Future of Financial Accounting from 2021: How will Digital Transformations Impact Accountants?

executive program in investment banking and capital markets

Change is inevitable when it comes to the world of business. Especially so when it comes to financing, and accountants are a major if not the main part of it. Finance has been one of the foremost career prospects for students for a long time.

banking and finance coursesThis is why banking courses in India after graduation have never lost their place in the trends. MBA and diploma in banking and finance is a popular choice for students all over the world.

Imarticus Learning has a lot to offer in this department with its diploma certificate courses and PG programs.

However, with the progress of AI tools, along with a lot of other professions, accountants also faced the potential threat of going out of jobs. However, that is not the case as accounting is not merely made up of bookkeeping, but also strategy forming, and other creative aspects. AI simply can not keep up.

A support tool, not a replacement

With the evolution of new and improved AI technology, accountants all over the world were worried about where it would leave them. Along with that, the unforeseen disruption caused by Covid-19 caused panic amongst the community.

However, as days passed, it became evident that AI works as a support tool for accountants that benefits them immensely. Technology has taken over the grunt work so that accountants can pour over the finer aspects of the industry. Namely, creativity, and strategy forming. Which, as of now, AI is not developed enough to approach.

The constant evolution of technology has changed the way any sort of professionals, be it accountants or otherwise, approach their work. There are lots of people and lots of projects to work on. As a result, the flow of data has become immense. This is why it is a need now to rely somewhat on technology to share some of the burdens so that accountants can do what AI can not.

 AI makes future accountants more relevant

The use of AI has considerably lessened costs and waste of time as well as smoothened the terms of communication as well as collaboration. It makes the system a lot more comprehensible by dismantling data silos. As a result, the quality of the data rises along with the quantity.

This works as leverage for the accountants as the tedious work gets done a lot faster and there is little space for human errors to occur. There are a few key things that need to be kept in mind, however, such as:

  • As accounting becomes more about the finer aspects of financial strategies, accountants will need to be well versed in those aspects as well. This can only happen through a proper degree from an MBA or diploma in banking and finance.
  • With a higher level of skills, accountants will be able to be of aid to other units of a company. Such as setting budgets or providing them with other types of financial intelligence.
  • Future accountants might play the role of an advisor as their job descriptions might evolve with the help of AI.


AI is supposed to provide accountants with much-needed technical support so that the system can run smoothly. It is not here to replace them. However, future accountants evidently will need a much higher level of skills that can only be obtained by a proper course. Many institutes offer banking courses in India after graduation, like that of Imarticus Learning's PG programs. Check them out to get a boost to your career.

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