The Evolving Skill Sets for Accountants and the Finance Function

This report examines the evolving landscape of skills required for accountants and the finance function, highlighting the impact of automation and artificial intelligence. It discusses how these technological advancements are reshaping the roles and responsibilities of accountants, leading to a shift in the demand for both hard and soft skills. The report emphasizes the importance of adaptability, stakeholder engagement, and analytical abilities. It explores the need for accountants to develop skills in areas such as data analysis, critical thinking, and communication to remain relevant in the changing industry. Furthermore, it includes an analysis of how these changes impact the development of hard skills, such as technical accounting knowledge, and soft skills, like communication and teamwork. The report also references academic sources and industry insights to support its findings, providing a comprehensive overview of the future of accounting and finance professionals.

Running head: INFORMATION SYSTEM
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Name of the student:
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The chosen article for this assignment is that the question regarding the existence of
the young accountants, which actually have to with the basic accounting, works. It is actually
important to have the relevant accounting skills and knowledge to understand the facts
associated with the accounting process (Should young accountants have to do basic
accounting work? 2018).
In the recent years ,most of the works are actually automated which means that most
of the audit, tax and accounting work will be fully automated and can be performed by the
help of the artificial intelligence or machines. This will definitely create negative impact on
the loss of the basic accounting jobs, which are available in the market. Each and every
accounting related transaction in that case will be fully automated which will automatically
lower the financial anomalies (Libby, 2017).
The self-automation in the accounting process is an effective way to increase the
transaction which actually takes place in the business in a particular amount of time. But on
the other hand the ultimate decisions in that case is taken by the upper level management of
the company. There are actually some of the major parameters which is needed to be taken
care of by the management system of the company. Due to accuracy in the data and
information, the upper level management of the company will also rely upon the usage of
such artificial intelligence within the company (Kaplan & Atkinson, 2015).
The employees in the organization in this case have adopt the potential changes
regarding using the applications. This will create a definite impact on the hard and soft skill
development in the accounting area. It is significant for the employees of the company to be
adaptable to such kind of changes in the internal management system regarding the upgrade
of the machines in the industry. It is also significant for the company to adopt the skills,
which are required, by the company based on the long-term aspects. The top-level

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management of the company in that case must implement the levels of professions and
significant actions in that case are needed due to such kind of change in the management
levels (Kieso, Weygandt & Warfield, 2019).
The change in the skills of the employees will further reflect on the accounting
aspects of the firm along with the overall financial performance. This will further reduce the
time and errors in transactions of the company. The performance will be reflected in the
financial reports which is prepared in a automated process by the management system of the
company. The potential shareholders and the stakeholders of the company based on that takes
the major decisions in order to understand the basic facts which are actually associated with
the company.

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References
Kaplan, R. S., & Atkinson, A. A. (2015). Advanced management accounting. PHI Learning.
Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2019). Intermediate accounting. John Wiley
& Sons.
Libby, R. (2017). Accounting and human information processing. In The Routledge
Companion to Behavioural Accounting Research (pp. 42-54). Routledge.
Should young accountants have to do basic accounting work?. (2018). Intheblack.com.
Retrieved 30 August 2019, from
https://www.intheblack.com/articles/2018/03/01/young-accountants-basic-accounting-
tasks.