How CPAs Can Survive The Automation Revolution – Accountingweb.com (blog)

In recent years, the threat of automation has loomed ever larger over firms in virtually every industry. Millions of Americans now justifiably fear being replaced by a machine or program, including nail-biting CPAs.

In 2015, PwC made headlines with a study that found accounting to be the most likely job to be automated in the coming years. Bookkeepers may find themselves in need of drastically overhauling their skillset, should they hope to remain relevant in the future.

How, then, can a CPA firm survive oncoming automation? By following these steps, you can ensure a lucrative spot for yourself in the workplace of the future, and even exploit the forthcoming revolution.

Move beyond the data

While accountants may find themselves restless with the realization that much of the number-crunching theyre responsible for can be automated, they should be looking forward to the opportunity to automate dull work so they can focus on the big picture.

A professional CPAs value stems not from his or her ability to garner and crunch large swaths of data, but rather their ability to interpret that data and draw conclusions from it. Accountants will remain pertinent to business operations only if they excel at keeping their eye on larger trends, and can offer the invaluable service of translating numbers into actionable ideas.

Automating routine task will enable the CPAs of tomorrow to become data specialist who navigate foggy areas clouded by near-infinite amounts of data. When less skilled task such as banal bookkeeping is completed using software, experts in the field of finance with a history of identifying the signal amidst the noise will still find themselves in high demand.

Prepare to exploit new industries

The rise of automation amidst the continuing information revolution brings with it a whole slew of new industries and opportunities. CPA firms that begin building the foundations of a 21st century business now will be well poised to swoop in and offer their services to new companies and customers as they arrive.

As car companies increasingly devote resources to building autonomous vehicles, for instance, the entire transportation industry is likely to change. CPAs who hope to be employed by companies likely to automate many of their own jobs should, then, familiarize themselves with that technology ahead of time.

Creating an anticipatory organization model, or developing the skills needed to foresee sudden market changes, may be one way for CPA firms to prepare themselves for coming changes. Only after an accountant has become sure of their future can he or she take steps to truly shape it.

CPA firms should become part of the process as their client companies begin making plans for an unknown future. Interpreting huge sums of data to identify changing trendlines in your clients market, for instance, will go a long way toward making your services to them invaluable. By focusing on future performances rather than past results, an accountant can remain innovative and salable to clients.

Find your accounting niche

As straightforward task become part of the realm of the robots, your marketability as an accountant will increasingly rely on your expertise in a certain niche area. Embrace the process of specializing in one aspect of your field, and focus on setting yourself apart from your competitors who will vie for what jobs remain.

Adjusting to auditing logistics of companies that have huge operations but very few human workers, for instance, will position you to thrive in a forthcoming high-demand area with a low supply of professionals.

Focusing on delivering your clients the analysis they need in real time by working closely with new programs will render your services invaluable. By focusing on one company or industry, you enable yourself to become the preeminent expert in that field.

It is critical to begin making this adjustment early. An accountant or firm that waits too long to modernize will soon find themselves left behind in the dust as their competitors snag the latest contracts and opportunities. Rather than compete with the robots, learn to adapt and work with them, expanding your capabilities and reassuring clients that youre worthy of future partnerships.

CPA firms which exploit their human potential will be those best prepared for a future defined by sudden and sporadic change. Accounts wont always be able to beat the machines, but those savvy professionals who embrace them and their capabilities will always be able to exploit them.

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