There was a time when finance and accounting was all about a few numbers, paper ledgers and spreadsheets. With the advancement of technology and the rapid growth of the Internet and computers all around us, every field of human life has transformed significantly. The field of accounting and finance is no exception to the fact. With the transformation and growth of the industry bright prospects of careers after commerce graduation are available for students in this discipline. It’s not unnatural to note that the accounting and finance sector is being automated with the assistance of several new technologies and process automation techniques and services. This has led to a complete revolutionary transformation in the sector and the entire process of automation has its own unique advantages.
Financing and Accounting Automation for 2020: Key points and influencing factors
Although not completely done, automation is still under process and it is predicted that by the end of 2020, almost 50% of all accounting tasks will be automated making room for improved efficiency and timely rollouts leading to increased productivity in various fields and businesses. Advanced strategies and preparation with increased technological efficiency are being adopted and implemented by several finance and accounting firms. These automation processes are being led by competent and experienced professionals with comprehensive and practical training in finance and accounting.
Robotic process automation has found immense popularity in the sector and is being used by several businesses and firms operating in the sector. The finance and accounting sector is being redefined by these automation technologies and several other similar solutions. Leading technologies are being implemented by giant finance enterprises all across the world, including services like cloud-based enterprise performance management and robotic process automation in finance and accounting.
Finance and accounting services are being demanded more and more by several C-suites and departments of large companies like sales, marketing, HR and operations both for raw data management and sophisticated analysis of data. Thus, finance services are becoming a deciding factor to business growth and direction. With an overwhelming amount of available data, the need for automated processes is increasing along with professionals with experience and practical training in finance and accounting.
Manual methods are lacking time efficiency and effectiveness in the overall management of the financial data at hand. This brings in the necessity of automated processes and automation, which can increase the efficiency of work as well as complete the rollout or analysis in much lesser time. Spreadsheets are estimated to soon lose relevance in the modern world of automation of finance and accounting. Although this does not, in any way, reduce the prospects and careers after commerce graduation as these robotic automation processes cannot completely be independent and would obviously need human assistance and vigilance. Professionals who have technical knowledge and practical training in finance and accounting are being increasingly seeked for by several finance firms all across the world. Robotic automation processes in finance and accounting ensure the smooth collection of data and ensure data quality, along with fast and efficient analysis, reporting and also make strategic recommendations most suitable for the operation and the business. They simplify reporting, planning, forecasting and analytics.
Automation of finance and accounting: Effect on careers after commerce graduation
Commerce graduation is a very widely chosen discipline of study and millions of students all across the world choose to study for a B.Com degree. With several specialisations available for a commerce graduate, process automation in the finance sector has significantly affected the available careers after commerce graduation all across the world. Needless to mention with robotic process automation, accounting and finance data management has become more efficient and time-saving leading to better productivity for several businesses deciding the business direction and growth.
Accounting and bookkeeping have been the most important pillars of any kind of business and with process automation, such tasks have become more time-efficient and accurate making the job easier for accounting professionals. It is a practical solution as it magnifies operational efficiency, improves the profit margins, makes the entire process more cost and time effective, and aids in proper resource management. Integrating such technologies helps keep businesses achieve a competitive edge in the market, and the need for competent professionals also increases in the sector. Along with comprehensive and specific knowledge in the field, practical training in finance and accounting is essential as the field is rapidly advancing and transforming with the introduction of such new technologies and processes.
Practical training in finance and accounting: The need of competent professionals in businesses
No matter how advanced technologies become, human intelligence is invaluable and unparalleled. Any business, no matter what technology it adopts and implements, still requires competent and skilled accountants to run, develop and grow in an efficient and organised manner. Automation cannot replace the role of accountants in a finance firm. That is why education and practical training in finance and accounting are still relevant and carries immense value to ensure a bright future in the industry. Automation is rather a form of modernization of the traditional roles of the CPAs and other professions in the finance and accounting sectors.
Automation conversely has several advantages. Let’s take a look at how it helps professionals in the field:
● It makes the task of accounting easy and convenient.
● It removes the need of manually entering data.
● It takes away the difficulty of data analysis and reconciling numbers.
● It makes the process more accurate, error free and streamlined.
● It saves time and helps in investing the time in other important sectors of the business.
● It makes accounting professionals more versatile, efficient and effective and plays an important role in overall transformation of the system and work procedures.
While traditional accounting is still a full time job and would continue to be so, process automation in the finance sector improves the scopes and careers after commerce graduation while also effectively improving performance and overall growth of the business, giving the finance sector a special chair at the table.
