It's not a reality—yet—but accounting software is poised to eliminate accountants. We are at a tipping point for many similar professions: online education replacing professors, legal software replacing lawyers. As threatening as this sounds to professionals with many years of education and experience invested in a single field of expertise, the phenomenon of new technologies disrupting the workforce isn't a new concept.
With such a radical technology disruption, there's always the same cycle of debate: outrage, denial, compromise, and defeat. Ironically, accountants are instrumental in consulting with software developers to create the very technology that will replace them.
Of course, accounting software isn't new to the accounting profession, and in fact, it has become very useful for many accountants. Even tax filing software hasn't put accountants out of business. But changes are on the horizon that could likely empower accounting software users to the point when they don't need accountants any longer, and reduce the process to a turnkey program anyone could follow. Again, automation is a common disruptor. Read about how automated cars are closer to reality than most believe, and how that is set to shake up the industries associated, especially insurance.
The latest evolution for accounting software has been in products moving into the "cloud." Some software packages, like QuickBooks Online, offer certification programs, which help set accountants apart as the go-to professionals, but others seem to compel users to do more of the accounting themselves. This act of moving accounting online doesn't precipitate the end of accountants. However, what does push accountants to the margins is how inexpensive and user-friendly the new online accounting software is. Check out FreshBooks, Xero, and Wave, for example.
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