitney informed.