The accounting jobs to disappear by 2040!

Introduction

As technology continues to evolve at a rapid pace, the landscape of accounting jobs is expected to change significantly by the year 2040. One notable trend is the diminishing need for roles that focus primarily on manual data entry. Two functions deemed particularly at risk of disappearing are accounts payable and accounts receivable.

The Risk of Automation in Accounting

Accounts Payable (AP)

With the rise of sophisticated systems like Bill.com and Tuple T, the accounts payable function is being streamlined. These platforms facilitate the direct posting of invoices into Enterprise Resource Planning (ERP) systems. Furthermore, Optical Character Recognition (OCR) technology is being utilized to convert PDF documents into structured data formats, effectively extracting amounts, names, addresses, and other critical information. As such, the traditional tasks associated with accounts payable are increasingly being automated, placing this role in jeopardy.

Accounts Receivable (AR)

The accounts receivable role faces similar challenges, as more companies are opting to outsource their order-to-cash processes. This outsourcing means that external firms manage everything from purchase orders to the final collection of cash, effectively removing the need for in-house staff in this area. Such transformations are again tied closely to ERP systems, which manage these processes seamlessly.

Surviving Roles in Accounting

While automation poses a threat to certain positions, a few accounting jobs are likely to endure this technological upheaval:

Data Analysts: The demand for professionals capable of analyzing and interpreting large datasets will remain strong. Despite advancements in automation, human insight will be required to make sense of complex data and guide business decisions.
System Analysts: As organizations increasingly rely on advanced systems for their accounting functions, the need for skilled individuals to implement and maintain these systems will be critical.
Controllers: Controllers will continue to play a vital role in overseeing the accounting function. They will ensure that data analysis is both relevant and accurate, monitor system functionality, and provide strategic insights to business stakeholders.

In conclusion, while many traditional accounting roles may fade from existence by 2040 due to automation and outsourcing, some positions will likely thrive, driven by the need for analytical skills, system management, and leadership within the accounting function.

Keyword

Accounting jobs
Automation
Data entry
Accounts payable
Accounts receivable
Outsourcing
Data analysts
System analysts
Controllers
ERP systems

FAQ

Q1: Which accounting jobs are most at risk of disappearing by 2040?
A1: The roles most likely to disappear include accounts payable and accounts receivable positions, primarily due to increased automation and outsourcing.

Q2: What is driving the automation in accounting?
A2: Technological advancements such as OCR and dedicated platforms like Bill.com are facilitating the automation of data entry tasks.

Q3: What accounting roles are expected to remain relevant?
A3: Data analysts, system analysts, and controllers are expected to survive as their skills are essential for interpreting data, managing systems, and providing strategic oversight.

Q4: How can current accountants prepare for these changes?
A4: Accountants can prepare by developing analytical skills, gaining experience with accounting software, and embracing roles that focus on strategic thinking and system management.