I love being an accountant, but I'm starting to see automation take over quite a few tasks that we used to handle manually. I'm trying to brainstorm new adjacent skills I should take on to guarantee job security. Have you all noticed any changes in your role because of automation? Should we be worried about this long-term?

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I’ve noticed that things like reconciliations and payroll are getting automated, but I still feel there’s plenty of room for accountants to focus on strategy and analysis. I’m thinking of improving my financial modeling and reporting skills. Anyone else in the same boat, trying to add these higher-level skills to stay relevant?

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What software automates reconciliation?

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There's a lot of talk about automation and AI, but there's always going to need to be a lot of human intervention. There are scenarios where there can be gray areas and someone's judgment has to come into play. So any role that requires someone to analyze and think and make intelligent decisions won't be knocked off by automation any time soon.

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AP is another area that's being heavily automated. Analysis is the part that I don't see going away, so take advantage to embrace any opportunities you're given to analyze the numbers, not just do the mechanics.

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Automation is helpful, but you need humans. So no, I'm not worried about automation making my life easier

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For increased flexibility and opportunities, I'd say find a way to integrate into Finance Operations and Project Management as a compliment to your Accounting skill set. It is important to try and find ways to add internal value beyond your traditional Accounting contributions...also worth acknowledging, job security is a thing of the past in this current framework.

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Automation and AI will help solve problems but we as accountants must identify them.

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I am learning Python because I wanted to experience the difference between my early languages (COBOL, Basic, SAS scripting, Fortran) and newer technologies (Python). At one point, I told ChatGPT to “write the Python code to read a l very large dataset and produce a muli-variate cluster analysis of the data and identify which combination of variables yields the best result”. Within one minute ChatGPT produced the first draft of code, included the code for a graphical representation of the results, and even interpreted my poorly defined “best result” as having the smallest K-squared variance. It will probably take me a day to get the code functioning (haven’t tried it yet), but such a task would have taken a week using the old tools. With iteration (request refinement; as though a user is standing right next to you saying ‘That is good but..’), it will easily produce more satisfactory results. Given that accounting is mostly a rules-driven discipline I would never recommend that anybody starting their career consider accounting.

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As a student, I am not at all “worried” about automation. I am interning and seeing now exactly why humans will always be in demand.

You need not worry. There is already a shortage of accountants in the field, as well as in the pipeline in schools. There will also be a mass retirement wave in the next 10 years. Any automation will only supplement for future staff shortages and will not result in mass headcount reductions within the industry. As a leader in accounting I'm looking forward to AI and automation not for time saving, cost reduction and efficiency but more so because the industry will lack the workforce in few years to continue as we are.

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