Here’s a summary of the video “The Accounting Jobs to Disappear by 2040!” by The Financial Controller in 10 key points:
- Jobs at Risk: Accounting roles that involve heavy data entry are most likely to disappear by 2040 due to automation advancements.
- Accounts Payable (AP): This function is particularly vulnerable as new systems like Bill.com and Tuple T automate invoice processing and data entry using OCR (optical character recognition) and ERP (enterprise resource planning) integration.
- Order to Cash (O2C): Many companies are now outsourcing the entire O2C process, from purchase orders to cash collection, further reducing in-house accounting roles.
- Surviving Roles – Data Analysts: With increasing automation, data analysts will remain essential to interpret large data sets, analyze results, and provide insights for business decision-making.
- Surviving Roles – Systems Analysts: As accounting software systems proliferate, systems analysts will be needed to implement and maintain these systems, ensuring they function correctly.
- Surviving Roles – Controller: Controllers will lead the accounting function, oversee data integrity, ensure system functionality, and guide business decisions.
- Automation Trend: The shift towards automated and outsourced accounting processes is accelerating, especially in repetitive and transactional tasks.
- Technology’s Role: OCR, ERP, and other technological tools are key drivers of automation, minimizing the need for human intervention in basic data processing.
- Future of Accounting: The field will likely focus more on data analysis, strategic oversight, and system management rather than traditional bookkeeping.
- Call to Action: The Financial Controller encourages viewers to engage with the video content by liking and subscribing.