What Will the Future Look Like for People Working With Money?

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Picture 1. What accounting used to be (Energized Accounting).

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Picture 2. What accounting is now (Dreamstime).

That is a very burning question in today’s changing world. The computers and different kind of robots are able to do more and more human like work and that means more and more professions are vanishing from the face of the professional work.

In accounting a bookkeeper has been considered to be a profession that will always exist because companies will need bookkeeping till the very end, bankruptcy. But now the programs the bookkeepers themselves use are making them bit by bit less needed. The information they input can be given straight to the bookkeeping programs by the source of the information. According a study made by Etla – The Research Institute of the Finnish Economy – amongst the most threatened professions are indeed specialists in bookkeeping and accounting (Raportti: Koneet uhkaavat kolmasosaa Suomen työpaikoista – lista uhanalaisista ammateista 2014).

On the other hand, in the future employees are expected to have more skills and education in any kind of a profession because machines need supervision and production. More and more accountants and other similar professions need managerial skills, because they are usually required also to handle management aspects in their everyday work.

Portfolio management is evolving and it has affected also to the global financial market. A portfolio is as successful as the portfolio’s manager is in forecasting the trends and events in the financial markets. (Kobeissi 2013.)

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Picture 3. The Finance pro in his work (Freelancer Finances).

Also in finances we have to look more and more around us. The environmental issues are giving their impact to the financial decisions, especially in the globally functioning companies (Chesney & Gheyssens & Taschini 2013). E. g. European Union requires information about the company’s environmental plans in financial statements done by the standards of the IFRS (Haaramo & Palmuaro & Peill 2014). The goal is to make a cleaner future.

All this means new kind of world for accounting and finance people. When before it was enough to know what you enter into the debet and the credit side of the balance sheet, now you need to know why and what else must be taken into account. Also in finances one needed in the most basic jobs to know about assets and liabilities, but today the information one has to provide is much larger and also more demanding. Regardless of the job title, the responsibilities are bigger and more and more job descriptions in any field require a BBBA diploma as the minimum qualification.

SOURCES:

Chesney, Marc & Gheyssens, Jonathan & Taschini, Luca 2013, Environmental Finance and Investments. E-book.

Business team working in the office, 2014. Dreamstime. Http://www.dreamstime.com/stock-images-business-team-working-office-hand-calculator-finance-accounting-image35580134. Read 6.5.2014.

Freelancer Finances, 2014. Under30CEO. Http://under30ceo.com/tips-for-mastering-your-finances-as-a-freelancer/freelancer-finances/. Read 6.5.2014.

Haaramo, Virpi & Palmuaro, Sirkku & Peill, Elina 2002. IFRS-raportointi. Sanoma Pro Oy, Helsinki. Updated 15.3.2014. Http://fokus.sanomapro.fi.ezproxy.metropolia.fi/teos/BABBXXBTAFCCBAXB#kohta:IFRS-raportointi%28%2820%29. Read 6.5.2104.

Hayek Kobeissi, Yasmin 2013, Multifractial Financial Markets, An Alternative Approach to Asset and Risk Management. E-book.

Kennedy, Bill 2013, Energized Accounting. A blog. http://energizedaccounting.blogspot.fi/. Read 6.5.2014.

Nieminen, Martta 2014, Raportti: Koneet uhkaavat kolmasosaa Suomen työpaikoista – lista uhanalaisista ammateista. 13.1.2014. Helsingin Sanomat.Http://www.hs.fi/kotimaa/Raportti+Koneet+uhkaavat +kolmasosaa+Suomen+ty%C3%B6paikoista++lista+uhanalaisista+ammateista/a1389579901617. Read 1.5.2014.

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4 Responses to What Will the Future Look Like for People Working With Money?

  1. sennikotomaa says:

    Bookkeeping is a never ending story, although the nature of is changes! In fact the robot will give us a full report of economical status, the bookkeeper must interpret it (always!).

  2. niipel says:

    I’ve also read some articles about how jobs will change in the economic field in the future. Programs and devices develop and they replace some jobs more and more. The change has not happened all of a sudden. If we look the computers and programs ten and twenty years back… The working environment is totally different. We don´t do our jobs in the same way than before. Our jobs has begun to change a long time ago and this is how it is going to be. World is changing and we are.

    Accounting and finance people have a big role in companies. It´s true that developed software can do many things but not everything. Some things are still too difficult to code to programs to make. Programs also make mistakes and company always need people to control things.
    It´s interesting to see how much our future jobs will change in next ten years. I don´t think they can change as much as they have changed in last ten years.

  3. 1tiina says:

    Nice article. Even though programs are developing, we can´t forget the “old school accounting and finance”. If we trust blindly in technology and robots, what happens when they fall down and won´t work anymore? In account and finance people should know how to work in account and finance but how to work (and develop) with technology as well. Are organisations ready to invest in employees with these skills?

  4. miny1 says:

    Your post is very interesting. As a student of accounting this worries me a lot. But I think there are many other professions that are more endangered. I think computers cannot replace people entirely in accounting work. I hope that the computers and programmes will become easier to use and help people do their work more efficiently.

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