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It is evident that the evolution in the field of computer science and information technology has given birth to the idea of artificial intelligence. Technology is advancing itself at a higher pace, and this is because of the efforts of human and human requirements. The fact that the rise in technology has facilitated the working arena in many ways cannot be denied. But everything has got its own pros and cons and so the advancement in the technology.
The accounting industry is one such industry that almost every business or section of production or consumption uses as the basic root of the management of finance and records. Accounting Services in the Dubai are required so that any unnecessary workforce requirement can be eliminated. Though the role of an accountant and a bookkeeper is just not confined to the basic work they do, but they also contribute to framing some essential financial as well as non- financial decisions.
How is the accounting industry in Dubai being transformed by technology?
Transformation of the technology is just not limited to the Dubai; the impact of the globalization of technology has derived its effects over other economies too. It is not surprising that the advancement in technology has helped the economy grow to simplify some complex industry procedures but has also reduced extra expenditure on manual labor. Accounting and bookkeeping are being interfered with by the technological changes, and the result of this intervention has some benefit as well as disadvantages of its own. Bookkeepers and accountants are now shifted towards the role of advisors because most of the important tasks are accomplished by the technology condition being the automation are supervised well.
Taking into consideration of ease of data handling with the help of specialized software applications, accounting and bookkeeping services in Dubai are becoming more advanced and efficient, but the sole role of the accountant and the bookkeeper is being shifted more towards that of a business or financial advisor. And this is how technological disruption has taken over the manual standards.
Latest technology and the impact on accounting industry
Firstly, the boom in the sector of science dealing with robotics and artificial intelligence has raised a question about the existence of manual labor and the role played by manual labor. Similarly, the accounting industry is being intervened by the cloud technologies that have so far helped to keep the data and all relevant records regarding any transactions safe and easily accessible. Cloud technology is being employed by every big or medium-size business because this is the need of the hour. If ignorance towards these tech-savvy methods is promoted, then surely the position in the competitive environment is affected. But on the other side of the pool, the cloud technology has eliminated the need for any kind of extra workforce required. Accounting in Dubai is this precisely framed. Business owners and clients are not affected because they are cutting short the payroll list, but the effect can be seen on the people indulged in the accounting industry.
Big data analytics is an emerging field of technology that is expected to have a profound impact on the accounting industry. It helps with the analysis of systematically extracted information and deal with data sets which are otherwise too significant to be processed with standard data processing software. The technologies that deal with big data and its processing has debarred the manual workforce from being a part of the process. Though the records and data are too big to be managed manually, the need for the relevant technology is obvious. Internet of things (IoT) has similar applications while dealing with big data. Those days of preserving data in Microsoft Excel Sheets are gone because the preserving and processing process becomes much tedious with such low-end management software applications.
Connectivity and communication issues resolved
Technology has bought with it the convenience to connect and communicate. Many issues are resolved within the time limit with help video conferences. Broadcasting services, on the other hand, have become more appealing and user friendly. Bookkeeping services in Dubai are bearing the effects of these standardized forms of sharing thoughts and experiences. By the time artificial intelligence comes into the picture, the role of accountants and bookkeepers in Dubai will get restricted to financial advisors and consultants.
Machine learning is the hottest topic in the Information Technology industry right now, and every single effort is being made so that the expansion of the services of Machine learning can be done. Many successful attempts at different sectors of the producing and consuming industries have been made. In a country like Dubai, the debut of Machine Learning in an organized form that produces relevant results will not take more years.
Is technological progress good for the accounting industry?
The statement that fits fire the most is “When in control it is a good servant and when out of control it is a bad master” is also somewhat true for technology. Technology is a human creation, and human is its master. Technological rise is good for reducing human efforts so that those efforts can be employed where they are required more. The accounting industry will surely see disruption as there is no way one can block the intervention of the technological rise because, after all, this will reduce many costs. Customization and personalization are two other facilities that the technological advancements offer. Customization in the sense that the user is able to modify and alter the data as per his/her own convenience. Bookkeepers try and track all the essential records, but there is a chance that certain discrepancies may occur and corrupt the data in a way that it has to be arranged again in a sequential manner. Some software applications even resolve this problem and arrange the data as desired by the bookkeeper. One such new technology known as blockchain is introduced to the IT market that is best for holding and processing big data for companies dealing with huge importing and exporting of products and services.
Summing up it all
The conclusion of the discussion over the repercussions and disruption of the technological rise in the accounting industry in the United Arab Emirates and especially Dubai, results in a condition where this disruption cannot be stopped in any way but surely can be given a direction. But as the technological rise cannot totally eliminate the need of civil engineers, in a similar manner, technological disruption would not result in the elimination of the requirements of accountants and bookkeepers.
Accounting Services in the Dubai will be supported by the technological rise, and to manage the disruption caused by it, the human will be needed to manage the technology. Though, complete elimination of manual labor force would not take place since operation applications always require them.