Accountants can be replaced, but not their professional judgment – Academia

The rumors, which are most likely true, suggest that these companies may continue to reduce staff by 2025, following layoffs that began in 2023.

This disturbing situation has raised concerns and concerns among accounting students at many universities, as the wave of layoffs may spread to other business sectors that have not been widely discussed. We may question whether higher education institutions share the same concerns as their students.

We all support coherent and fair changes to current political, social, economic and technological conditions. While these layoffs are generally attributed to declining demand for consulting services, some argue that the main culprit is the rise of technology to replace some accounting functions.

However, it is wrong to blame technological improvements because, hopefully, accountants are naturally adaptable to these changes.

The expected digitization of the accounting field can be viewed from two perspectives: both as a challenge and as an opportunity.

Because accountants serve as the gatekeepers of a company, digital technology can be used to automate some ongoing tasks. For example, duties such as recording transactions, reconciling accounts, and creating standard financial reports can be easily automated due to their formal-rational nature.