Everyone knows that AI (artificial intelligence) and automation are transforming the workplace. We hear about it, every day – stories about how technology is making processes faster, more accurate, and even cheaper. Many AR (accounts receivable) professionals are worried about how this technology will impact their jobs, especially those in positions where automated data entry is their primary task.
As long as you’re open to reskilling, we’re happy to report that you don’t need to be worried! In fact, the more AI and automation take center-stage, the more opportunities are emerging for new paths forward – from entry-level employees to seasoned executives. In this blog post, we’ll explore where these opportunities are presenting themselves and how employees can take advantage of them to not only survive but thrive in our increasingly automated world.
What AI and Automation Mean to Accounting
While automation is well-suited to handle repetitive tasks like data entry, it doesn't eliminate the need for skilled AR professionals. In fact, it increases it! The shift toward automated technology opens up opportunities for strategic, analytical, and data-driven roles, at every level. Let’s explore a few of these opportunities individually.
Reskilling for AR Accounts Specialists
Accounts specialists, AR specialists, billing specialists, and bookkeepers are some of the roles most impacted by automation, since AI and automation are capable of handling routine data entry, invoice processing, and reconciliation.
Here are some reskilling options:
- Data Analysis and Reporting: Shift focus toward analyzing financial data, spotting trends, and generating insights. Learning data analytics tools and financial forecasting software can open doors to more analytical roles.
- Financial Technology (FinTech) Expertise: Transition into tech-savvy roles that blend their financial knowledge with technology. Understanding how accounting software works, troubleshooting, and managing automated systems are all valuable skills in the modern workplace.
- Advisory Services: Reskill to become trusted financial advisors, guiding small businesses on budgeting, cash flow management, and strategic planning.
- Compliance and Auditing: Pursue certifications in areas like compliance and auditing; offering expertise that automated systems can’t fully replicate.
Reskilling for Order-To-Cash Managers and Directors
For mid-level accounting and financial roles like order-to-cash managers, order-to-cash directors, and financial analysts, automation opens the door to more strategic roles within organizations. Instead of managing routine tasks, these professionals can shift their focus to driving business decisions and ensuring a company’s financial health.
Here are some reskilling opportunities for these positions:
- Strategic Financial Planning: Move from balancing the books to becoming key players in their company's strategic growth. Learning advanced financial modeling, investment strategies, and long-term planning can position them as vital decision-makers.
- Leadership and Team Management: As automation reduces the need for hands-on work, we’re seeing an increased demand for talented and empathetic people leaders. Leadership training, combined with financial expertise, can elevate mid-level staff to supervisory roles.
- AI and Machine Learning Certifications: Financial professionals can upskill in both AI and machine learning technology. Gaining a deep understanding of how these technologies apply to finance and accounting can make them invaluable in overseeing and improving automated processes.
Reskilling for Finance Executives
As automation reshapes the financial industry, people in senior finance leadership roles must be equipped with the knowledge to lead innovation and adapt the business model accordingly.
Here’s how these executives can reskill and remain relevant:
- Digital Transformation Leadership: Drive change by becoming experts in digital transformation. Understanding how automation, AI, and other technologies fit into the larger business strategy will keep them in demand.
- Change Management: Leading a company through technological change requires more than just technical knowledge; it requires understanding how to manage people through the change, too. People who specialize in change management will find themselves in great demand.
- Sustainability and Ethical Finance: Many companies are starting to explore long-term sustainability and ethical financial practices. People who upskill in these areas can lead these initiatives.
Embracing Automation as an Opportunity
Automation presents an enormous opportunity for adaptable and innovative employees to grow and reshape their own career paths. From data analysis, to strategic planning, to leadership, financial professionals at every level who stay ahead of the curve will become very valuable to their organizations.
How Quadient AR Can Help
If your company is navigating the complexities of automation and reskilling, Quadient AR is the solution your team needs! Our solution can help streamline your processes while empowering your accounting team to focus on high-value and strategic tasks. Explore our solutions today or book a demo with us to see how we can help your business thrive in the age of automation.
