How to Future-Proof Your Career: 5 Tips for the Modern Accountant
As the world of accounting technology continues to advance, many accountants have expressed concern about the impact it will have on their career.
Robotic accounting has been discussed as a way to improve efficiency and reduce errors. However, despite the benefits of automation, there are numerous discussions and concerns about human job loss and the possibility of robots replacing human functions.
Given the increasing impact of machine learning and big data on the accounting industry, it is important for you as an accountant to understand how to future-proof your career.
In this blog, we'll explore some strategies you can use to future-proof your career and ensure you're ready for whatever comes next.
What is Automation
Before we proceed, it’s important to first define what robotic process automation and machine learning are in order for us to dispel the myths and misconceptions surrounding this technology.
In summary, automation is the process of using AI-enabled robots to perform repetitive tasks and learn processes based on decision trees that were previously done by humans. This results in higher efficiency and lower operating costs, as productivity increases by a hundred-fold.
As a result, careers that we used to consider as future-proof(i.e., lawyers, architects, journalists) are now at risk of being transformed, if not replaced, by sophisticated algorithms. In fact, by 2030, it is predicted that 30% of all jobs existing today will automated by then.
How to Future-Proof Your Career
Robotic accounting automation calls for a new breed of flexible talent that can adapt to the fast-changing landscape of work today. Here are some tips on how you can future-proof your career as an accountant.
- Keep Abreast of the Trends
To future-proof your career, it’s essential to keep abreast of the industry trends that are changing your profession. This requires staying informed about relevant news and developments, attending conferences, and networking with colleagues.
Additionally, you should regularly review job postings for positions similar to yours in other companies to see what skills and experience are currently in demand. By keeping up to date with current trends and anticipating future needs, you can position yourself as a valuable asset to any organization.
- Be a Problem-Solver
Problem-solving skills are highly valued in any industry and can help future-proof your career. Employers seek professionals who can analyze complex situations, identify potential challenges, and come up with viable solutions.
To develop problem-solving skills, focus on cultivating critical thinking abilities, staying calm under pressure, and practicing creative brainstorming techniques.
Additionally, seek out opportunities to tackle challenging projects or assignments that require you to think outside of the box. By demonstrating your ability to solve problems effectively, you will be well-positioned for career success both now and in the future and won't find yourself easily replaced by robots anytime soon.
- Develop a Growth Mindset
Developing a growth mindset is an essential aspect of future-proofing your career. A growth mindset means embracing challenges and recognizing that failures can be opportunities for learning and growth. It allows you to be open to new experiences, adapt to changes, and take risks outside your comfort zone.
To develop a growth mindset, start by shifting your mindset from seeing events as either successes or failures to viewing them as opportunities for growth. With this attitude, you will be better equipped to navigate the constantly changing job market and adapt to new technologies or innovations in your field.
- Be a Life-long Learner
In today’s rapidly evolving job market, it is essential to continuously learn new skills and stay up to date with the latest industry developments. This not only helps you remain competitive in your current role, but also opens opportunities for career advancement.
To cultivate a mindset of lifelong learning, consider taking courses or obtaining certifications in areas that interest you or align with your career goals. Attend conferences, workshops, and networking events to gain insights from industry experts and connect with peers. And don’t forget to seek out mentors who can offer guidance and support as you navigate your professional journey.
With a commitment to ongoing learning, you’ll be better equipped to future-proof your career and thrive in a changing job market.
- Build Connections
Building connections is essential for future-proofing your career. Networking provides opportunities to learn about industry trends, exchange ideas, and meet potential mentors or collaborators.
Attend industry events, join relevant professional organizations or online communities, and reach out to peers in your field. Keeping in touch with former colleagues and coworkers can also be valuable as they may have insight into new job openings or industry developments.
Remember to maintain genuine interest in other people’s experiences and perspectives, offer help when you can, and be open to new opportunities that come your way through your connections.
By building strong relationships with others in your industry, you’ll stay informed about emerging trends and develop a network of support that can help you succeed in the long run.
Increase Your Team’s Productivity
Prepare for automation by increasing your team’s efficiency and productivity. At D&V Philippines, we’re here to help you find competent talents for your company, so you won’t have to go through the headaches of sourcing, recruitment, and training.
We are your talent sourcing partner in the Philippines who will find the right finance and accounting professional for your team. Download our whitepaper, Finding the Right Talents: D&V Philippines’ Solutions to Modern Accounting Firms, today to learn more.
This post was first published 20 November 2018 and edited 31 March 2023. Edited by: Angelica Garcia