The Future of Accounting: Embracing Technology Without Losing the Human Touch

Introduction

The accounting industry is in the middle of its most significant transformation in decades. The rise of automation, artificial intelligence (AI), and cloud platforms is reshaping how firms manage data, deliver services, and engage with clients.

But while technology is changing the “how” of accounting, it has not changed the “why.” Business owners still need guidance, trust, and context that no machine can replicate.

As Jordan Arvanitakis from CFG Chartered Accountants, explains:

“Technology is not replacing accountants — it’s redefining our value.”

This article explores how technology is driving change, why human expertise remains the-future-of-accounting-embracing-technology-without-losing-the-human-touchcentral, and what the future holds for accounting firms and professionals who adapt.

1. The Technology Transformation in Accounting

The Rise of Automation & AI

In the past, bookkeeping consumed endless hours of manual data entry and reconciliations. Today, automation software and AI tools have streamlined much of that work.

• Cloud platforms such as Xero, MYOB, and QuickBooks provide real-time access to financial data for both accountants and clients.

• AI forecasting tools can project cash flow and identify anomalies in seconds.

• Robotic process automation (RPA) is reducing compliance workloads, freeing firms to focus on higher-value services.

  
  

According to the International Federation of Accountants (IFAC) (2023):

• 78% of firms now use AI or machine learning.

• 85% rely on cloud platforms.

• Yet only 33% have adopted automation at scale (CPA Australia, 2023).

The opportunity: technology is here, but many firms are still underutilising its full potential.

2. Why Human Judgment Still Matters

Even the most sophisticated systems cannot replicate qualities such as judgment, empathy, and trust.

Clients turn to accountants not only for numbers, but for guidance during pivotal moments:

• Deciding whether to buy or sell a business

• Planning for retirement or succession

• Navigating tax disputes or regulatory changes

• Managing financial stress during uncertain economic times

A report by PwC (2023) found that 74% of business owners value “personalised advice and empathy” more highly than technical services alone. This suggests that while automation will continue to streamline compliance, clients are increasingly seeking accountants who act as strategic advisors and confidants.

Jordan Arvanitakis sums it up: “At CFG, we use technology to eliminate friction, not relationships.”

3. Case Study: – Construction Client and Cash Flow Crisis

Another scenario at CFG involved a construction company facing a looming liquidity crunch due to volatile material costs. AI tools flagged a 15% shortfall in future cash flows.

CFG advisors took the lead—they renegotiated supplier terms, optimized billing cycles, and secured bridge financing. Technology identified the storm, but human expertise guided the ship.

4. The Future Skillset for Accountants

As automation expands, the profession is shifting from compliance to advisory and strategy.

Tomorrow’s accountant needs:

• Data fluency – interpreting AI-driven insights

• Communication skills – explaining complex finance simply

• Empathy – understanding client needs beyond the numbers

• Adaptability – embracing continuous digital learning

• Strategic vision – helping clients grow and innovate

CPA Australia now emphasises digital and analytical competencies in its training programs, reflecting the profession’s evolution.

5. The Hybrid Future: Human + Machine

Firms that combine technological efficiency with human expertise will thrive.

• PwC (2023): Businesses using both automation and advisory achieved 20–30% higher client retention.

• Deloitte: Hybrid firms are more profitable long-term than those using technology as a cost-cutting tool alone.

  
  

The hybrid model doesn’t replace accountants — it amplifies them.

6. Barriers to Technology Adoption

Not all firms are moving at the same pace. Challenges include:

• Cost: Smaller practices worry about subscription and training fees.

• Security: Cyber threats make firms cautious with client data.

• Culture: Some fear technology will diminish human relevance.

Firms succeed when they start small (e.g., automating payroll first) and reframe technology as a value driver, not a threat.

7. The Next Decade in Accounting

Looking forward, five trends will define the next ten years:

1. AI Forecasting Becomes Standard – Proactive, real-time advisory will be expected.

2. Client Demands Rise – Accountants will be judged by insight, not just compliance.

3. Regulatory Evolution – Digital reporting frameworks will become mandatory.

4. Industry Specialisation – Firms will niche into sectors for deeper expertise.

5. Global Collaboration – Cloud platforms will enable cross-border advisory services.

The future of accounting is neither fully digital nor purely human — it’s both.

Technology will handle the routine and repetitive, while accountants focus on the strategic and human: guiding decisions, building trust, and helping businesses grow.

As Jordan Arvanitakis notes:

“Use technology to eliminate friction — not relationships.”

Firms that embrace this balance will remain indispensable, shaping the future of business with both precision and empathy.

At CFG Chartered Accountants, we help businesses navigate this future with confidence. By blending the latest technology with trusted human expertise, we provide insights that go beyond the numbers.

Contact us today 03 9863 6997 to discover how we can help your business thrive in the new era of accounting.