Artificial Intelligence will Transform the Accounting Industry

Banking CIO Outlook | Tuesday, February 26, 2019

Artificial Intelligence (AI) will change the way jobs are perceived. AI will impact the accounting profession as well. Traditionally, accounting is a process and system-based industry where micro decisions are made every day. However, with the use of AI, repetitive high volume tasks are automated allowing accountants to focus on the core of accounting which adds value to the business. This process enables the reduction of overheads and improvement in quality.

Clients expect more out of the accounting industry than they did a decade ago. They expect their accountants to add value to the business and make their life simple in the process. AI, however, is the small part of the process. Accountancy firms should work with technology firms to advance the accounting industry and help their clients get ahead. Accounting will change dramatically with the advancement of technology because accounting consists of highly repetitive processes. By eliminating these tedious tasks, the quality of the industry will improve because the human error will lessen.

Check out: Top Artificial Intelligence Companies

The use of AI will increase in the accounting industry because firms and accountants collaborate to find innovative solutions. AI will get rid of the pen and paper schedules, but the accountants will still be relevant. To maintain relationships with clients, a human touch is required. Accountants will be viewed more than just number crunchers. The advisory services will become more significant to accountancy practices. The younger generation and future entrepreneurs expect automation and want data immediately.

Accountancy firms that are limited by staff can use automation to solve a scalable platform that can match demand more efficiently. Therefore, accountants can focus on core accountancy practices such as identifying investments, acquisitions, driving IPO’s instead of focusing on receipts and invoices. The application of AI will vary depending on different verticals, but the possibilities are endless. AI will impact both small and large businesses making it even crucial for businesses to adopt AI.

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