Will a robot take your job? The future of accounting automation

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Automation ranks high among the tech trends and buzzwords of 2017, but there have been many scary stories about job losses caused by automation over the next few years. In a recent, more encouraging report from Deloitte, in the last 15 years:

  • Growth of jobs at low risk of automation outpaces loss of jobs at high risk. In other words, since 2001, 800,000 high-risk jobs have been lost, but 3.5 million low-risk jobs have been created.
  • On average, each new low-risk job pays approximately £10,000 more than the high-risk job it replaced, adding £140bn to the UK economy.
  • Every UK region is successfully replacing jobs lost to automation.

In summary, as automation replaces low paid jobs we create many more higher paid jobs.

If you are concerned about whether a robot will take your job, then you can take the test on the BBC website (below) and see how likely it is that you can be replaced. Be warned, if you work in professional services, it thinks you are highly likely to be replaced by robot! But as we can see above, if your job is replaced, it’s very likely to be replaced by a better paying job (probably in professional services!), so all’s well that ends well.

Will a robot take your job? Click here to find out.

For many a busy entrepreneur, business owner, accountant and bookkeeper, Xero’s accounting automation allows us to be more efficient and hopefully have a better work-life balance.

So what can we automate with Xero?

  • We can automatically download bank transactions daily to reconcile our accounts quickly and easily.
  • We can create bank rules to automatically match our imported bank statement lines with transactions we’ve entered in Xero.
  • We can raise and email repeating invoices automatically for sales (and purchases).
  • We can chase overdue invoices by a series of automated emails based on how overdue they are.

With over 500 add-ons you can take Xero to the next level, integrating with it other software applications that save you time and make you money. Even some applications that Xero does not integrate with as standard can be connected using services like Zapier and OneSaas.

What one thing in your accounting function would you love to automate?

For help with Xero accounting automation and integration with your other systems, contact us here or for more information about Xero, click here.


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