What an interesting question: Is accounting dying? If you are paying attention to technological innovations, such as artificial intelligence and zero data entry, coupled with big data and machine learning, then one might think so.

There are many different ways to look at this question, and to express my opinion, I first need to make sure I frame the question properly. Are we talking about accounting firms in general becoming obsolete, the art of doing accounting in businesses or the concept of humans doing data entry into accounting systems? Depending on which question we’re attempting to answer, it could go either way.

Let’s start by looking at the latter, first, because I don’t think the different perspectives are mutually exclusive. If we define accounting as “humans doing data entry into accounting systems,” then we could be on the verge of extinction. Machine learning is quickly evolving to the place where day-to-day transactions can be recognized and categorized without much, if any, human interaction. Supporting accounting applications, such as accounts payable, employee expense reimbursements and employee time tracking, are maturing to a much deeper and richer integration with no human intervention. All this is to say that I don’t believe there is much future for data entry clerks in the accounting profession. Will there still be a bit of human oversight? I believe there will, but certainly not to the degree we have today. Is accounting dying from the data entry clerk perspective? I think so.

How about the concept of accounting, broadly speaking? Is the concept of even doing accounting becoming obsolete? Is blockchain going to take over what we’ve traditionally known as the general ledger? This one seems easy to assess – as long as there is a need to keep score, there will be a need for assets, liabilities, revenues and expenses. Keeping score seems to be more important today than ever. What’s changing is how we want to see what the score is. In the old days, we would issue a financial statement once a month.

Today, our customers want information in real time on the device of their choosing. They want systems that are seamlessly connected. Not only is the concept of accounting not dying out, but it’s also expanding exponentially. Information connected in real time at our fingertips on any device, a vision that was out-of-reach for small businesses while the tech revolution was in its nascent stage, should now be a fundamental driver behind our systems and processes for on boarding clients, sending digital invoices and taking payment securely. How about getting agreements signed, storing documents digitally and paying bills securely? End-to-end connected solutions is the accounting system of today, not just data entry debits and credits.