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New technology and talk of artificial intelligence in the workforce has caused many accountants and finance professionals to be concerned. Many are worried about how AI will impact their job, the number of jobs in their field, and whether or not they will be replaced with a computer program.
The reality is technology has been a ‘threat’ to many accounting professionals for decades. Changes have been happening for a number of years – mostly to help eliminate repetitive and redundant tasks in accounting.
“Repetitive tasks associated with gathering and processing data are already being managed through automated machine-learned systems. Invoices can be categorized, expense statements audited, invoice payments cleared, and bank accounts reconciled with very little, if any, human intervention,” says Merge Gupta-Sunderji on Canadian Accountant.
Top accountants and financial professionals understand the importance of growing and adapting. AI is no different. Here are some tips to be successful in an age of AI:
Rather than fight AI, understand how it will impact accounting as a whole and how it will impact your role within the industry. Understanding AI will help you learn more about how you can use it to your advantage, skills you need to develop, and the potential for new opportunities.
Staying ahead of the curve will make you more prepared for changes in your industry. It will help you adapt quicker, develop new in-demand skills, and make you a more attractive job candidate.
Focus on what AI cannot do. The focus on AI is to gather and process data quickly. However, the ability to make complex decisions based on this data will still fall into the hands of professionals. Focus on how you can use AI as part of a strategy and position yourself as a trusted advisor in your field.
AI cannot build relationships. Focusing on developing a strong professional network and offering great service will always be important. Your clients want people they can trust. Build trust, be an advisor and be the go-to person people come to with accounting issues.
Automation is here to stay. It will help organizations and finance and accounting professionals to streamline operations, become more efficient, and save time and money. So, rather than resist AI, embrace it and figure out how you can use it your advantage in your career.
IQ PARTNERS is an Executive Search & Recruitment firm supporting clients across the country. We help companies hire better, hire less & retain more. We have specialist teams of recruiters in Technology (IT), Accounting and Finance, Consumer Goods, eCommerce and Retail, Financial Services and Insurance, Startup, Cannabis, Big Data, B2B and Industrial, Operations and HR, Professional Services and Legal, Media, Digital and Marketing, Pharmaceutical and Life Sciences, Emerging Technology and Telecom, and Sales. IQ PARTNERS has its head office in Toronto and operates internationally via Aravati Global Search Network. Click here to view current job openings and to register with us.
Stephen is a Partner and Practice Lead in the Accounting and Finance group. In 2011 Stephen purchased The London Group, and over the next several years built a small team and became a go-to recruiter for several mid-sized accounting firms. In 2016 the London Group merged with IQ PARTNERS, allowing Stephen to grow his accounting and finance recruitment practice under the umbrella of IQ PARTNERS.