Editor's Note: This is another snapshot in a series of excerpts from Hitendra R. Patil's book, "Accountaneur: The Entrepreneurial Accountant."
What happens when automation and artificial intelligence sorts out complexities in accounting and tax work?
Allocation of capital, both – by business owners and by accounting firms – will be more toward talent, rather than “producing” accounting and tax information.
It means “low-skill, low-value work (which can be done by software) will earn “low-pay.” It will certainly be “lower” than today.
Business is all about managing and overcoming uncertainty; and actually turning uncertainties into opportunities.
It also means “high-skill, high-value” work that involves application of human faculties will yield “high-pay” for accountants.
Machines, softwares, robots, artificial intelligence – everything is driven by the “definable” and “certainty” driven information and rules.
Business, on the other hand, is all about managing and overcoming uncertainty; and actually turning uncertainties into opportunities.
The ability to see the past, current and future “context” from an accounting and tax standpoint, specific to business situations of clients, will be one of the topmost skills that accountants of the future will need. And to develop this "do-or-die" ability, you will need the traits mentioned above in the post, "How Clients Value the Intangibles."
I am sure you see this.
So, what is stopping you now from creating that firm of the future?
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Hitendra R. Patil is the author of "Accountaneur: The Entrepreneurial Accountant."