FINANCIAL SERVICES, HR & EDUCATION | Staff Reporter, Singapore

Automation and systems integration to drive accountants obsolete

It’s good for businesses’ bottomline, though.

Automation and accounting systems integration are driving a skill shift for the accounting industry, according to a release by Randstad Singapore.

“As technology becomes increasingly sophisticated and present in all aspect of businesses, accounting professionals can expect a shift towards more strategic and analytical roles,” the release stated.

Roles such as general ledger, accounts receivable, and accounts payable may phase out over time. 

In contrast, roles such as financial planning and analysis, and business controlling are likely safe from automation. These roles still require input from internal stakeholders as well as a comprehension of overall market conditions, the industry segment, and the business as a whole.

Further, Randstad notes that it is anticipated in the long-term that non-traditional accounting will progressively be in demand. The advancement of technology in the industry will call for accountants that have computer skills that meet data management and analytical needs. Accounting and finance functions are also likely to see a burgeoning need for candidates with regional exposure and business partnering skills.

“Technology can often be seen as a threat as certain roles would be rendered obsolete. However, with the automation of systems new roles become more prevalent. These roles are often more sophisticated and strategic which tend to have a greater impact to the bottom line of the business,” asserted Lim Chai Cheng, Randstad Singapore Director of Accounting, Banking & Finance Services. 

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