In a speech on the economy which took place in Liverpool on Monday, Bank of England Governor Mark Carney said that technology is causing “great disruption” to the jobs market adding that: “The fundamental challenge is that, alongside its great benefits, every technological revolution mercilessly destroys jobs and livelihoods — and therefore identities — well before the new ones emerge.
“This was true of the eclipse of agriculture and cottage industry by the industrial revolution, the displacement of manufacturing by the service economy, and now the hollowing out of many of those middle-class services jobs through machine learning and global sourcing.”
In keeping with this message, a World Economic Forum report, entitled “The Future of Jobs,” also published on Monday, estimates that 5 million jobs will be destroyed by what it calls a “Fourth Industrial Revolution,” with robotics and artificial intelligence transforming economies around the world.
In direct response to these somewhat downbeat messages, Gary Turner, MD of Xero, said in a letter to the Telegraph this week that, if managed properly, the current technological revolution won’t necessarily destroy millions of jobs, but rather help “rehabilitate Britain’s lagging productivity” giving “millions of small businesses the capacity to survive, prosper and create more jobs.”
Technology is already “enabling professional service industries such as accounting to avoid being ‘hollowed out’, and to become invaluable enablers of growth and prosperity,” he added.
“The economy as a whole will benefit from the commercial vitality that technology can bring to businesses – particularly small enterprises that struggle to harness efficiencies.”
Technology enabling efficient, time-saving virtual finance functions
As well as offering specific financial management and accounting services, our business partner BM2020 Limited provides growing companies with a range of “virtual” finance functions.
Our Virtual Accounts Department service enables us to take care of your day-to-day accounting needs and provide you with a single point of contact, so that you can focus on what you do best – growing and managing your business. All of your accounting, financial and bookkeeping needs will be managed from one place, so you don’t have to worry about acting as the go-between for your accountant and bookkeeper.
Our Virtual Finance Director service also offers a cost effective, speedy and flexible alternative to a full-time, experienced Finance Director for an agreed number of hours each month, in an affordable way.
BM2020 Limited has a wealth of knowledge and experience and our Virtual Finance Directors have worked in small, large and expanding businesses, so not only do they understand the finance function, but they can provide business knowledge and commercial acumen as well as financial leadership.
BM2020 Limited is passionate about supporting businesses with high quality financial support and leadership at a fixed and affordable monthly cost.