EFAA Article

Digital Technologies’ Implications for SMPs

Mainstream business media is increasingly focused on the implications of advances in technology on the workplace and professions. Closer to home, studies, including ones by Accenture and Deloitte, predict robotics will eliminate or automate up to 40% of basic accounting work by 2020.

The impact of technological advances are nothing new for accountancy. Even double entry bookkeeping was, in its day, an advance in technology one that profoundly impacted accounting. In our lifetimes alone the impact of technologies have drastically impacted our work and our lives personal computers, spreadsheets and software, the internet, and smart devices, to name only a few. But today’s emerging technologies, including data analytics, blockchain, artificial intelligence, and machine learning what we’ll collectively call digital technologies have the potential to be the real game changer for the profession. We are in the throes of the Fourth Industrial Revolution, which looks set to quickly have a profound impact on the accountancy profession.