Long ago, Artificial Intelligence (AI), robots, and machine learning (ML) were thought to be the only ones found in sci-fi films. Today, this type of technology is taking center stage in workplaces worldwide. Industries, including manufacturing, retail, agriculture, and customer service, have already replaced some job positions with AI, so workers are scrambling to find new career options.
This AI revolution is unlikely to slow down anytime soon. In fact, experts predict that by the year 2030, more than 800 million jobs will be replaced by AI technology. Initially, AI technology and automation in the workplace seemed to only affect Pink and Blue Collar workers. As this technology evolves and becomes more powerful, professional, white-collar workers, including accountants, begin to worry about what the future holds for their careers and if AI will make their job obsolete.
AI in Accounting
In basic terms, AI technology is intelligent machines that can perform repetitive, mundane tasks in a time consuming and highly accurate manner. The emergence of machine learning now allows AI platforms to analyze, analyze, and self-learn data and processes to improve its performance and accuracy over time.
AI technology can already handle many accounting functions such as tax preparation, payroll, and audit. Many leading accounting software providers, including Zero, Intuit, and Sage, have incorporated AI technology into their software to perform basic accounting tasks such as bank reconciliation, invoice classification, risk assessment, and audit processes, cost submissions, and invoice payments.
These standard tasks take a long time, and many accountants around the country are concerned about how emerging AI technology is affecting their billable hours. An even bigger concern is that AI technologies are replacing the need for companies to work with accountants.
AI Will Not Replace Transform Accountants
There is no doubt that AI technology can handle most standard accounting tasks faster and more efficiently, or that these capabilities will grow over time, which does not mean the end for accountants. That human element — human intelligence — is always needed at the other end of AI technology. In fact, according to the leading research firm Gartner, AI is ready to create more jobs than it replaces, including options for workers and accountants.
Accountants do not have to worry about their job being replaced by AI anytime in the near future. Companies always need accountants who can analyze and interpret AI data, as well as provide consulting services. Instead of replacing the role of accountant, AI technology is changing the roles that the accountant performs.
With AI technology and machine learning managing so many mundane, repetitive tasks, accountants will have more time to focus on other aspects of the job, such as consulting and data analysis. This is good news for most accountants. Instead of spending hours completing menial tasks, accountants of the future can use and analyze AI data to provide better business solutions for their clients.
In many ways, AI helps accountants improve their services. AI technology improves data entry accuracy and reduces liability risk for accountants. In addition, emerging technologies can be more effective in fraud detection, adding an additional layer of protection for accountants and their clients. It also provides real-time data, which allows accountants to provide real-time solutions. The ability of machine learning to readily analyze large volumes of data in an attempt to accurately predict future results, and to predict past successes and failures, is even more impressive.
Preparing for the future
There is no way to escape the use of AI technology if you expect to be competitive in the coming years. The speed, efficiency, and accuracy of AI technology is impossible to beat. What accountants can do is learn how to adopt this new technology and maximize its use. It is a good idea to help your clients integrate and utilize AI technology into their accounting processes.
Today most universities are already offering IT and Database Management courses in their accounting program. Graduation students are coming into the workforce with the skills needed for future accounting work. Accountants who are already in the workforce must find ways to acquire these skills to stay relevant to their employers and/or their clients.
Accountants can acquire the IT skills they need by attending seminars, using self-taught online programs, or attending college-level courses. It is also important for accountants to keep up to date with the latest accounting trends, emerging technologies and industry news. This allows accountants to not only keep their jobs but also provide more efficient services to their clients.
Accountants need to adopt this technology as a powerful solution to improve customer service, without having to worry about AI taking over their jobs. Finally, accountants can use their training and experience to provide real and effective business solutions to customers about tax consulting, real estate deals, mergers, growth options or any other business practice.
As technology continues to grow at a record rate, it is time to acquire the IT and database management skills you need to advance in the future. With the right skills and training, accountants can guarantee a lucrative career that will be well into the future.
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The Upper Marlboro, Md.-based practice, which has a total of six CPAs and 15 employees, is using artificial intelligence (AI) to identify high-risk transactions as part of its auditing process.
I’m excited because I’ve never had access to this much technology.We recently implemented Artificial intelligence for auditing.The AI we use is machine learning where the machine has built-in algorithms that help it learn based on transactions it is fed.
It shows the risk at the transaction level.To Know about: How is Robotic Technology Helping the Education Sector?I started looking into AI several years ago when I was on the AICPA governing Council.AICPA President and CEO Barry Melancon, CPA, CGMA, described how the Big Four firms were spending millions of dollars on AI.
This is a huge opportunity for small firms: We don’t have to lose our competitive advantage, and we’re not stuck on legacy platforms.For over two years I searched for a suitable AI platform.Some we could not afford.
I sent them general ledgers, and it took two weeks to get access to the risk report on the client dashboard.
The price depends on the size of the audit practice, but even if you want to try it out with one client, it’s worth getting your feet wet.We now have a competitive advantage.I work with not-for-profits that use QuickBooks Online and other cloud-based software.
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