March 03, 2021

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Does bookkeeping have a future?

Does bookkeeping have a future?

Today, we hear more and more about the professions of the future. Some say that in the near future completely new, more progressive professions will appear to replace the existing ones. Before choosing a certain career, one carefully studies all the pros and cons of each profession, not forgetting to pay attention to the work forecasts. What about the profession of a bookkeeper? At first glance, it is very popular and considered to be in demand all the time. Yet, can we call it the professions of the future? Let’s try to figure it out!

The truth about bookkeeping future

It is difficult to imagine even the smallest enterprise without a bookkeeper. The activity of a large enterprise is simply impossible without bookkeeping. Bookkeeping is not just a boring recording of business transactions, but real science that allows you to control huge material and financial resources, to manage business processes, and provide the best services to clients while minimizing the costs.

Even in a crisis, bookkeeping services are still required. Therefore, there is a constant demand for bookkeepers in the labor market. What changes over time is the requirements for bookkeepers, the nature or scope of their work.

The work of a bookkeeping practice in the future may differ significantly from the work of a bookkeeping specialist today. The software will become more advanced, allowing a bookkeeper to gradually turn into an analyst, observing the correctness of all accounting operations performed by a computer or, perhaps, a completely new gadget still unknown to us. However, would a bookkeeper meet the requirements of such a role? Will the technology of the future be entrusted with all the responsibility for doing such a responsible job? Only time can tell…

Does bookkeeping have a future?

If drawing up a balance sheet using the program will not surprise anyone, then analysis of these reports in automatic mode raises serious doubts. Simple data entry or the calculation of complex formulas is not what is required here. Even a single error or mistake can add unnecessary hassle and troubles not only for the bookkeeper but to the entire enterprise.

Moreover, it is difficult to entrust the preparation of such an important document as the annual report to a technology-based system. The technology may be far from perfect and, for sure, many more years will pass until skeptical accountants believe in the miracles of software and will unconditionally trust automated bookkeeping and accounting.

However, one should look at this problem from the other side. With the help of modern software, you can significantly save time. Nowadays, bookkeepers have more time to rest or do other work. Technology now allows a bookkeeper to promptly send documents anywhere they need.

They no longer have to run around and waste precious time to get the documents they need nor they need to print reports. Thus, the work of a bookkeeper in modern conditions is greatly facilitated because all that needs to be done is to monitor the correct display of data in a specialized accounting program.

It can also be assumed that the essence of the bookkeeper’s work may change in the future because, along with technologies, processes in everyday life will also change. It may take a long time for a bookkeeper to think about how to capitalize a spacecraft or how to depreciate the latest equipment.

One thing is known for sure – the work of the bookkeeper in the future will not be monotonous. Changes give rise to new changes, but whatever changes are going to happen in the bookkeeping sphere, they once again convince us that bookkeepers will undoubtedly remain needed and desired. Perhaps one will have to go through special training courses in accounting, but bookkeeping is not likely to go away in the near future.

Does bookkeeping have a future?

What skills will be required in the future?

A bookkeeper should have a specialized education. At the same time, one has to regularly improve qualifications, use new standards and technologies. The individual must know not only the legislation that relates to accounting but also the changes and regulations related to civil and labor law.

Among the main personal qualities of the bookkeeper, it is worth noting attentiveness, hard work, responsibility, quick adaptation to changing conditions. If one can meet these requirements, they will have a successful career in the field of bookkeeping. There is no need to think about whether this profession will disappear in the near future.

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Author: Charles Lutwidge

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