Hey gang, few tips here: 1) try to join peer groups (find them online or on LinkedIn) so you can hear what others are doing in the field of accounting automation and bring that to your manager. 2) do some research on the weekend by watching videos such as this one on the latest tech and try to implement at work. 3) ultimately, automation will result in fewer higher paying jobs. You shouldn’t be afraid of it. You should adapt it and embrace and learn it.
Great video! I just started working a tech start-up that’s automating the work for accountancy firms rather than in industry so it’s good to see the topic discussed.
The 2025 technology you’re referring to has actually been around going back to at least 2011. You did indeed mention some are already using. The data that is being passed on is simply via BAI2 file and we utilize SFTP Safe File Transfer Protocol with one bank and we also use a bit manual daily process where we just go to bank website and download file and upload into ERP system. I’m in charge of the mappings and set ups and arrangements but once set a different person handles the day to day bank reconciliations. We also have receipts and applications automation. I perform the trouble shooting also. It helps to have been involved in an ERP project implementation. My background is also Big 4 CPA Manager and Corporate Controller but I work much more on systems IT side. I’m also report architect so I work on building reports via database table joins. You have a very nice channel. 👍
This is super Bill. Your contents are really meaningful to us as finance and accounting professionals. Automation is a very interesting area that shouldn't be ignored. I would appreciate your advise or more videos on finance and accounting programming languages; like python, power BI, machine learning, R, matlab and others
Great content! As a junior accountant/financial analyst and working toward becoming an accounting manager, I really appreciate your videos. Keep sharing!
"Replaced" is a loaded word. What is likely to happen to Accounting is exactly what has happened to I.T. over the last few decades. Computer hardware and software have become much more reliable and easier to use... so much so that today's corporate I.T. departments don't need as many technologists to operate as they did when the technology was newer. Accounting software will become more sophisticated and user-friendly over time, so fewer accountants will be needed to service similar workloads. Also, people lower down the skills-ladder, such as bookkeepers, will be hit the hardest.
Impressive. People from LatinAmerica is hired to do this for US FIRMS in remote mode. I am certified public accountant from Argentina. ( I couldn´t get a job, may be too british accent or too old, whatever). The point is the technology still used is old. The pen and paper are still demanded. Thanks Bill. Your English is so clear.
Started in an accounting and finance rotation program right after graduating, seeing a lot of automation happening! It seems that segregation of duties is one of the only reasons work items like invoice processing and the close process are not fully automated..
Greetings Sir! I'm planning on majoring in accounting but am confused on choosing my minor in MIS or Finance. So for MIS the pro can be the technical skills that I can gain which will help me win against the automation in accounting since accounting is getting automated. The con might be that MIS is coding and maths heavy. Is the math more difficult in MIS or Finance? As for finance I feel like if I someday would want to work as an investment banker or any other finance roles, I wouldn't be able to do so if I choose MIS as my minor instead of Finance. And can I develop the technical skills that would help me win against the automation by doing some certificates in IT instead of minoring in MIS? I feel like I can later on develop tech skills but can't go back to do a minor in finance. What would be your advice? I would highly appreciate your answer!
Great video! So it seems like most entry level jobs in accounting will definitely experience automation. Im not so sure to what extent will automation impact other fields like FP&A, but in case it is far less than in accounting, would you recommend transitioning and being more involved with FP&A?
Hey Bill, thank you again great video. I’m making arrangements to take the cpa exams. Do a video on cpa license, worth it? Difficult? Salary and jobs opportunities. Thank you
Yes, please! I'm planning to start classes to finish my BS in accounting and looking for direction on whether I want to be eligible for the CPA license exam or not. The program I want to use through WGU does not qualify me to sit for the exam in Kansas since it is competency based. Kansas is one of 2 states that doesn't accept this program.
Hey Bill great vid btw, i'm a college student right now and i'm most likely going to major in accounting. But i'm also planning to do a double major or a minor. So i would like to know from ur perspective in hiring people, in addition from majoring in accounting only, what other majors are you looking for when you are hiring someone.
Mr. Hanna, from your experience have you found that the automation of many of these processes have caused younger Accountants less knowledgeable about the actual principe of say doing a bank reconciliation? Why I ask is that in a few instances I have found that junior staff will have no problems with the system but if you hand them a GL and a bank statement, they struggle to do the reconciliation.
It's an interesting thought and I foresee this happening to future accounting generation. But so far I haven't seen evidence of this, at least with my staff.
Before say 2040, no, it will just be a great time for bookkeepers to leverage AI. But beyond 2024 I don't think it's possible to know what will happen.
Your 5 years in the future, we've been doing for 5+ years. Not sure why this would be in 5 more years. I fear for the US economy if this is something that is "in the future". I am more concerned with the future for auditors, will they really be needed if the Users have access to all the books and records online?
Yeah I mentioned it's being done today but will be more the norm in 5 years time. With audit, the general public won't know the accounting standards and this why you might still need auditors.
Hey gang, few tips here: 1) try to join peer groups (find them online or on LinkedIn) so you can hear what others are doing in the field of accounting automation and bring that to your manager. 2) do some research on the weekend by watching videos such as this one on the latest tech and try to implement at work. 3) ultimately, automation will result in fewer higher paying jobs. You shouldn’t be afraid of it. You should adapt it and embrace and learn it.
I agree with you. In fact I have a strong background in coding and IT which is my day job even though I'm a double major in Accounting and finance
Great video! I just started working a tech start-up that’s automating the work for accountancy firms rather than in industry so it’s good to see the topic discussed.
Great!
The 2025 technology you’re referring to has actually been around going back to at least 2011. You did indeed mention some are already using.
The data that is being passed on is simply via BAI2 file and we utilize SFTP Safe File Transfer Protocol with one bank and we also use a bit manual daily process where we just go to bank website and download file and upload into ERP system.
I’m in charge of the mappings and set ups and arrangements but once set a different person handles the day to day bank reconciliations.
We also have receipts and applications automation.
I perform the trouble shooting also.
It helps to have been involved in an ERP project implementation.
My background is also Big 4 CPA Manager and Corporate Controller but I work much more on systems IT side.
I’m also report architect so I work on building reports via database table joins.
You have a very nice channel. 👍
This is super Bill.
Your contents are really meaningful to us as finance and accounting professionals.
Automation is a very interesting area that shouldn't be ignored.
I would appreciate your advise or more videos on finance and accounting programming languages; like python, power BI, machine learning, R, matlab and others
My pleasure! Ok
Great content! As a junior accountant/financial analyst and working toward becoming an accounting manager, I really appreciate your videos. Keep sharing!
Thanks Sara! Keep learning..great thing ahead for the profession!!
"Replaced" is a loaded word. What is likely to happen to Accounting is exactly what has happened to I.T. over the last few decades. Computer hardware and software have become much more reliable and easier to use... so much so that today's corporate I.T. departments don't need as many technologists to operate as they did when the technology was newer. Accounting software will become more sophisticated and user-friendly over time, so fewer accountants will be needed to service similar workloads. Also, people lower down the skills-ladder, such as bookkeepers, will be hit the hardest.
I don’t disagree!
Hi, iam doing CA course in India.
The contents are very useful and I have shared it with my friends😁
Thank you Jaffer!
Impressive. People from LatinAmerica is hired to do this for US FIRMS in remote mode. I am certified public accountant from Argentina. ( I couldn´t get a job, may be too british accent or too old, whatever). The point is the technology still used is old. The pen and paper are still demanded. Thanks Bill. Your English is so clear.
Thanks Carlos, and best of luck!
I really like your videos, I feel all of them are really helpful! Thank you for doing all these video!
Thanks Nicole!
Hi Mr financial controller. Love from India. I'm Damn sure u achieve great heights in ur career. I can see it clearly..lol
Would you make some videos on some accounting software? Like their function, usage, basics etc. It'll be very helpful.
Sure
Long time subscriber here. I have learnt a lot from your video. I like the transition music, nice touch! :)
Looking forward to the rest of the series
Thanks for this feedback yeah I thought the music was nice too
Started in an accounting and finance rotation program right after graduating, seeing a lot of automation happening! It seems that segregation of duties is one of the only reasons work items like invoice processing and the close process are not fully automated..
You are correct, but even that is being automated to a degree, I will discuss cash disbursement in a future episode.
definitely machine will take ove r easy and pasif jobs
Greetings Sir! I'm planning on majoring in accounting but am confused on choosing my minor in MIS or Finance.
So for MIS the pro can be the technical skills that I can gain which will help me win against the automation in accounting since accounting is getting automated. The con might be that MIS is coding and maths heavy. Is the math more difficult in MIS or Finance?
As for finance I feel like if I someday would want to work as an investment banker or any other finance roles, I wouldn't be able to do so if I choose MIS as my minor instead of Finance. And can I develop the technical skills that would help me win against the automation by doing some certificates in IT instead of minoring in MIS? I feel like I can later on develop tech skills but can't go back to do a minor in finance. What would be your advice? I would highly appreciate your answer!
Awesome. Thanks for sharing.
👍👍👍what a channel. Cant wait for you to grow!
Thank you 🙏
Great video! So it seems like most entry level jobs in accounting will definitely experience automation. Im not so sure to what extent will automation impact other fields like FP&A, but in case it is far less than in accounting, would you recommend transitioning and being more involved with FP&A?
Yes either that or become a driver of automation in accounting
I think now QBO their is already an option to connect directly to the Bank.
Hey Bill, thank you again great video. I’m making arrangements to take the cpa exams. Do a video on cpa license, worth it? Difficult? Salary and jobs opportunities. Thank you
Ok will do
Yes, please! I'm planning to start classes to finish my BS in accounting and looking for direction on whether I want to be eligible for the CPA license exam or not. The program I want to use through WGU does not qualify me to sit for the exam in Kansas since it is competency based. Kansas is one of 2 states that doesn't accept this program.
So do you think accounting degree is not worth it for the future?
Hey Bill great vid btw, i'm a college student right now and i'm most likely going to major in accounting. But i'm also planning to do a double major or a minor. So i would like to know from ur perspective in hiring people, in addition from majoring in accounting only, what other majors are you looking for when you are hiring someone.
Economics or Finance as minor/2nd major. But I focus more on a high GPA in the main major, so I'd rather see you get high GPA than a 2nd major.
Mr. Hanna, from your experience have you found that the automation of many of these processes have caused younger Accountants less knowledgeable about the actual principe of say doing a bank reconciliation?
Why I ask is that in a few instances I have found that junior staff will have no problems with the system but if you hand them a GL and a bank statement, they struggle to do the reconciliation.
It's an interesting thought and I foresee this happening to future accounting generation. But so far I haven't seen evidence of this, at least with my staff.
That's the prelude to the future generation as a whole. A herd of robotic slaves obeying orders and not being able to THINK.
great foresight
Thank you :)
Great video!
Hey Bill
great content as we used .
Which skills do you think should we learn to be willing for this change ERP or coding or else ?
Hi. I just wrote a general comment on the video that answers your question.
good vedeo... shall i get remaining episodes ..
Very informative video 👍.
Glad you think so!
Very nice Bill 😃😃❤️
Thank you!
I HOPE THEY FIND OUT HOW TO DO RECONCILIATIONS. I AINT TRYNNA DO IT LOL
:)
We literally have the biggest labor shortage in history.....
Sir how can I get remote accountant job
Anyone ever heard of the principle of segregation of duties.
Will AI replace bookkeepers?
Before say 2040, no, it will just be a great time for bookkeepers to leverage AI. But beyond 2024 I don't think it's possible to know what will happen.
impossible. it will make everyone unable to put food on the table
Friend, I do not understand English properly, so you can tell me what you told in your video. You are told the accounting are replace or stay tell me
What are your thoughts on forensic accounting? Is it going to be automated?
Parts of it. Will try to cover
@@TheFinancialController you should do a video on best accounting jobs that won't be automated
Your 5 years in the future, we've been doing for 5+ years. Not sure why this would be in 5 more years. I fear for the US economy if this is something that is "in the future".
I am more concerned with the future for auditors, will they really be needed if the Users have access to all the books and records online?
Yeah I mentioned it's being done today but will be more the norm in 5 years time. With audit, the general public won't know the accounting standards and this why you might still need auditors.
Any accounting information is not more reliable just for being online. It must be audited, otherwise it is useless.
That's why Finance is better than accounting what u say?!
Finance is also being automated:) I will get to that soon.... but yes lesser degree than accounting in terms of automation
@@TheFinancialController I'm Damn sure You achieve great heights in ur career life
Hey bill you are a partner of pwc firm
I wish....