The recent changes in our lives and societies have led to the job market being tougher to navigate and employment being harder to find than before. So how does the change affect accountants and financial professionals?
In this blog we will be discussing the stability of accounting jobs, how the current climate is affecting jobs in the accounting industry, and expert predictions about the future of the industry.
Careers in the accounting industry have often been thought of as being very reliable, highly stable, and coveted by many. After all every business needs an accountant or an accounting team, and there is no reason for this to change in the future.
While job roles such as accounting clerk, accounting administrator, financial analyst, and administrative assistant are all still very relevant and sought-after positions, the effects of COVID-19 and lockdowns around the country have meant that the way those jobs are carried out has changed.
The job and labour market has changed slightly over the past year, but not as much as the overall employment rate of Canada. The rate of employment for lower-level accounting roles was 41 per cent lower in 2020 than in 2019, but so were the overall employment levels in Canada.
However, there was a 10 per cent increase in online job postings for accountants and auditors, primarily in the constructions, life sciences, and agriculture industries. As industries and companies adapt to the current times, accounting roles alter and those working in finance accounting and other areas need to be adaptable and able to roll with the punches.
Dr N. Leroy Kauffman Ph.D., speaking with Zippia, stated that while the accounting roles remain the same, many accounting departments are having to learn about working from home and remotely. He also states that those looking for an internship in the accounting field will also have to be prepared to work remotely.
Networking events, as they were known before, are now more difficult to attend, and therefore students and potential accounts receivable and accounts payable employees are finding it harder to hear about job openings and get their foot in the door when trying to break into the profession.
Dr. Kauffman also stated that he believes that companies looking to recruit into their accounting department now have higher standards. They are looking for graduates with the knowledge and experience of the day to day tasks of their roles. This is knowledge and experience that can be gained from an Accounting and Payroll Administration Diploma and can supply companies and organizations with what they need to run a successful accounting department.
As for the future of the industry, Futurefirm.co believes that technology will be the way forward. They believe that accounting positions will become automated by machines, and while that may seem scary to those looking to get into the accounting industry, Futurefirm.co believes that it can be a good thing.
They believe that automation will help accountants to make processes faster and more efficient, and reduce time spent on manual data entry. It will make calculations more accurate and reliable, and save time checking and double-checking work.
Overall, it is believed that accountants and accounting professionals who are well-prepared, qualified, and able to keep up with an ever-changing yet stable industry will stay relevant to the companies and businesses they work for.
Futurefirm.co also mentions that there are certain aspects of the financial accounting industry that cannot be automated and talks about the human touch. They believe that companies, clients, and customers appreciate and desire personalization and human rapport when making financial decisions, and that can’t be replicated by technology.
Overall, the accounting industry and the roles within remain as stable and sought-after as they have always been. While the roles may alter and change as future updates and technologies are brought in, roles in this industry will always be required. If you’d like more information about accounting roles, in particular the role of an accounting assistant, read our previous blog here.
Last updated March 2021