The second part of our Accountancy Revolution definition found on the first post was summarized this way:
“…allowing the former manual manipulation of raw accounting data to disappear…”
The “rapid technological means of data creation and production” found in the first post, is what came before this manual manipulation distinction. Technological changes are allowing all of this to happen. To boil it down, without the rapid technological changes that we see, we don’t have the makings of a profession reinventing itself. And if there is no reinvention, then we don’t get the benefit of allowing a manual profession to change into a more beautiful thing (for the profession and the client).
It’s like wishing the Industrial Revolution never happened.
This is part of the fear for those who are not embracing the change: the disintegration of our former way of providing our accounting services is going away so that we no longer need our clients to bring us their check stubs and bank statements. Really, we don’t need anything from them. The manual manipulation of raw accounting data is disappearing because technology is doing that work for us.
But that sounds like we might be losing our job. Our jobs are only changing, not going away. We don’t do the same jobs we did back before the Industrial Revolution. And we don’t do the same jobs we did when we conquered America. Let’s not hold onto the past.
I dream of digital where retail environments talk to your accounting system and enter your transactions for you… where suppliers are updated on your inventory quantity constantly and automatically make shipments to you just in time… where your bank feeds become so intuitive at making accounting entries that accountants stop checking them every month.
Possible? It’s happening right now. Our firm is targeting the elimination of every manual paper-based system that clients will allow us to destroy, knowing that the manual manipulation of raw accounting data is going to be a thing of the past very soon.
Manual accounting is on it’s way out the door and performing deep dives into our client’s businesses, processes and their futures will replace it. Doesn’t that sound better for everyone? Leave it in the comments.