The future of accounting : will we be replaced by robots? / Nico van der Merwe
Abstract
The world is experiencing a period of exponential technological change, characterised by unprecedented disruption to business. Technologies such as artificial intelligence (AI), robotics, the Internet of Things (IoT), autonomous vehicles, 3-D printing, nanotechnology and quantum computing, have become buzz words. Accounting is the language of business and accountants, as the custodians of this language, are meant to be at the forefront of business. They should help to manage companies through the fourth and fifth industrial revolutions, and ensure that they survive the impact of exponential and disruptive technological advancements. While many see change as a threat to their existence, there are in fact many opportunities that can be taken advantage of with the changes that are coming. However, accountants’ own profession may also be threatened by the same technologies that create these opportunities. For centuries doctors, accountants, lawyers and various other professionals have solved problems too complex for most of society to deal with. But today, the future of these professions are seriously in question as AI, non-thinking machines and automated systems are poised to do the jobs of human experts at a fraction of the cost. This problem then forms the basis of the question to be answer in this inaugural address, namely: “Will accountants be replaced by robots”? The short answer to this question is “no”. Accountants will not be replaced by robots. However, there is a proviso to this conclusion. For accountants to stay relevant in the future, the accounting education curriculum will have to change. Fortunately the professional accountancy bodies, such as SAICA, are leading the way in this revolution. The question remains though: will education providers truly embrace change and not simply pay lip service to what accrediting bodies require? Or even more importantly: do education providers have the capability to embrace the changes, seeing that existing accounting academics were not taught in this way? Whether or not accounting educators are ready for the challenge, the development of exponential technologies hold great opportunity for the accounting profession. Yes, certain routine and programmable work will indeed be automated, however this should not be seen as a threat. These technologies will allow the accountant of the future to be much more efficient, freeing up time and headspace to become the true leaders of business in every respect imaginable. If the profession gets it right, the accountant of the future will truly add value to their clients and employers. Time previously spent on balancing the books will now be spent on creative and integrated thinking, problem solving and building relationships. Ironically, by getting robots to do the mundane work, the accounting profession will become more human. Emotional intelligence, communication and interpersonal skills will become crucial and there will be no place for accountants without these skills