FinTech is an amalgamation of financial and technology and is a term for any kind of technological innovation used to provide support to those who work in the accounts and finance sectors. It is creating many changes in this field and bringing about a range of new business models, applications, processes and products.
Automation is an increasing part of everyday life, it helps with repetitive processes, makes life easier for humans and minimises errors. Those operating in Commerce and Industry need to be aware of the advancements in AI, as in a world where data driven decisions are a daily occurrence, taking the onus away from humans will become the norm within the accounts and finance field.
Artificial intelligence, automation, Cloud accounting, Open Banking, Making Tax Digital all promise to transform accountancy and finance departments, creating new opportunities and industry shake-ups for the businesses they serve.
Who will this affect?
The introduction of FinTech will become an everyday factor within all businesses, as it offers an ongoing personal connection with clients, which was unforeseeable a few short years ago.
AI will ultimately affect everybody, but especially those within junior accountancy positions. The introduction of Fluidly, Xero and the ongoing re-development of Quickbooks across the last few years, have already offered huge developments in this context. Administration / Assistant roles are being overtaken with technology and if you don’t familiarise yourself with these developments and move with the times, you may get left behind.
As a result of a global survey by Sage, it was found that accountants are trying to free up time by carrying out other tasks more efficiently, which has led to 50% of them looking into AI and automation technology.
How to keep your job safe in a competitive market.
With more roles becoming automated, ensuring positions are not overtaken with the introduction of artificial intelligence, is somewhat of a concern. The increasing automation of processes around invoice management, credit control, cashflow forecasting and reconciliations will reduce the time accountants need to spend on these traditional duties.
Employees within these roles will need to adapt both their processes and skill sets; the rise of automated systems will bring about the need for, not only a knowledge of accountancy, but the ability to work with technology in order to develop.
Candidates should look to up-skill or learn from others within the organisation in order to develop. Employees should consider working for companies that offer internal training and development schemes or self-fund accountancy studies. These opportunities allow individuals to work within their roles and skill set, but to develop within the company they currently work for. Understanding the developments coming in AI and how you can work around them, can mean the difference between being made redundant or progressing in your chosen career.
What is the future for AI in accountancy?
AI developments are not something to be feared, in fact, some advances in technology could make roles easier. Recognising the strengths and limits of this different form of intelligence and understanding the best ways for humans and computers to work together, could mean that roles are altered rather than replaced. The need for human intelligence will always exist.
It is expected that by 2020 tax, payroll, audits and banking will be fully automated using AI-based technologies, bringing both opportunities and challenges to the industry.
With the introduction of FinTech, those working within the accounts and finance industry will find some exciting developments are coming to their role. Are you ready to develop with them?