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if you are anything like me you'd hate manual tasks you'd hate typing numbers into a spreadsheet especially when you make a mistake you'll be dragging yourself out of bed in the morning when you know that today is the day that you'll be ticking and tying numbers together this is why i get excited about accounting automation and this is why i share it all with you right here let's go hey guys welcome back to the channel in today's video i'll be addressing the question whether it's worth it to go out and get an accounting degree based on everything that's going on today with automation and how automation is changing the landscape of the accounting profession and the main reason why i'm making this video is because the previous video i made on accounting automation generated tons of comments and questions from you guys where everyone is thinking this is the armageddon for the accounting profession so i wanted to clear things up and address this question properly in its own video so the way i'm gonna structure today's video is first i'm gonna give you the answer to whether or not it's worth it to go out and get an accounting degree today based on automation so first i'm gonna give you the answer so that if you're in a hurry you can get the answer and move on but i promise you that it's worth it to watch the entire video because i'm going to give you insight from my experience as a corporate controller into what's going on today in the company when i see automation comes in how that's impacting the structure of teams and the shifting of the jobs responsibilities so we're going to go over the answer first and then i'm going to go over the two types of automations that are out there that are two major types of automations that are impacting the accounting profession we'll discuss that and then i'm going to give you an example of how one type of automation is impacting one team in an accounting and in the organization so we'll cover that and then i'm going to give you the three reasons why i think that the automation has a net positive impact on accountants in general so this is the high level structure of today's video so let's get into it all right guys so like i said at the beginning of the video i'm going to give you the answer first to the question whether it's worth it or not to go out and get an accounting degree given everything that's going on with automation today and the effect of it on the accounting profession so the answer to the question is that it's a yes and but and let me explain here in a minute so yes it is worth to go out and get an accounting degree today given everything that's going on and you'll make more money so there'll be more money to be made because now you're going to be driving efficiency throughout the organization as an accountant when you work with automation you're going to couple your accounting expertise with automation knowledge and bring in more efficiency and more value to the organization so you're going to be making more money as a result but and this is a big but you need to be automation-minded right so you need to be automation minded and what i mean by that is that you're gonna be someone who's gonna let go of the old ways of doing things and adapt new technologies right so if there is a new um easier way to do things with technology you're gonna be the accountant who's gonna be calling this out so if you're doing expense reports for employees manually and you find that it's much easier and more efficient to do it with an expense management platform like abacus or expensify you're gonna adapt that right so uh the uh person who's gonna be uh driving automation um is gonna be making more money and also is going to be someone who is bringing in more efficiency to the organization uh so overall i think it's a yes absolutely the accounting profession is going to benefit from automation in general and it's going to drive higher morale and higher job satisfaction and i'm going to get to that uh in later part of the video so that's the answer to the question as i promised you i've given it to you first and now if you're in a hurry you can pause the video and watch the rest of it later but i promise you that it's worth watching because i'm going to bring in much more insight into what automation is doing to accounting today [Music] now in terms of accounting automation there are two major types of accounting automation that are going on today that are affecting the accounting profession so let's go over and summarize these two types of automation real quick here so the first one is going to be system integration and this means connecting two systems together for efficiency and then the second type is rpa and rpa stands for robotic process automation and this means that you're creating in essence a mini robot that lives in the cloud that will perform a certain task over and over and over again something that usually a human would have normally done but now you're creating a small robot that's basically creating doing the same function of that human so system integration and rpa let's quickly cover example of uh both of these so that we understand it better [Music] so with system integration we said that this is connecting two systems together to talk to each other so that you remove the human element out of the equation so an example of a system integration would be for example connecting your hr information system to your erp so if this is your erp on one side and this is your human resources information system where you keep the information of your employees so these are all of your employees information here and the human resources information system this is your erp uh in system integration between the two would mean that you're connecting this uh hr is to the erp via api um and you are then the data will flow from here to here instead of you taking the information manually from this system and typing in into the erp right so this is an api integration this is the first type this is what we refer to as a system integration [Music] now an example of an rpa or robotic process automation would be taking the same things or if you have a human resources information system that houses the data of your employees and you have your erp on the other end so then the difference here is that instead of having an api between these two systems you are doing a robot so this bot the function of this spot is that it's gonna every day is gonna log into the system of the human resources grab the new information open up the erp and input this data into the erp so it's a very similar outcome basically but this requires much more expertise requires more coding basically you need to know more programming uh so that you can create this kind of robot that will do this kind of for this kind of information transfer so these are the two major types of categories of automation first the system integration like the one we looked at first and this is an rpa or robotic process automation requires more expertise typically accountants that normally don't do this type of rpa you would need to bring in an expert from the outside to do this kind of stuff but the system integration is the easier of the two and this is sort of the low hanging fruit for you as an accountant to do because it's pretty easy for you to do a system connection between expense management and erp or hhris and erp system integration is gonna be the low hanging fruit these are the two major types of integrations [Music] now for those of you who are concerned about the job loss in the market because of automation let me give you an example to alleviate the concern that you have about that right because it's not a clear cut it's not like automation is going to make people lose their job in accounting it doesn't work like that so let me give you an example of how it works within a team in accounting when you introduce automation what happens in that team so let's look at an example of an accounts payable team so this is an accounts payable team and has two people working in accounts these are two accountants working in accounts payable right so basically their function is to get the vendor invoices um look at it make sure it's correct uh record it in the system and all the stuff that goes with accounts payable right now you introduce a an automation into the process with a platform like build.com right so build.com basically is going to automate a lot of the process because in build.com the vendor can onboard themselves right so you can send the link to the vendor the vendor can can enter in their information their banking information uh and basically then the vendor invoices can be uploaded directly into build.com can be processed there and then it just flows into the arp right so you basically automated almost half of the job right so basically now instead of the two accountants doing ap you're gonna only need one accountant do an ap right and the concern with the segregation of duty a lot of time is alleviated because build.com for example um segregates the input of the master data for the vendors the vendor can put in their own information um and alleviates the burden of segregation of duties within the same accounting team right so now all of a sudden you need one of the accountants to do the work what happens with the second accountant is that most of the time they're going to transfer into a more strategic role of analysis right so suddenly this person is going to be doing more analysis they're going to be looking into the uh comparing actual to budget uh spend analyzing the differences um look into analytics on api spend and uh dpo which is payable outstanding um the length of time it takes for the vendor to get paid and doing more analysis so it's not a clear cut that people lose their jobs because of automation a lot of the time it actually creates more value added so you keep the same accountants but you have more value out of the same accountants right and more frankly at the end of the day more job satisfaction because these accountants are doing more strategic work and less mundane data entry type work so this is an example of what happens to a team when you introduce automation and my point here is that you don't necessarily lose your job because automation actually quite quite the opposite you create more value as an accountant right so this is net positive for accountants going forward now let me give you the summary or the juice of the entire discussion today in three bullet points right what are the effects and the positive effects of automation on the accounting profession in three bullet points so the benefits are going to be number one higher salaries and the reason for the higher salaries is going to be as an accountant of the future who's going to be driving automation you're going to be bringing in more value added and strategic salt to a company rather than a number cruncher right so instead of crunching the numbers all day you're going to be analyzing uh because now you have systems doing all the work for you and now you're spending more your time creating better processes writing policies and analyzing and providing more value right so when you provide more value you earn more money it's going to be as simple as that right so number one benefit number one is higher salaries number two is going to be more job satisfaction so imagine spending less time crunching numbers and ticking and tying and doing mundane work and spending more time doing more thought driven or strategic type work at the end you're going to have more job satisfaction right it's going to drive higher morale and job satisfaction in general so people are going to be attracted more to the accounting profession because of its job satisfaction whereas today and yesterday we are spending as accountants a lot of time crunching numbers into a spreadsheet this stuff is going to be more automated and then it's going to be more job satisfaction the third point to make here is that you're going to have a boost of confidence and what i mean by a boost of confidence is that you're going to have more confidence in your work in general as an accountant when you know that the system is handling the work from system to another and removing the human element which is human brings in the possibility of error right so basically you're going to have more confidence in your work and that leads to higher quality of work and at the end that's going to circle back into the idea of more job satisfaction because when you have more satisfaction more confidence in your work you're going to have more satisfaction in general in your career right so boosting your confidence higher job satisfaction and more money because of driving efficiency is the effect of automation on the accounting profession in general all right guys it's been a pleasure that's it for this video if you liked it go ahead and give it a thumbs up and go ahead and share it with as many friends and co-workers as possible and i'll see you in the next video [Music] you