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The Amazon of Accounting is Coming

Cloud Accounting Weekly is now Own Your Close, a newsletter for management accountants, controllers,
Own Your Close
The Amazon of Accounting is Coming
By Blake Oliver • Issue #46 • View online
Cloud Accounting Weekly is now Own Your Close, a newsletter for management accountants, controllers, and providers of outsourced accounting services. For more accounting technology updates, tune in to the Cloud Accounting Podcast.

The big news this week in automation is that Amazon has agreed to purchase Whole Foods for $13.4 billion. Given Amazon’s efforts to optimize efficiency in every aspect of the retail distribution chain, it’s more likely now that cashiers will soon be out of a job, at least in the grocery industry.
Thought leaders have been warning about the same threat of automation in the accounting profession for a while now. Though we don’t have a behemoth like Amazon in the profession to push along the change, I’ll bet someday we’ll see one. There’s just too much about the work we do that is routine for it not to be automated.
Case in point — Bookkeeping Clerk is the #2 job in the danger zone on HubSpot’s list of 10 Jobs Artificial Intelligence Will Replace (and 10 That Are Safe)
The safest job, by the way, is Human Resources Manager. That makes sense because the jobs that deal mostly with people will be the hardest to replace with automation or artificial intelligence. 
Kevin O'Leary (of Shark Tank fame) said as much in an interview backstage at the AICPA Engage conference this month:
Half of the work the CPA does is to deal with people, to have relationships with people, and to decide how to work with their desires, their direction, and their vision for their business. That is never going to be replaced by a machine.
This is why accounting firms that are growing are adding and focusing on growing consulting services. 
Millennial business owners cite their top accounting frustrations as forecasting, managing cash flow and reporting, signaling a need for strategic input that extends beyond basic reports and technical terminology. In fact, 52% of millennial business owners say they want strategic insight and guidance, 31% currently retain CFO/consulting services from accounting firms and 42% want complex financial concepts translated into terminology and reporting they can understand.
Audit and tax are not growing. Fees for basic bookkeeping services are being pushed down by automation. But demand for outsourced advisory services is growing by double digits as Millennials take over management roles and become our clients. 
Millennials understand the value of outsourced advisory services. They can work effectively with a remote team. 
So let’s give them what they want! 
Now, as always, here are the best links I clicked on this past week:
Industry News
Deeper Weekend in 60 Seconds
2018 Scaling New Heights
Future of the Profession
Kevin O’Leary Says CPAs Can’t Be Replaced. Take That, Mark Cuban.
Why Lifelong Learning is Our Competitive Advantage in the Automation Age
Sales & Marketing
3 Fundamentals of Value Pricing for Getting a Better Price
New AICPA Guide Helps CPAs Assess Client Cybersecurity
Remote Work
The Best Carry-On Travel Bags
10 Jobs Artificial Intelligence Will Replace (and 10 That Are Safe)
Amazon’s Move Signals End of Line for Many Cashiers
In China, a Store of the Future—No Checkout, No Staff
In relief rally, bitcoin jumps more than 20% from June low
Practice Management
The 12 Best Automation Tools to Scale Your Business
Microsoft Surface Laptop Review
Accounting Innovation - it’s not an oxymoron
Tips & Tricks
A Winning Combination for Getting Paid Faster with QuickBooks!
App Spotlight
MagicBot releases new feature: Automated Receipt Data Entry
App Updates
Asana — Custom Project Plan Templates
Deputy — Schedule Printing Improved
QuickBooks Online — TSheets Time Tracking available inside QBO
Slack — Focus on the important things with Highlights
Xero — Flexible check printing and design for the U.S. and Canada
App Reviews
Wave's Recurring Invoicing and Payments
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Blake Oliver

A newsletter for accountants, controllers, and providers of outsourced accounting services. Subscribe and stay up-to-date with the latest in accounting technology, new regulations, and management tips. For additional resources for management accountants, visit FloQast (where I work) is close management software built by accountants for accountants to help them close faster and more accurately.

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