Published June 6, 2019
There are a lot of Accounting Software available in the market today, there’s SAP Business One, Oracle Netsuite, Zoho, QNE Optimum, Quickbooks and the list goes on. Due to the fast-paced advancement in technology and the demand for Accounting Software not just for Large Companies but also for Small and Medium Enterprises. Some Accountants are afraid that they might lose their jobs because Accounting Transactions may now be encoded in the system and the system may now generate the Financial Statements. With the burning question: Will Accounting Software replace Accountants?
First, let’s tackle the things an Accounting System can do.
1. Accounting system can assess risks. Most of the Accounting system has project monitoring that helps the company foresee the risks based on data of past and current projects.
2. Expense approvals is also available in majority of Accounting Software, by these users can audit and approve claims.
3. Receivable Clearing is hassle-free because of categorized invoices and capability to match the invoices in payments. Variances will be monitored also.
4. Automated Bank Reconciliation is also one of the advantages of having an Accounting Software.
5. High-tech User Interface (UI) helps in faster transaction recording and analysis.
But what are the tasks that an Accounting Software cannot accomplish?
1. Accounting System cannot interpret Financial Reports. Analysis of Financial Reports still needs experience and expertise for a possible recommendation and explanation.
2. Accounting Software cannot match the skills and experience of accountants in terms of past situational events and client relationships that give more wisdom to the accountants in handling different scenarios.
3. Upon recording the data in the system, insights were not automatically established. It still needs a human being with strategic capabilities to produce the right decisions within the business.
Upon recording the data in the system, insights were not automatically established. It still needs a human being with strategic capabilities to produce the right decisions within the business.
Will Accounting Software Replace Accountants?
To conclude, the Accountants cannot be replaced by Accounting Software but Accounting Software like QNE Optimum, SAP Business One and Oracle Netsuite can enhance the abilities and skills of Accountants in order for them to produce quality outputs, build stronger client relationship and be more knowledgeable in their field.