Ojeaburu, Friday, MSc, ACA.
We have new technologies called drone technology and its impact on the account and audit profession. Accountants and auditor need to accept this new technology with two hands opened. There need to see how this new technology can enhance their job as non a threat to their job. Drone technology is an emerging technology that has come to stay with us. The earlier we embrace it and work with the better.
Drone devices help to improve effectiveness and efficiency in the accounting and auditing profession. It was recorded that PwC completed its first stock count audit using drone technology. With the assistance of a drone, they were able to capture images at a coal reserve in South Wales and used them to measure the volume of the coal, based on the measurement of volume. Amazon and Google are already testing ways to deliver packages with drones. Facebook has started using drones to provide internet connections in remote locations.
The former method for measuring the volume of a coal involved physically climbing over the coal reserve using a two-metre GPS tracking pole to measure data and then estimate volume.
By the time the two methods were compared, it was discovered that with the assistance of the drone the accuracy levels were increased to above 99% and the time is taken to reduce significantly. The traditional method took 4 hours to take the readings, whereas the introduction of a drone managed it in half an hour.
Some range of benefits derived from using the drone: time-efficiency, accuracy and benefit in health and safety as the need for someone to climb over the coal pile are removed. Drones may save money for accounting clients, who can use them for stocktakes, mapping, safety monitoring and to inspect bridges and building.
For accountants and auditors, technology can enhance productivity. Reduce the risk of injury, produce accurate data that can be relevant for future forecast and planning, helps speed up some business processes. However, note that this drone technology can’t work on its own! The technology produces data that needs to be interpreted and translated into meaningful information for a business decision.
As accountants or auditors, it requires that they strive to keep abreast of how new technologies work and how they can be used to enhance effectiveness, efficiency and then develop the skills needed to interpret and present the data so that we can continue to add value to the business.
- They must belong to at least 95% that will accept this new technology if they must prepare for the future.
- Accountants or auditor should develop a new skill that is all-encompassing for them to be relevant at all time.
- They must develop a new set of skill to drive the development of the accounting profession.
- They must acquire skills that will make them relevant as the world is living by data.
- They must be a strategic thinker
- They must apply their professional judgement whenever is necessary.
Accountant, auditor and employer of labour should embrace drone technology.