Accounting a Dying Profession? Explained

“Accountants and auditors are to business as those people in the black-and-white-striped shirts are to sports. We’re the referees of business. He said that a lack of accountants is like playing sports without a referee. What’s to prevent Intuit from going upstream in the future once it has dominated over the market for bookkeeping? According to the Bureau of Labor Statistics, there were 1.7 million “bookkeeping, accounting, and auditing clerks” in the United States in 2016. That dwarfs the number of QuickBooks ProAdvisors, which is around 50,000. There was still a need to employ bookkeepers — just fewer of them.

It can be so freeing to set your own prices for packages you offer to clients. Compare rates to other bookkeepers to ensure you are not pricing your services too low. The BLS projects little to no job growth for retail sales workers through 2031. If you’re considering a job in this industry, it’s likely a good move to find a corporate position for a big brand.

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Unfortunately, referees also risk encountering abuse from disgruntled fans and players, regardless of whether their decisions are correct. The following jobs may still be recruiting, https://www.digitalconnectmag.com/a-deep-dive-into-law-firm-bookkeeping/ but many of these professions may disappear sooner than people think. Although automation has gradually replaced manufacturing jobs, it is no longer limited to blue-collar workers.

  • As far back as 2015, industry leaders were sounding the death knell for accountants, convinced emerging technologies — particularly automation — would end in death by digital for accountancy as we know it.
  • The most successful accounting professionals are those who continue to expand their skill sets.
  • All you need is a high school diploma and some on the job training to be a jeweler, and just with that, you’ll make about $38,200, according to the Bureau of Labor Statistics.
  • According to Glassdoor, the average base pay for a bookkeeper is roughly $46,000 per year.
  • Those who work in the field need to turn a blind eye to morals to survive.

These days, many accounting teams employ optical character recognition (OCR) as a way to get information into accounting software. Until we got computers and Excel, most accountants did their work pretty much the same way it had been done since Luca Pacioli first described double-entry bookkeeping in 1494. Ledger sheets, pens, and adding machines were the tools of the trade. A $39,240 paycheck is nothing to turn your nose up at, but according to AmoMedia, data entry workers just aren’t that needed.

Accounting Principals

Kiplinger reports that over the last decade, the number of pharmacy aides in the U.S. has decreased by 29.3%, and the growth rate has flatlined. The Bureau of Labor Statistics estimates you can make about $27,227, which is on the lower end of the spectrum, but even if it’s something you want to do, this job seems to be disappearing fast. The BLS expects over 21% of those remaining textile operator jobs to be gone by 2026. This job is increasingly becoming outsourced overseas or automated by machines. Many accountants feel stuck in their current position, with no clear path to advancement. This can be frustrating if accountants feel their skills and experience are not fully utilized.

  • For some, it may be simply seeking a change of pace or a new challenge.
  • This is how it’s been since the dawn of time, or at least since the time George Touche was still in (cloth) diapers.
  • Music streaming services and industry consolidation are causing these careers to disappear.
  • With the rise of the digital age, many traditional professions have been forced to change to stay relevant.
  • In addition, many accountants find that they are no longer passionate about their work once they have reached a certain level of success.

It’s only a matter of time until artificial intelligence becomes sophisticated enough to do it all. With its assisted bookkeeping service, Intuit is just filling the gap until the technology can catch up. The content on dollarbreak.com is for informational and educational purposes only and cannot replace any professional financial advice. Conduct your own research and seek the advice of a licensed financial advisor.

What changes will automation bring?

• Blockchain has already earned a reputation for its potential in supply chain optimization, but it has powerful accounting potential too. Accounting professionals who understand and can use (and teach others about!) distributed ledger technologies will be in high demand for process development, auditing and records management and more. If you’re studying accounting, you’re law firm bookkeeping learning practical and well-defined skills employers need for a specific set of roles. This gives you a much clearer career path compared to someone who chooses to study English or philosophy where the potential career outcomes are more open-ended. Accounting automation has been going on since at least 1907, when businesses began using punch-cards for accounting.

  • Make a website for your portfolio to easily send to potential clients.
  • Just like any industry, working in accounting does have its drawbacks.
  • And because the profession is so detail-oriented, it can be easy to lose sight of the big picture.
  • Accounting can be very stressful and demanding, and some simply want more control over their work-life balance.
  • If you’re struggling to think of one, there’s a reason for that—accounting isn’t usually seen as a “glamorous” field.
  • The decline in the need for referees is mainly due to video technology.

Leaving their current role in search of new challenges is an attractive option for these accountants. By finding a new job that provides more opportunities for growth and development, they can ensure that they remain engaged and motivated in their work. Many accountants find that they are not being challenged enough in their current roles.

The World Economic Forum labeled accounting as the #3 most at-risk job. This is why you don’t need to worry.

With the rise of telephone banking, online banking, and ATMs, the need for tellers and other representatives physically present in banks has decreased. The popularity of streaming music services has led to a shift in audience, reducing the demand for local reporters. The decline in the need for referees is mainly due to video technology.

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The goal is to show that an accounting career isn’t one-size-fits-all, Simpson said. “It’s such an interesting profession, and we’re really working hard to expand that story.” Sandy Torchia, the vice chair of talent and culture at KPMG, said the company hasn’t been impacted by the accountant shortage yet. “But, certainly, we have it on the horizon as a risk for the future,” she said.

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Kiplinger has found that watch repairers only wind up making around $25,203, and the number of them is projected to shrink by 27% over the next decade. This is a fairly niche job that just requires on-the-job experience and will make you about $29,929 a year, according to Kiplinger. Kiplinger notes that flooring finisher positions were cut by 51% over the past decade, and it’s projected to shrink another 5.5% over the next decade.

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