The Robots Are Coming for Phil in Accounting – The New York Times (nytimes.com)
Articles such as, “The Robots Are Coming for Phil in Accounting” and “Accounting Jobs Soon to Disappear” have appeared in the press and on the internet for the past two decades. It is true that Accounting Information Systems (AIS) have eliminated many redundant accounting and bookkeeping tasks, and it is true that Artificial Intelligence (AI) will allow companies to gather, process, and disseminate accounting information more quickly than ever before. However, designing and implementing an AIS so that a company can record, report, and manage their information accurately calls for a strong background in accounting, auditing, and technology.
If the “bots” are coming for Phil, why is it that Accounting continues to be one of the most popular majors across college campuses, and why is that the Bureau of Labor Statistics (BLS) continues to project strong demand for qualified auditors and accountants?
Auditors and Accountants will continue to serve an important role for the citizenry. Not only do they provide information for which millions of decisions are made every day, but by way of the certified audit, accountants will continue to serve as the “independent” party that ensures management has appropriately applied GAAP/IFRS in the preparation of their financial statements. And since corporate financials can be easily falsified for personal and financial gain, the public has come to rely on the accountant’s knowledge and application of GAAP/IFRS, as well as the role they serve as independent intermediaries.
The accounting scandals of yesterday, today, and tomorrow (i.e., Enron, Arthur Anderson, WorldCom, Lehman Bros, etc.) will continue to shake the capital markets and transform the regulatory landscape for publicly traded companies for years to come. These scandals brought about Sarbanes Oxley, the Public Company Accounting Oversight Board, and the Consumer Financial Protection Board. The past and future call for regulatory reform is one reason for the projected demand for qualified auditors and accountants. And since the SEC requires all publicly traded companies to issue 10Qs and 10Ks, tens of thousands of audits will be conducted every quarter and year, respectively.
In addition to the growing complexity of the tax and regulatory environments, the globalization of economies and convergence of U.S and International Reporting Standards are additional factors that speak to the projected demand for qualified auditors and accountants.
Tens of thousands of accountants are employed in tens of thousands in the government and not-for-profit sectors. Although these entities are not required to pay taxes, they are required to prepare and file their financial statements and reports within the regulatory framework of the FASB, GASB, and IRS.
If we are saying goodbye to Phil in Accounting, we might as well say goodbye to translators, surgeons, data analysts, computer coders, medical and health coders, bank tellers, lawyers and law clerks, news gatherers, stockbrokers, financial analysts, insurance agents, brokers, and adjustors, digital marketers, and sales agents.
Oh, I forgot teachers too – three cheers for distance learning.
Josh Wolfson
Prof. Josh Wolfson, MBA, CPA
Articles such as, “The Robots Are Coming for Phil in Accounting” and “Accounting Jobs Soon to Disappear” have appeared in the press and on the internet for the past two decades. It is true that Accounting Information Systems (AIS) have eliminated many redundant accounting and bookkeeping tasks, and it is true that Artificial Intelligence (AI) will allow companies to gather, process, and disseminate accounting information more quickly than ever before. However, designing and implementing an AIS so that a company can record, report, and manage their information accurately calls for a strong background in accounting, auditing, and technology.
If the “bots” are coming for Phil, why is it that Accounting continues to be one of the most popular majors across college campuses, and why is that the Bureau of Labor Statistics (BLS) continues to project strong demand for qualified auditors and accountants?
Auditors and Accountants will continue to serve an important role for the citizenry. Not only do they provide information for which millions of decisions are made every day, but by way of the certified audit, accountants will continue to serve as the “independent” party that ensures management has appropriately applied GAAP/IFRS in the preparation of their financial statements. And since corporate financials can be easily falsified for personal and financial gain, the public has come to rely on the accountant’s knowledge and application of GAAP/IFRS, as well as the role they serve as independent intermediaries.
The accounting scandals of yesterday, today, and tomorrow (i.e., Enron, Arthur Anderson, WorldCom, Lehman Bros, etc.) will continue to shake the capital markets and transform the regulatory landscape for publicly traded companies for years to come. These scandals brought about Sarbanes Oxley, the Public Company Accounting Oversight Board, and the Consumer Financial Protection Board. The past and future call for regulatory reform is one reason for the projected demand for qualified auditors and accountants. And since the SEC requires all publicly traded companies to issue 10Qs and 10Ks, tens of thousands of audits will be conducted every quarter and year, respectively.
In addition to the growing complexity of the tax and regulatory environments, the globalization of economies and convergence of U.S and International Reporting Standards are additional factors that speak to the projected demand for qualified auditors and accountants.
Tens of thousands of accountants are employed in tens of thousands in the government and not-for-profit sectors. Although these entities are not required to pay taxes, they are required to prepare and file their financial statements and reports within the regulatory framework of the FASB, GASB, and IRS.
If we are saying goodbye to Phil in Accounting, we might as well say goodbye to translators, surgeons, data analysts, computer coders, medical and health coders, bank tellers, lawyers and law clerks, news gatherers, stockbrokers, financial analysts, insurance agents, brokers, and adjustors, digital marketers, and sales agents.
Oh, I forgot teachers too – three cheers for distance learning.
Josh Wolfson
Prof. Josh Wolfson, MBA, CPA