Connect with us

Finance

UK ACCOUNTANTS SAY AUTOMATION WILL TRANSFORM THEIR PROFESSION WITHIN FIVE YEARS

UK ACCOUNTANTS SAY AUTOMATION WILL TRANSFORM THEIR PROFESSION WITHIN FIVE YEARS
  • New FreeAgent report shows overwhelming majority of UK accountants think that all or some of accounting will be automated within the next five years
  • 62% of respondents also said they do not expect to be doing the same day-to-day tasks in five years’ time

The majority of UK accountants think that automation will play a significant role in the accountancy profession within the next five years, according to a new report from FreeAgent.

FreeAgent’s Future of Accountancy report has revealed that 96% of accountants believe that either all or some accountancy work will be automated by 2022, while just 3% said they do not think automation will affect any accountancy work by that time.

The report – which was compiled from the results of a recent survey FreeAgent conducted among accountants working with contractor and micro-business clients across the UK – also revealed that 62% of accountants surveyed thought that they would not be performing the same day-to-day tasks at work in five years’ time.

In addition, 42% of respondents said they were intending to retrain in order to safeguard their role in the future, while 23% said they might consider doing so. In contrast, just one in five accountants said they were not considering any retraining to future-proof their job.

Ed Molyneux, CEO and co-founder of FreeAgent, said: “Our survey results suggest we are seeing a continuing shift in the landscape of the accounting profession. Technology is driving new ways of working with clients, while forthcoming legislative changes such as Making Tax Digital and PSD2 will significantly accelerate the pace of automation.

“However, this should not be cause for alarm. Rather, these changes represent a unique opportunity for accountancy practices to grow their higher-value, advisory propositions and stay at the forefront of the profession – and it’s really positive to see that the majority of accountants we surveyed are not only recognising this shift, but are already starting to consider how they will adapt to the changes.

“The age of automation is dawning and the accountancy profession currently faces a choice over how to proceed. I firmly believe that forward-thinking accountants who embrace and adapt to this change now will be the ones who benefit most in the future.”

Editorial & Advertiser disclosure
Our website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.
Global Banking and Finance Review Awards Nominations 2021
2021 Awards now open. Click Here to Nominate

Recommended

Newsletters with Secrets & Analysis. Subscribe Now