How CPAs Can Survive the Automation Revolution
With the rise of technology and automation, jobs will no doubt be impacted. Many CPAs are wondering what this means for their jobs, and how these automations will impact the accounting industry.
In an article from the Journal of Accountancy, author Chris Sheedy writes, “A 2016 study by the Pew Research Center said that 65% of Americans expect that within 50 years, robots will be doing much of the work now done by humans – but 80% believe it will happen to other people’s jobs, not their own”.
In his article, Sheedy discusses:
- Clear risk to several specific jobs and industries
- As a CPA, knowing your role
- The dangers of waiting too long
Although the accounting industry will most likely see a boom in automation and technology, there is still hope. According to Sheedy, “A 2017 study from consulting firm Accenture found that even with the advent of robo-advisors, 68% of wealthy clients preferred having access to both a human advisor and a robo-advisor instead of just one of those”. How can your firm survive the automation revolution?
To read more, see the full article from Chris Sheedy in Journal of Accountancy.