With tech companies developing ways to automate accounting tasks, human accountants are at risk of being replaced. In some instances, they are being forced to provide more strategic, value-added services.

Nevertheless, in the majority of companies, accounting professionals do not appear concerned that accounting software solutions could replace their jobs. In fact, recent trends have shown that many firms are embracing technology at a high rate and most end up saying that accounting software is the most important innovation in their sector. Over 63 percent stated that they were motivated to upgrade their technology, as automation helps them serve their clients better. This may be unexpected by some accounting analysts, many of whom had warned that automated accounting solutions may lead to a loss of jobs. However, many accountants are yet to feel the threat as they have acknowledged the need to be more flexible and increase their productivity. For instance, cloud-based solutions have enabled accountants to embrace the evolved role as a consultant or improve customer service by providing increased accessibility.

According to Right Networks’ latest data, corporate accountants feel confident not only about their ability to make use of these solutions but also to strengthen their profession. The optimism displayed by many accountants could better the industry by creating more jobs rather than reducing them. Fifty-nine percent of accountants surveyed planned to hire new employees in the next six months.

Investment in R&D by Canadian firms has been on the rise. Due to this, the corporate world and specifically the accounting sector has been transforming tremendously and enjoying the benefits of the SR&ED tax credit. To find out more about the SR&ED Tax Incentive, contact Swanson Reed R&D Tax Advisors.