AI vs Accountant

Accountants and auditors have a 93.5 percent chance of seeing their jobs automated.

Financial analysts have a 23.3 percent chance of seeing their jobs automated

We will be talking about Accountant jobs in this article to be more specific!

so Let's first understand What is AI Artificial intelligence doing now?

AI technology is already able to handle many accounting functions, such as tax preparation, payroll, and audits.

Many of the leading accounting software providers, including Xero, Intuit, and Sage have incorporated AI technology into their software to handle basic accounting tasks, such as bank reconciliations, invoice categorization, risk assessment, and audit processes, like expense submissions and invoice payments.

Recently a French company Georges has been funded with $11.2 M $ which aims to replace accountants with bots, the company will be launching SaaS-based product which the company promise to be able to perform 90% of the task an accountant perform and for rest 10% will be fulfilled by “accounting specialists” through live chat and phone services. 

And on the other hand, A similar company BotKeepers is also functioning in the US which already started providing its services in the US and European Union.

What accountant should(could) do in this fast-changing world to become future proof?

The only thing accountants can do is to embrace this new technology and learn how to maximize its use. The better equipped you are to help your clients integrate and utilize AI technology in their accounting processes the more valuable you will be.

Accountants already in the workforce must find ways to acquire these skills to remain relevant to their employers and/or their clients.

Accountants of the future should be able to use and analyze AI data to provide their clients with sound business solutions i.e Consulting

Many universities today are already incorporating IT and database management courses into their accounting program. This means that graduating students are coming into the workforce with the skills they need for future accounting work.

Why can't AI replace Accountants fully?

That said, having better data visualization means little if one can’t understand or act on it. This is why the human element is so important to maintain a relation to these tools. Even in a world where bots are relied on to do an initial audit or set of calculations, someone will ultimately have to be responsible for checking the work and drawing a meaningful conclusion, i.e. Accounting specialists.

Accountants don’t have to worry about their job being replaced by AI any time soon (7-10 years at least) .

Companies will always need accountants that can analyze and interpret AI data, as well as provide consulting services. Rather than replacing the role of an accountant, AI technology will transform the duties an accountant performs.

As Steve Jobs said Leaders will be those who empower others

AI is here to empower us, Humans.

And we humans have to think about how can we empower other i.e. our customers, our clients, our environment with the help of AI.

Will your Job be replaced too?

Jobs that are made up of repeatable, systematic tasks will be automated while those that require judgment, analysis, and people skills will be safe.

EndNote:

This is a New Era, we all have to change with time, if we didn't change us with time, Time will change us automatically which could be painful for some, so keep pushing yourself out of comfort zone and keep improving and learning new skills so that you can stay relevant to the industry.