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Finance department of the future

Finance department of the future

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Morning everyone. Looking into what the finance department of five years’ time might look like.

What tools, processes or metrics do you see still being around in 2021? What’s worrying you, and will automation help or hinder you?

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By cc3
19th Apr 2016 11:33

Robots. And lots of them.

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By Democratus
19th Apr 2016 13:53

Extra staff to deal with HMRC f*** ups

extra IT bods to deal with the Cloud!!!!

Additional compliance work

ans unfortunately we will still have .gov.uk with missing bits and dumbed down to deal with.

Oh and Robots, lots and lots of lovely robots.

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By ireallyshouldknowthisbut
19th Apr 2016 15:32

.

I would have thought not much from the trends over the past 5 years:

1. Smaller printers

2. Bigger scanners

3. Slightly less crunching of data in excel, more 'de-fucking[***]' client's attempts at bookkeeping in the cloud.  

Edited to add:

Heat attack rates for accountants soaring if they really do do quarterly reporting 'for real' with no year end 'clean up' of cruddy in year data. 

 

 

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By cc3
19th Apr 2016 15:32

And all this

ireallyshouldknowthisbut wrote:

I would have thought not much from the trends over the past 5 years:

1. Smaller printers

2. Bigger scanners

3. Slightly less crunching of data in excel, more 'de-fucking[***]' client's attempts at bookkeeping in the cloud.  

 

 

 

will be done with the help of robots.

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By ireallyshouldknowthisbut
19th Apr 2016 15:34

.

My robot just went home.  Although i like to refer to her as "my assistant", she gets a bit pissed[***] with "robot".

 

 

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By Democratus
20th Apr 2016 17:53

Really - that's no way to treat a robot

ireallyshouldknowthisbut wrote:

My robot just went home.  Although i like to refer to her as "my assistant", she gets a bit pissed[***] with "robot".

If you let it go home (whatever that is - a cupboard with a charging point i assume) then other robots in the future will also want these robotic rights. Unless we Brexit than it'll be all right. 

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By thegreatgrumbleduke
19th Apr 2016 18:19

phony war
Regardless of how effective our new robots are, what we gain from automation we'll lose in compliance.

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By Harlan
21st Apr 2016 11:36

I'd better have a flying car by then. 

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By SteLacca
21st Apr 2016 13:02

Nah, I bought a solar powered robot from "The Book Guy" a couple of months ago. Despite being sat in direct sunlight for two months, it hasn't moved an inch.

If this is the superthreat to our jobs, liberty and even our lives of the future, I'm not too concerned.

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By JessicaRain
21st Apr 2016 13:27

With the way things are going

There will be no finance department if HMRC has anything to do with it. All accountants will be put to grass, and companies will simply pass all invoices, statements, etc to HMRC to process and record.

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By rememberscarborough
21st Apr 2016 13:54

The only thing that's changed in the last five years is RTI so I'm not expecting any paradigm shifts in the near future. Might see more use of voice activated software as the likes of Siri/Cortana improve but not much else.

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By Simon1983
05th May 2016 02:45

I think we might catch up with Australia and USA in terms of online bookkeeping and managing businesses in the cloud.

This means that a lot of the accountant's work will become de-skilled an more techy.

However there is increased scope for business owners working more closely with their accountants for up to date recording and planning, rather than just sending envelopes of receipts and invoices to the accountant days before the deadline, not knowing up to that point how much tax is due.

This means accountants need to provide more management/consultancy/business advisory services to the clients if they are to remain useful.

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