Accounting being automated.

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harun_farah
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#1
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#1
I have been considering doing accounting and finance as a degree and as a career but that all got swayed around when i looked on a BBC report saying accountants will 95% most likely be automated in the near future therefore i was wondering i'm 16 and in first year will it be worth going into accounting since i will most likely be out of work in my mid twenties or be paid awfully low because a computer can do the same job faster cheaper and more conveniently.



heres the link
http://www.bbc.co.uk/news/technology-34066941
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X_IDE_sidf
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Yes, a lot of lesser accountants (ones who deal with small companies and private citizens) will be replaced. However, if you plan on becoming a high-flying banker/financial director of a large company you probably have a lot more time until the AI replaces you.

Another option is to also do computer science/team up with a computer scientist and help do the replacing (I bet there is going to be a lot of money there soon).
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X_IDE_sidf
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You could always become a Hotel and accommodation manager or owner
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Classical Liberal
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The vast majority of accounting functions that can be automated have been now. Even small businesses can have systems where they issue invoices and their accounting system automatically posts the correct accounting entries and then produces accounts for users.

Accountancy is much more to do with making judgements than punching numbers in to a spreadsheet. Judgements are something machines tend not to be able to make.
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MagicNMedicine
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After Brexit is completed we can do a free trade deal with India that will open up our access to the services market. There are a lot of well educated Indians that can do financial services jobs more cheaply than British can and as technology improves it becomes more easy to send work over to be done in India like we use them for call centres.

This will at help struggling British businesses by reducing the cost of audits and tax advice and will show how Brexit can bring the benefits of opening up to the rest of the world to British businesses
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The Socktor
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#6
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#6
Well, I for one, welcome our new computer overlords.
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l'etranger
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Stop worrying. Automation will definitely make entry level harder but once you crack that your professional judgement will in of itself become hugely valuable. The problem is that these journalists mistake some form of automation as being equivalent to total redundancy rather than the more nuanced truth that the nature of your work will evolve with technology.

(Original post by MagicNMedicine)
After Brexit is completed we can do a free trade deal with India that will open up our access to the services market. There are a lot of well educated Indians that can do financial services jobs more cheaply than British can and as technology improves it becomes more easy to send work over to be done in India like we use them for call centres.

This will at help struggling British businesses by reducing the cost of audits and tax advice and will show how Brexit can bring the benefits of opening up to the rest of the world to British businesses
I know you're being sarcastic, but if an Indian worker can provide the same value as a British worker for a lower cost actually I think this country should be open to that. If the EU was only surviving by enforcing inefficiencies in excluding highly skilled workers from the labour market, it probably wasn't working all that well to begin with.
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l'etranger
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(Original post by X_IDE_sidf)
You could always become a Hotel and accommodation manager or owner
This is what I find strange and foolish. Basic invoicing can easily be automated and to an extent this has begun already, but high flying accountants who formulate strategic business decisions are probably safer than a generic manager who could be replaced by an intelligent computer system.
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Classical Liberal
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(Original post by l'etranger)
I know you're being sarcastic, but if an Indian worker can provide the same value as a British worker for a lower cost actually I think this country should be open to that. If the EU was only surviving by enforcing inefficiencies in excluding highly skilled workers from the labour market, it probably wasn't working all that well to begin with.
The practice of outsourcing professional services work in the big 4 accountancy firms is already a deeply embedded practice. It is common practice to send supporting information to "delivery centres" in India and Poland where they can type up key terms and check the supporting documentation agrees to the accounting records.
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