A survey of 1,000 accounting professionals in the UK by software specialist Caseware, revealed that 56 per cent of accountants are currently carrying out manual tasks that could be automated. But only 43 per cent believe this practice will continue beyond 2020. While 24 per cent consider ability to use in a specific software as important skill today, 33 per cent believe that this will become more important in the near future.
Automation eliminates tedious, manual accounting processes that consume time and effort, leads to greater productivity, so that accountants can focus on value-added services and analysis..
Shez Hamill, a director at Caseware, said: “Whether 2020 marks the beginning of the age of accounting automation remains to be seen, but it is definitely where accountants expect the industry to go. The area of concern however is not about whether automation will take jobs, but rather if the industry as a whole has the skills it needs to take on this new, more strategic and planning focussed role - based on what our research has found, there is serious doubt about this, and it is something accountants and finance teams should be looking to address from 2020 and beyond.”