Technology is for Techies!

Do you also think the same?? If yes, then my friend, you’re in big trouble!

Why do we say this? Well the answer is simple, look around, and see if there’s anything or any process that doesn’t involve some if not ALL technology. Be it paying for your train ticket, to booking food, to attending lectures to filing your tax returns. So whether you like it or not, the technology is here to stay and only going to become more and more prevalent.

Being our readers largely from the finance and accounting field, we felt that it’s imperative that the readers know that without knowing these technologies being used all around, we may not be relevant for the FUTURE needs. Why do we say this? Have you thought of how you would account for crypto currencies if purchased by your company. Do you apply IFRS 9 or IAS 16, if IFRS 9 what is the model test use? Or let’s say what if your business sells something in the metaverse, how you account for it. This and 100’s and 1000’s of new types of transactions are taking place and we as accountants needs to know how do we process them.

And if accounting for it wasn’t difficult enough, the newer ERP systems becomes more advance. Therefore if you are using SAP and Oracle, then you would already know the kind and level of integration that these systems are able to do with the business activity. Therefore at a touch of a button right from generation of purchase order, to filtering the best supplier (sometimes across the world) to receiving the good, to making payment, all of it automated is making jobs of accountants less and less relevant.

Ofcos you can’t think that people in finance are any safer, the software’s today can place the trades in stock market and probably do a lot better due diligence by rummaging through BIG data than any human to understand which company is most valuable and bought at what price.

Therefore to get to the crux of today’s post, you should start reading about the technology being used by the business and check how as an accountant you can utilise that. So rather getting scared of losing jobs, start thinking how you can create better businesses and a sustainable one!