The Future Of Accounting:

How Will Digital Transformation Impact Accountants?

In business, as in life, change is the only true constant. From mitigating unprecedented business disruptors to adapting to new operational paradigms, professionals in all industries find themselves dealing with major changes — many of them driven by emerging technologies.

Accounting is no exception. The profession has moved far beyond mere bookkeeping and payroll, and like its partner procurement, it’s taking an increasingly strategic role for forward-thinking businesses. While some pundits say accounting has a dim future in the digital world of tomorrow, technologies such as cloud-based data management, process automation and advanced analytics are actually poised to further elevate accountants in new and empowering ways.

As far back as 2015, industry leaders were sounding the death knell for accountants, convinced emerging technologies — particularly automation — would end in death by digital for accountancy as we know it. And as recently as 2019, accountants surveyed by Robert Half on the impact of automation on their profession expressed concerns about being replaced, having fewer opportunities for creative problem-solving and an overdependence on tech in completing daily tasks.

Yet, the events between then and now, including the Covid-19 pandemic, have instead shown that accountants, like other professionals, need to worry much more about adaptation than replacement.

There's no question that digital transformation has radically changed the playing field. Big data has become a rich resource that needs to be tapped to compete effectively. But for businesses ready to leverage the potential of digital tools, this shift is an opportunity, not a threat.

[…]

Both the skill set and the job description for tomorrow's accountant will be greatly expanded, while still hewing to the core competencies of the profession. Supported by technology in a collaborative setting, accounting teams will be populated with both dedicated accounting professionals and subject matter experts from other areas of the business.

Tomorrow's accountants may play an advisory role, welcoming business intelligence and procurement professionals and working to chart a strategic sourcing plan. They could leverage data management tools, including augmented reality, to humanize and contextualize spend data for the C-suite to make better decisions based on long-term value rather than return on investment alone.

With more diverse skill sets and greater technical acumen, accountants can bring their own expertise to teams in other business units, providing crucial financial intelligence, refining budgets or ensuring compliance. […]

As a function, accounting may become less about refining one's skill set through certifications and more about core competencies that grow over time, with a focus on lifelong education and skill development required to take on a complex, ever-changing business environment.

Automation and other data-driven technologies are poised to free accountants, not constrain them. Organizations that understand the potential and importance of these technologies — and invest in the tools and training required to help their accountants take full advantage — will be ahead of the curve. Tomorrow's accountants will play a more creative and strategic role in their companies. As a result, their businesses will not only enjoy more efficient workflows and reap more useful insights from their accounting processes, but help strengthen their own resiliency, agility and competitive footing.

Adapted from: https://www.forbes.com/sites/forbestechcouncil/2021/05/19/the-future-of-accounting-how-will-digital-transformation-impactaccountants/?sh=343b437853fb

The Future Of Accounting:

How Will Digital Transformation Impact Accountants?

In business, as in life, change is the only true constant. From mitigating unprecedented business disruptors to adapting to new operational paradigms, professionals in all industries find themselves dealing with major changes — many of them driven by emerging technologies.

Accounting is no exception. The profession has moved far beyond mere bookkeeping and payroll, and like its partner procurement, it’s taking an increasingly strategic role for forward-thinking businesses. While some pundits say accounting has a dim future in the digital world of tomorrow, technologies such as cloud-based data management, process automation and advanced analytics are actually poised to further elevate accountants in new and empowering ways.

As far back as 2015, industry leaders were sounding the death knell for accountants, convinced emerging technologies — particularly automation — would end in death by digital for accountancy as we know it. And as recently as 2019, accountants surveyed by Robert Half on the impact of automation on their profession expressed concerns about being replaced, having fewer opportunities for creative problem-solving and an overdependence on tech in completing daily tasks.

Yet, the events between then and now, including the Covid-19 pandemic, have instead shown that accountants, like other professionals, need to worry much more about adaptation than replacement.

There's no question that digital transformation has radically changed the playing field. Big data has become a rich resource that needs to be tapped to compete effectively. But for businesses ready to leverage the potential of digital tools, this shift is an opportunity, not a threat.

[…]

Both the skill set and the job description for tomorrow's accountant will be greatly expanded, while still hewing to the core competencies of the profession. Supported by technology in a collaborative setting, accounting teams will be populated with both dedicated accounting professionals and subject matter experts from other areas of the business.

Tomorrow's accountants may play an advisory role, welcoming business intelligence and procurement professionals and working to chart a strategic sourcing plan. They could leverage data management tools, including augmented reality, to humanize and contextualize spend data for the C-suite to make better decisions based on long-term value rather than return on investment alone.

With more diverse skill sets and greater technical acumen, accountants can bring their own expertise to teams in other business units, providing crucial financial intelligence, refining budgets or ensuring compliance. […]

As a function, accounting may become less about refining one's skill set through certifications and more about core competencies that grow over time, with a focus on lifelong education and skill development required to take on a complex, ever-changing business environment.

Automation and other data-driven technologies are poised to free accountants, not constrain them. Organizations that understand the potential and importance of these technologies — and invest in the tools and training required to help their accountants take full advantage — will be ahead of the curve. Tomorrow's accountants will play a more creative and strategic role in their companies. As a result, their businesses will not only enjoy more efficient workflows and reap more useful insights from their accounting processes, but help strengthen their own resiliency, agility and competitive footing.

Adapted from: https://www.forbes.com/sites/forbestechcouncil/2021/05/19/the-future-of-accounting-how-will-digital-transformation-impactaccountants/?sh=343b437853fb

The Future Of Accounting:

How Will Digital Transformation Impact Accountants?

In business, as in life, change is the only true constant. From mitigating unprecedented business disruptors to adapting to new operational paradigms, professionals in all industries find themselves dealing with major changes — many of them driven by emerging technologies.

Accounting is no exception. The profession has moved far beyond mere bookkeeping and payroll, and like its partner procurement, it’s taking an increasingly strategic role for forward-thinking businesses. While some pundits say accounting has a dim future in the digital world of tomorrow, technologies such as cloud-based data management, process automation and advanced analytics are actually poised to further elevate accountants in new and empowering ways.

As far back as 2015, industry leaders were sounding the death knell for accountants, convinced emerging technologies — particularly automation — would end in death by digital for accountancy as we know it. And as recently as 2019, accountants surveyed by Robert Half on the impact of automation on their profession expressed concerns about being replaced, having fewer opportunities for creative problem-solving and an overdependence on tech in completing daily tasks.

Yet, the events between then and now, including the Covid-19 pandemic, have instead shown that accountants, like other professionals, need to worry much more about adaptation than replacement.

There's no question that digital transformation has radically changed the playing field. Big data has become a rich resource that needs to be tapped to compete effectively. But for businesses ready to leverage the potential of digital tools, this shift is an opportunity, not a threat.

[…]

Both the skill set and the job description for tomorrow's accountant will be greatly expanded, while still hewing to the core competencies of the profession. Supported by technology in a collaborative setting, accounting teams will be populated with both dedicated accounting professionals and subject matter experts from other areas of the business.

Tomorrow's accountants may play an advisory role, welcoming business intelligence and procurement professionals and working to chart a strategic sourcing plan. They could leverage data management tools, including augmented reality, to humanize and contextualize spend data for the C-suite to make better decisions based on long-term value rather than return on investment alone.

With more diverse skill sets and greater technical acumen, accountants can bring their own expertise to teams in other business units, providing crucial financial intelligence, refining budgets or ensuring compliance. […]

As a function, accounting may become less about refining one's skill set through certifications and more about core competencies that grow over time, with a focus on lifelong education and skill development required to take on a complex, ever-changing business environment.

Automation and other data-driven technologies are poised to free accountants, not constrain them. Organizations that understand the potential and importance of these technologies — and invest in the tools and training required to help their accountants take full advantage — will be ahead of the curve. Tomorrow's accountants will play a more creative and strategic role in their companies. As a result, their businesses will not only enjoy more efficient workflows and reap more useful insights from their accounting processes, but help strengthen their own resiliency, agility and competitive footing.

Adapted from: https://www.forbes.com/sites/forbestechcouncil/2021/05/19/the-future-of-accounting-how-will-digital-transformation-impactaccountants/?sh=343b437853fb

The Future Of Accounting:

How Will Digital Transformation Impact Accountants?

In business, as in life, change is the only true constant. From mitigating unprecedented business disruptors to adapting to new operational paradigms, professionals in all industries find themselves dealing with major changes — many of them driven by emerging technologies.

Accounting is no exception. The profession has moved far beyond mere bookkeeping and payroll, and like its partner procurement, it’s taking an increasingly strategic role for forward-thinking businesses. While some pundits say accounting has a dim future in the digital world of tomorrow, technologies such as cloud-based data management, process automation and advanced analytics are actually poised to further elevate accountants in new and empowering ways.

As far back as 2015, industry leaders were sounding the death knell for accountants, convinced emerging technologies — particularly automation — would end in death by digital for accountancy as we know it. And as recently as 2019, accountants surveyed by Robert Half on the impact of automation on their profession expressed concerns about being replaced, having fewer opportunities for creative problem-solving and an overdependence on tech in completing daily tasks.

Yet, the events between then and now, including the Covid-19 pandemic, have instead shown that accountants, like other professionals, need to worry much more about adaptation than replacement.

There's no question that digital transformation has radically changed the playing field. Big data has become a rich resource that needs to be tapped to compete effectively. But for businesses ready to leverage the potential of digital tools, this shift is an opportunity, not a threat.

[…]

Both the skill set and the job description for tomorrow's accountant will be greatly expanded, while still hewing to the core competencies of the profession. Supported by technology in a collaborative setting, accounting teams will be populated with both dedicated accounting professionals and subject matter experts from other areas of the business.

Tomorrow's accountants may play an advisory role, welcoming business intelligence and procurement professionals and working to chart a strategic sourcing plan. They could leverage data management tools, including augmented reality, to humanize and contextualize spend data for the C-suite to make better decisions based on long-term value rather than return on investment alone.

With more diverse skill sets and greater technical acumen, accountants can bring their own expertise to teams in other business units, providing crucial financial intelligence, refining budgets or ensuring compliance. […]

As a function, accounting may become less about refining one's skill set through certifications and more about core competencies that grow over time, with a focus on lifelong education and skill development required to take on a complex, ever-changing business environment.

Automation and other data-driven technologies are poised to free accountants, not constrain them. Organizations that understand the potential and importance of these technologies — and invest in the tools and training required to help their accountants take full advantage — will be ahead of the curve. Tomorrow's accountants will play a more creative and strategic role in their companies. As a result, their businesses will not only enjoy more efficient workflows and reap more useful insights from their accounting processes, but help strengthen their own resiliency, agility and competitive footing.

Adapted from: https://www.forbes.com/sites/forbestechcouncil/2021/05/19/the-future-of-accounting-how-will-digital-transformation-impactaccountants/?sh=343b437853fb

Read Text I and answer the three questions that follow it.

Text I

Generative Art – What’s real?

There is nothing new about the concept and creation of ‘artificial intelligence art’ or ‘generative art’. However, discussion of its legal and ethical or societal implications (both intended and unintended) hit the headlines last week.

Boris Eldagsen refused his Sony World Photography Award 2023 prize in the creative open category on the basis that his entry was the product of artificial intelligence. Mr Eldagsen himself has sparked the latest debate by claiming that “AI is not photography” and that the rationale for entering the Awards with the work in question was “…to find out if the competitions are prepared for AI images to enter. They are not”.

The reaction of the World Photography Organisation (running the Sony Awards) has been to acknowledge the need for an element of human involvement, which is the crux of the debate: “While elements of AI practices are relevant in artistic contexts of image-making, the Awards always have been and will continue to be a platform for championing the excellence and skill of photographers and artists working in this medium”.

[…]

The conventional (and long assumed) approach has been to recognise the importance of the human hand to an artwork. The question then is: to what extent is the human creator or inputter the ‘artist’ as opposed to the generative system or is the system merely representing the human creator or inputter’s artistic idea? Flowing from that question is what that might then mean in terms of the ownership and value of such works. The debate looks set to continue in this particular context of imagery creation and reproduction coinciding with the increasing availability and use of consumer-grade AI image generation programmes, and the natural inclination of artists to continue to create.

Adapted from https://www.rosenblatt-law.co.uk/insight/generative-art-whats-real/

Read Text II and answer the question that follows.

Text II

June 15, 2023 - Debates over Diversity, Equity and Inclusion (DEI) efforts are currently thriving, including debates over the degree to which corporate diversity efforts are valuable, whether chief diversity officers can succeed, and whether corporate diversity commitments can produce lasting change.

Over the past year, at least a dozen U.S. state legislatures have proposed or passed laws targeting DEI efforts, including laws aimed at limiting DEI roles and efforts in businesses and higher education and laws eliminating DEI spending, trainings, and statements at public institutions. Moreover, with the U.S. Supreme Court poised to address affirmative action in two cases involving the consideration of race in higher education admissions this summer, debates in the U.S. regarding DEI initiatives are likely far from over.

At the same time, DEI-related legal requirements continue to grow in other jurisdictions, and with global financial institutions facing expanding environmental, social, and governance (ESG)- related trends and regulations in the EU and other jurisdictions, as well as global expectations regarding their role in ESG, including DEI-related corporate developments and initiatives, these matters are likely to continue to work their way into capital allocations and the costs of doing business, as well as into the expectations of certain stakeholders.

This widening gap between global expectations and regulation regarding DEI-related matters and the concerns of some constituents in the U.S. over the role of DEI in corporate decision-making is likely to continue growing for the foreseeable future, putting companies between the proverbial rock and hard place.

What these developments make clear is that corporate DEI efforts are, and likely have been for some time, riskier than many companies may initially appreciate. And the risks associated with DEI initiatives are only positioned to grow and expand as companies look to thread the DEI needle and make a broader and potentially more divergent set of stakeholders happy, or at least less annoyed, with their DEI-related commitments and initiatives. In this article, we discuss the top four legal risks that companies often fail to address in their DEI efforts.

[…]

(From https://www.reuters.com/legal/legalindustry/diversity-matters-four-scarylegal-risks-hiding-your-dei-program-2023-06-15/)

Read Text II and answer the question that follows.

Text II

June 15, 2023 - Debates over Diversity, Equity and Inclusion (DEI) efforts are currently thriving, including debates over the degree to which corporate diversity efforts are valuable, whether chief diversity officers can succeed, and whether corporate diversity commitments can produce lasting change.

Over the past year, at least a dozen U.S. state legislatures have proposed or passed laws targeting DEI efforts, including laws aimed at limiting DEI roles and efforts in businesses and higher education and laws eliminating DEI spending, trainings, and statements at public institutions. Moreover, with the U.S. Supreme Court poised to address affirmative action in two cases involving the consideration of race in higher education admissions this summer, debates in the U.S. regarding DEI initiatives are likely far from over.

At the same time, DEI-related legal requirements continue to grow in other jurisdictions, and with global financial institutions facing expanding environmental, social, and governance (ESG)- related trends and regulations in the EU and other jurisdictions, as well as global expectations regarding their role in ESG, including DEI-related corporate developments and initiatives, these matters are likely to continue to work their way into capital allocations and the costs of doing business, as well as into the expectations of certain stakeholders.

This widening gap between global expectations and regulation regarding DEI-related matters and the concerns of some constituents in the U.S. over the role of DEI in corporate decision-making is likely to continue growing for the foreseeable future, putting companies between the proverbial rock and hard place.

What these developments make clear is that corporate DEI efforts are, and likely have been for some time, riskier than many companies may initially appreciate. And the risks associated with DEI initiatives are only positioned to grow and expand as companies look to thread the DEI needle and make a broader and potentially more divergent set of stakeholders happy, or at least less annoyed, with their DEI-related commitments and initiatives. In this article, we discuss the top four legal risks that companies often fail to address in their DEI efforts.

[…]

(From https://www.reuters.com/legal/legalindustry/diversity-matters-four-scarylegal-risks-hiding-your-dei-program-2023-06-15/)

Read Text II and answer the question that follows.

Text II

June 15, 2023 - Debates over Diversity, Equity and Inclusion (DEI) efforts are currently thriving, including debates over the degree to which corporate diversity efforts are valuable, whether chief diversity officers can succeed, and whether corporate diversity commitments can produce lasting change.

Over the past year, at least a dozen U.S. state legislatures have proposed or passed laws targeting DEI efforts, including laws aimed at limiting DEI roles and efforts in businesses and higher education and laws eliminating DEI spending, trainings, and statements at public institutions. Moreover, with the U.S. Supreme Court poised to address affirmative action in two cases involving the consideration of race in higher education admissions this summer, debates in the U.S. regarding DEI initiatives are likely far from over.

At the same time, DEI-related legal requirements continue to grow in other jurisdictions, and with global financial institutions facing expanding environmental, social, and governance (ESG)- related trends and regulations in the EU and other jurisdictions, as well as global expectations regarding their role in ESG, including DEI-related corporate developments and initiatives, these matters are likely to continue to work their way into capital allocations and the costs of doing business, as well as into the expectations of certain stakeholders.

This widening gap between global expectations and regulation regarding DEI-related matters and the concerns of some constituents in the U.S. over the role of DEI in corporate decision-making is likely to continue growing for the foreseeable future, putting companies between the proverbial rock and hard place.

What these developments make clear is that corporate DEI efforts are, and likely have been for some time, riskier than many companies may initially appreciate. And the risks associated with DEI initiatives are only positioned to grow and expand as companies look to thread the DEI needle and make a broader and potentially more divergent set of stakeholders happy, or at least less annoyed, with their DEI-related commitments and initiatives. In this article, we discuss the top four legal risks that companies often fail to address in their DEI efforts.

[…]

(From https://www.reuters.com/legal/legalindustry/diversity-matters-four-scarylegal-risks-hiding-your-dei-program-2023-06-15/)

(Adapted from https://www.theguardian.com/environment/2023/sep/03/its-

dangerous-work-new-generation-of-indigenous-activists-battle-to-save-the-amazon)

(Adapted from https://www.theguardian.com/environment/2023/sep/03/its-

dangerous-work-new-generation-of-indigenous-activists-battle-to-save-the-amazon)