Digitization: What are the opportunities for financial management professionals?

Digitization is going to steal everyone’s job. In the future, robots will do all the work and eliminate the need for professionals. Digitization and automation yield significant savings in working hours and costs. Are robots going to rob us of our livelihoods?

From time to time, this kind of scenario is presented in the media. Digitization is seen as a monster likely to make professionals redundant. The headlines scream danger: We will not be needed for much longer! How will we cope once all our jobs are gone?

Fortunately, there’s usually two sides to every story. It’s evident that the world is changing rapidly. Digitization and automation are in the process of modifying competence requirements and job descriptions.

The digitization of financial management

What are the implications in the field of financial management and for accounting work? Traditional accounting first and foremost consists of manual and routine-like data saving—work that requires extreme care and precision. Professional competence. A single typo can easily lead to trouble. This is why the automatic functions of electronic financial management are helpful. Manual recording work can now be replaced with financial management software.

However, does this mean that accounting offices that offer their customers electronic services no longer have any need for their staff? This does not appear to be the case at the moment, nor does it seem likely based on future projections. However, the job descriptions of accounting professionals who use electronic accounting systems have changed. Many feel they have become more meaningful. Professionals finally have the opportunity to use their expertise more extensively for the benefit of their customers. They can offer advice, interpret reports and agree on financial management work distribution on the basis of the needs of every customer company. Not forgetting to mention that they have additional room for flexibility because their work is no longer bound to an office; instead, electronic financial management allows them to choose when and where to work.

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