Do you assume automation will change your job within the subsequent 5 years? Accountants appear to assume so.

Just about each accountant believes their work might be both partly or fully automated by 2022. A brand new report by FreeAgent says 96 p.c of accountants agree with this declare, and simply three p.c say they don’t assume automation will change their work.

Virtually two thirds (62 p.c) of these accountants taking part within the survey for the report additionally say they don’t consider they are going to be performing the identical duties they do right now within the subsequent 5 years.

However they’re preparing for the long run, that’s for positive. Greater than 4 in ten (42 p.c) need to retrain to ensure they keep on position sooner or later, whereas 1 / 4 (23 p.c) say they’re enthusiastic about retraining. One other 20 p.c, then again, say they don’t plan on going via any extra coaching.

“Our survey outcomes counsel we’re seeing a unbroken shift within the panorama of the accounting career,” says Ed Molyneux, CEO and co-founder of FreeAgent. “Expertise is driving new methods of working with purchasers, whereas forthcoming legislative modifications resembling Making Tax Digital and PSD2 will considerably speed up the tempo of automation.”

“Nevertheless, this shouldn’t be trigger for alarm. Moderately, these modifications characterize a singular alternative for accountancy practices to develop their higher-value, advisory propositions and keep on the forefront of the career — and it’s actually optimistic to see that almost all of accountants we surveyed should not solely recognizing this shift, however are already beginning to think about how they’ll adapt to the modifications,” provides Molyneux.

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“The age of automation is dawning and the accountancy career presently faces a alternative over tips on how to proceed. I firmly consider that forward-thinking accountants who embrace and adapt to this variation now would be the ones who profit most sooner or later,” concludes Molyneux.

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