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Accountants’ future: more than tick boxes

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The accounting world, which is sometimes perceived as mundane is about to be dramatically changed by artificial intelligence, the Internet of Things and the blockchain, says ANTON VAN HEERDEN, MD and Executive Vice-President, Africa & Middle East at Sage.

If you think that tech is done with transforming the way accountants work (and every sector for that matter), you’re in for a surprise. As an accountant by qualification, I see a very bright and exciting future.

The accounting world, which is sometimes perceived as mundane is about to be dramatically changed by artificial intelligence (AI), the Internet of Things and the blockchain. Yes, recently these technologies have been spoken about at a large scale, but the job of an accountant will change as much as the first computerised accounting packages did or the arrival of mobile and cloud computing.

Invisible accounting will be built on the back of these three powerful emerging technologies, as illustrated in Leading the Invisible Accounting Revolution, a new whitepaper from Sage and Ovum.

The exciting news is that these technologies will allow for us to focus on the things we care about most, such as working with clients or the business’s leadership on strategic financial plans. What each of these technologies will do is free us from more routine admin work, while ensuring that we can work more accurately and efficiently. They will also give us more real-time visibility into our financial performance.

Smart assistance on the go

We’re all becoming rather used to speaking to machines, for example, asking Siri on our iPhones for directions or Bixby on the new Samsung devices to seek out an answer to a trivia question.  The interfaces to technology are becoming more natural and conversational as we use voice, gesture or touch to interact with computers rather than a mouse and keyboard.

In the background, AI technology crunches massive datasets to help us complete our personal tasks or our work. This technology doesn’t simply follow a set of programmed rules; it can also learn from our responses and its databases to improve its functionality and its usefulness over time. For now, consumers are the biggest users of such technology, but it is rapidly moving into the business world, too.

At Sage, we recently launched our conversational bot Pegg, which works with collaboration tools like Skype, Facebook Messenger and Slack. Rather than needing to navigate a bunch of fields on your accounting software, you can simply ask Pegg questions such as: “How much money did we make this month?” or “Does anyone owe me money?”

Imagine how useful that might be if one of your customers phone you for an invoice when you’re out-and-about, and you don’t have easy access to your computer. You can also note expenses, so you don’t forget to file the receipt for your parking when you’re out on a business visit. This sort of technology is going to rapidly evolve so that you will be able to ask your virtual accounting assistant a wide range of business questions, without needing to dive into tables and fields in an accounting package to get an answer.

Effortless tasks

As an accountant, I’m always excited to find a technology or process that reduces the ‘friction’ of administration. By friction, I mean the time and effort it takes to record transactions or complete tasks.

The Internet of Things – the many smart and connected devices in the workplace – will do a great deal to reduce friction. It can give us real-time information about assets and transactions so that we don’t need to record it after the fact. For example, a telematics device or GPS in a company car could automatically capture mileage information and upload it to the accounting solution, so drivers don’t need to report it in with their logbooks. Or we can track items as they move through the supply chain for an up-to-the-second view of sales and inventory on hand.

Blockchain with a touch of human

Further into the future, the blockchain has some exciting potential for accountants. The blockchain is a type of distributed ledger or decentralised database that keeps records of digital transactions. All participants have an identical copy of the transaction that can be accessed and viewed in the present, and all parties need to verify the authenticity of a set of transactions (a block) before a new block can be added to the existing chain.

Blockchain records cannot be altered, and every transaction is recorded and verified. As such, blockchain brings new levels of trust and transparency to transactions. When we bring blockchain and smart contacts together, we can automate many processes where we have used an independent third party (like an exchange, lawyer or clearing house) to verify transactions.

In future, companies big and small could use blockchain for invoicing, documentation, contracts, and payment processing, all done with high levels of automation and low levels of friction. We’ll spend less time on ledger entry and reconciliation in the book-keeping process. However, there will still be a need for a human touch as accountants and auditors need to ensure that local tax and other regulations are applied.

Seamless processes

Going beyond cloud computing, which is now a given starting point for many organisations, the use of AI and other innovations will lead to Sage’s vision of invisible accounting by 2020. It is a seamless and automated accounting process that will enable us to think about business growth and strategy rather than recording invoices and doing bank recons.

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Now download a bank account

Absa has introduced an end-to-end account opening for new customers, through the Absa Banking App, which can be downloaded from the Android and Apple app stores. This follows the launch of the world first ChatBanking on WhatsApp service.

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This “download your account” feature enables new customers to Absa, to open a Cheque account, order their card and start transacting on the Absa Banking App, all within minutes, from anywhere and at any time, by downloading it from the App stores.

“Overall, this new capability is not only expected to enhance the customer’s digital experience, but we expect to leverage this in our branches, bringing digital experiences to the branch environment and making it easier for our customers to join and bank with us regardless of where they may be,” says Aupa Monyatsi, Managing Executive for Virtual Channels at Absa Retail & Business Banking.

“With this innovation comes the need to ensure that the security of our customers is at the heart of our digital experience, this is why the digital onboarding experience for this feature includes a high-quality facial matching check with the Department of Home Affairs to verify the customer’s identity, ensuring that we have the most up to date information of our clients. Security is supremely important for us.”

The new version of the Absa Banking App is now available in the Apple and Android App stores, and anyone with a South African ID can become an Absa customer, by following these simple steps:

  1. Download the Absa App
  2. Choose the account you would like to open
  3. Tell us who you are
  4. To keep you safe, we will verify your cell phone number
  5. Take a selfie, and we will do facial matching with the Department of Home Affairs to confirm you are who you say you are
  6. Tell us where you live
  7. Let us know what you do for a living and your income
  8. Click Apply.

 

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How we use phones to avoid human contact

A recent study by Kaspersky Lab has found that 75% of people pick up their connected device to avoid conversing with another human being.

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Connected devices are becoming essential to keeping people in contact with each other, but for many they are also a much-needed comfort blanket in a variety of social situations when they do not want to interact with others. A recent survey from Kaspersky Lab has confirmed this trend in behaviour after three-quarters of people (75%) admitted they use a device to pretend to be busy when they don’t want to talk to someone else, showing the importance of keeping connected devices protected under all circumstances. 

Imagine you’ve arrived at a bar and you’re waiting for your date. The bar is busy, and people are chatting all around you. What do you do now? Strike up a conversation with someone you don’t know? Grab your phone from your pocket or handbag until your date arrives to keep yourself busy? Why talk to humans or even make eye-contact with someone else when you can stare at your connected device instead?

The truth is, our use of devices is making it much easier to avoid small talk or even be polite to those around us, and new Kaspersky Lab research has found that 72% of people use one when they do not know what to do in a social situation. They are also the ‘go-to’ distraction for people even when they aren’t trying to look busy or avoid someone’s eye. 46% of people admit to using a device just to kill time every day and 44% use it as a daily distraction.

In addition to just being a distraction, devices are also a lifeline to those who would rather not talk directly to another person in day-to-day situations, to complete essential tasks. In fact, nearly a third (31%) of people would prefer to carry out tasks such as ordering a taxi or finding directions to where they need to go via a website and an app, because they find it an easier experience than speaking with another person.

Whether they are helping us avoid direct contact or filling a void in our daily lives, our constant reliance on devices has become a cause for panic when they become unusable. A third (34%) of people worry that they will not be able to entertain themselves if they cannot access a connected device. 12% are even concerned that they won’t be able to pretend to be busy if their device is out of action.

Dmitry Aleshin, VP for Product Marketing, Kaspersky Lab said, “The reliance on connected devices is impacting us in more ways than we could have ever expected. There is no doubt that being connected gives us the freedom to make modern life easier, but devices are also vital to help people get through different and difficult social situations. No matter what your ‘connection crutch’ is, it is essential to make sure your device is online and available when you need it most.”

To ensure your device lifeline is always there and in top health – no matter what the reason or situation – Kaspersky Security Cloud keeps your connection safe and secure:

·         I want to use my device while waiting for a friend – is it secure to access the bar’s Wi-Fi?

With Kaspersky Security Cloud, devices are protected against network threats, even if the user needs to use insecure public Wi-Fi hotspots. This is done through transferring data via an encrypted channel to ensure personal data safety, so users’ devices are protected on any connection.

·         Oh no! I’m bored but my phone’s battery is getting low – what am I going to do?

Users can track their battery level thanks to a countdown of how many minutes are left until their device shuts down in the Kaspersky Security Cloud interface. There is also a wide-range of portable power supplies available to keep device batteries charged while on-the-go.

·         I’ve lost my phone! How will I keep myself entertained now?

Should the unthinkable happen and you lose or have your phone stolen, Kaspersky Security Cloud can track and protect your device from data breaches, for complete peace of mind. Remote lock and locate features ensure your device remains secure until you are reunited.

 

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