Technology has been developing at rapid speeds and it is no doubt that automation has brought about many changes to the accounting profession. However, this does not mean that the accounting profession would become obsolete in the near future! Accountants now have an opportunity to upskill and become more efficient and effective in what they do. The following are some reasons why automation may be a plus for accountants.
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Time efficient
- Automation removes the need for accountants to perform repetitive and monotonous tasks that do not require much thinking capacity.
- This means that accountants can spend more time on higher skilled tasks such as data interpretation and anomaly checking, while robots continue to run in the background.
- Accounting also becomes less mundane and more engaging when the tedious work is removed.
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Elimination of Errors
- As automation is done by computers, the chances of error with them is close to zero.
- The elimination of human error would improve the quality and overall workflow.
- Accuracy is crucial in Accounting; accurate accounting data will allow us to precisely identify strengths and weaknesses in our business and help us make better financial decisions.
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Cost efficient
- As automation makes improves productivity and accuracy, more can be done in the same amount of time, bringing larger revenues to your company.