Accounting associate professionals maintain complete records of financial transactions of an undertaking and verify accuracy of documents and records relating to such transactions (ILO, 2018).

RISK PROBABILITY BASED ON THE SEMINAL FREY AND OSBORNE STUDY

PROFESSIONAL GROUP CHARACTERISTICS AND SIMILAR OCCUPATIONS

Financial and Mathematical Associate Professionals

Financial and mathematical associate professionals place a value on various items and property; maintain records of financial transactions; analyse loan application information and render a decision; buy and sell financial instruments; and perform mathematical and related calculations (ILO, 2018)

  • Credit and Loans Officers
  • Valuers and Loss Assessors
  • Bookkeeper

BACKGROUND INFORMATION

Accountants and related professionals are the second highest in terms of risk from automation (Occupational Outlook Handbook, 13), just after telemarketers. 

Accounting has been the focus of technological change since the invention and popularization of the Microsoft Excel (Pepe, 2011). This allowed the exponential growth of the occupation as the technology was widely adopted and created a need for more accountants in order to take advantage of this technology for strategic and operational optimization. 

The ERP (Enterprise Resource Planning) is now, an ubiquitous software based on a number of technologies like affordable mobile Internet, cloud etc. that basically centralizes most processes and limits bureaucracy as all information is securely and instantaneously logged, accessed and processes in the digital space, both from bottom to top (invoices, receipts etc.), but also from top to bottom (changing regulations/practices).

The new automation software is a more efficient, automated and wholesale product, vis-à-vis the accounting department than previous ones in that it uses advances and cost reductions in new technology to accurately scan, identify, securely upload and automatically log the scanned invoices and receipts, and other documents, into the relevant accounts giving the accountants only minimum conflict resolution tasks and overview.  

case examples

This new online service which is cloud based, uses advanced AI to read receipts with increasing accuracy and automatically allocate them in the relevant accounts as well as correct the issuer and apply the correct tax treatment. The platform allows the users to keep track on invoices, suppliers’ position, sales, costs, and liquidity. This process is sophisticated enough to require the minimum amount of manual labour by the accounting department. 

Automation for your Finance Department

Goodbye accountants! Startup builds AI to automate all your accounting

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Xero is a secure online platform with the capacity to replace many working hours by automating most of the basic accounting tasks like invoicing, creating purchasing orders, keeping track of the inventory, reconciliation when working with multiple currencies, interconnectedness with 3rd party apps, claiming expenses, attaching source documents, paying bills, tracking performance and reporting.

Xero is online accounting software for your small business  

Categories: Skill Level 3