Back in 2017, a McKinsey report highlighted a possible future that 50% of work activities are automatable by adapting current technologies. Since then, plenty of reports and surveys surfaced listing the careers that will disappear in the near future, one of which is the Accounting profession.
So, with the many sayings that Accountants will be replaced by technology, do we still need to study to become an Accountant? The answer is simply YES.
Quoting Wasik (2019) in Forbes, occupations that involve automated repetition or analysis are imperiled are at risk of disappearing. Simply put, routine tasks that do not require much brain work will be easily replaced by technologies. What a lot of reports neglect to highlight is that the routine tasks of accounting will be replaced, not Accountants.
To not be replaced, Accountants should shift their roles from simply data entry to data analysis; rather than just looking at numbers, they should be able to interpret the numbers. Accountants that deal with analysis and decision making will remain essential.
Quoting opinions from fellow local practitioners:
Ms. Lau (Auditor) – For us, financial statements are the heart, central of the companies. From the figures, we analyze, give advice to clients in their financial & management performance throughout the year and also provide consultations for future directions. Sometimes, we also detect fraud or loopholes of the companies from the figures.
Mr. Henry (commercial Accountant turned Accounting lecturer) – Accounting is more than just generating financial reports. It is also about mastering the standards of accounts, tax, and laws. Capable Accountants will utilize these knowledge to build a safety net for the company avoiding landmines such as tax penalties.
Ms. Sia (commercial Accountant turned Accounting lecturer) – Accounting leads to a very flexible career which span across all industries. With the right qualification, graduates will have a high earning potential as the prospect is endless.
Ultimately, it is still important to study to be an Accountant.
In Kolej Laila Taib (KLT), to cater for the demand of analytical accounting professionals, our Diploma in Accounting programme teaches students the basic skills for day-to-day accounting operations. As students progress into second and third year, they will cover knowledge and skills that enable them to be more analytical and become capable decision makers. Additionally, besides the development of personal ability, a more marketable takeaway of our Accounting programme is the MQA accreditation, ensuring recognition of the certificate wherever you wish to work in Malaysia.
Are you up for a challenging journey in the field of Accounting? Join us today.
Intake is now in progress. Please contact us at 084-311888 or WhatApps to 016-3809818 for further enquiries. Online application is also available through the official website http://www.klt.edu.my. Follow our Facebook Page Kolej Laila Taib – KLT for all the latest updates.