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Accounting

Digital disruption an opportunity

The impact of technology on the accounting profession is only going to become greater and develop at a faster rate, forcing practices to truly consider their digital transformation.

“It’s an exciting time to be an accountant,” Reckon Australia and New Zealand managing director Sam Allert told the Institute of Public Accountants 2017 National Congress on the Gold Coast last week.

“You can look at technology as a disruptor, but I like to look at it as an opportunity.

“[For example], automation doesn’t eliminate the role of accountants, but it will automate the mundane tasks and streamline your processes.

“Technology isn’t able to duplicate creativity and intuition, which is what you [accountants] do for your clients.”

In addition, Allert said technology can also be used to prompt and alert accountants.

“Really use automation to prompt you, such as using a client’s date of birth for alerts,” he said.

“The fact is clients want more and no one’s sitting around saying ‘technology has nailed it for me so I have nothing to do’, so partner with people that can help you navigate your digital transformation.”

While technology as a disruptor is a real challenge for accountants, statements such as “the accounting profession is dead” and “the accounting profession is being overtaken by technology” were incorrect, he said.

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