Businessmen and women need to be aware of the technological advances in every field, including accounting. Bots are increasingly being used and, hence, their awkward office love affair with bookkeepers was inevitable. These are not actual robots. They are apps and lines of codes with unique skills to interpret information and inform you of what it means. The coding allows the bots to process data at a rapid speed, which is not humanly possible. The critical aspect is finding common ground between the human element and technology to attain maximum efficiency.
The way bookkeepers normally perform their functions is likely to change with the emergence of new technologies. AI (Artificial Intelligence) and machine learning have already enabled accountants and bookkeepers to interact with bots just as they would with their associates. Tools that can record entire transactions independently without the need for a long trial and records have already surfaced and are slowly being trusted by more and more businesses.
What’s with the Awkward Office Love Affair?
Bookkeepers are pivotal for many organizations as they keep a record and track the flow of transactions. With bots handling and tracking this information, most of the commonly allocated tasks to accountants become redundant, leading to the need for defining a new JD for them. The future accountants must be able to look beyond the obvious and think of ways to integrate and use technology to their benefit, improve operational strategies, and make sense out of the given information.
Companies must train key people for this specific purpose and encourage them to consider AI their friend rather than an adversary. This is the right approach that should turn the awkward office love affair of bots and bookkeepers into something productive. However, the question remains, do we have the people with the right mindset and skills for taking on such kind of an accounting role?
Business analytics professionals are obvious candidates as they have the expertise to make sense of big data that large companies rely on. Finding and holding these skilled professionals will be the key for businesses to succeed in this competitive marketplace. Here are some ways to do exactly that.
Know Yourself – Find Skilled Bookkeepers
Identifying strengths and weaknesses should be the priority of any business. However, it is important to assess yourself without any bias. Research shows that a lack of skilled labor is responsible for sluggish growth in about 40% of the cases. That’s a huge percentage, which has made way for the need to use bots for tasks that are hindering growth. With everyone else adapting to AI, you are bound to indulge your business in this office love affair to stay competitive and for your benefit.
Identify the skills that are most vital to your organization and recruit the right people for the task. Hire bookkeepers based on their understanding of the shifting trends and their ability to deal with them effectively. Don’t hire someone because a friend recommended them because, eventually, that person can be a burden for your business if they aren’t the right fit.
Go Beyond the Usual Stuff
Your preference should be to look beyond the candidate’s ability to save you from a tax burden or record-keeping skills; instead, ask them about the latest AI developments in the accounting industry. Cloud accounting and the impact of other technologies on the accounting front are the areas to understand if someone desires to work for your organization. It is not to diminish the importance of other hiring traits, just reaffirming the need to adapt and change your strategies to compete in the coming times.
Develop the Bookkeepers and Customize
Bots are surely going to bring about a change in your traditional workspace. However, there are always people in your company that are valuable and have proven to be so. You will have to develop these people for their new roles to avoid any awkward office love affair between bots and accountants. Advanced training is conducted in multinational organizations to support their employees to handle AI better to achieve success for the business. It’s significant to invest in the employees to reap the benefits. It also serves as a great opportunity for bookkeepers to learn and grow their skill set, which will motivate them to indulge enthusiastically.
Though bots can process data faster and facilitate your accounting operations, they cannot do everything. Professionals will always be required to critically analyze the data and make decisions after considering all the other variables. Also, every business has some special requirements to think creatively and customize the processes according to your ease. Striking the right balance will determine if your business can make a mark in the future.
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