Will Accountants be Replaced by AI in this Decade?

Kapil Rana 
on 28 August 2019


In today's world where technology has a solution for everything, even the accountancy sector hasn't remained untouched.

Accounting software has created the fear that one day accountants will become obsolete. AI has made working more efficient and easier in every sector.

The rate at which development and advancement are taking place, it won't be a long time when AI will strengthen its grip on the accountancy sector as well. Though it's been a long time when accountants used to give up on their jobs, now they need to understand what they are trying to skip.

 

It is often said that AI is the future and it might be true considering it has the capability to do almost all things that humans are capable of as well. New technologies are being developed and launched in the market every day and people are more and more curious about their implementation in various sectors.

Nowadays new software is able to do human work easily, more efficiently, and without any hassle. Online Accounting has gained a lot of popularity over the years.

What AI Does For Accountants?

#1. AI uses Cloud Accounting. So, despite wherever you are in the world, you will always have access to your accounts.

#2. AI has already started handling various accountancy functions like tax preparation, payroll, audits, etc.

#3. Many Accounting Software developers have already started incorporating AI technologies to perform even the basic of tasks like bank reconciliation, invoice categorization, audit processes and many more.

#4. It offers you the feature of doing multiple transactions in a single go. Not only does it save time but it also reduces the costs. Along with that, you can also keep track of all your payments.

#5. Inventory Management is also another spectacular feature that will provide you with all the information about the sales and stock market.

#6. Import and export of data become easier with Bookkeeping Software.

#7. The accounting system designed by AI is more flexible and less time- consuming.

As humans, errors might occur while working. With the help of AI, such errors can be avoided and the work can be done seamlessly.

With the help of AI, fast and secure import and export of data can take place. It also reduces the amount of paperwork and labor.

How Can Accountants Get Ahead Of AI?

It is not a matter of technologies replacing accountants in their field of work, it is more about what more AI has to offer and how we as humans and match and get ahead of it. As humans, one of our biggest plus points is human to human interaction. That is an irreplaceable commodity which makes the stepping stone to a relationship filled with trust.

#1. It is important that the accounts beware of the upcoming technologies and Accounting Software as well as their benefits and repercussions. Though, it is predicted that with the advancement of technologies the lower level jobs will affect first. But it is a wakeup call nonetheless.

#2. Over time, a relationship develops between the provider and the client. Accountants are fully aware of their client's needs. Accounts need to be more efficient than Business Accounting Software. There are different types of clients and they have different needs. Such peculiar requirements will not be understood by first- and second-generation technologies.

 

#3. To be given preference over AI it is important that accountants have something unique to offer to their clients. Evolving into something like a business advisor to help your clients by devising long term plans will go a long way in making them irreplaceable in the market.

#4. Humans should be well aware of the possibilities that the emergence of new technologies will create for them. Outracing the machines is hard and wastage of time. However, rummaging through the opportunities that these machines might create will help attract more client than ever.

#5. Polishing your skillset will help you match these machines. AI might be a computer but let's not forget that humans are the ones who created computers in the first place.

#6. AI will take over the basic tasks easily, but it won't be able to replicate human interactions ever. It will not be able to interpret hidden assets that are invisible to empirical data.

As humans, we are able to know our strengths and weaknesses. There is always a scope of betterment as compared to a machine that as inbuilt characteristics leaving no place for improvement.

Humans can also judge the situation and interpret in a proper manner that will be beneficial to not only the client but to themselves as well.

Situations are tricky and they need to be understood properly to avoid messy encounters.

Humans are capable of reading other humans, an ability that no technology possesses. Accountants have a special relationship with every single client. AI will never be able to achieve that level of trust and understanding. No robot can threaten that. However, it is better to be prepared than to sit in the dark.

Accountants should be able to prove to their clients that they are unique and that they are not threatened with the advancements taking place. Having a stronghold is important. Accounting Software might be efficient but accountants have done intensive study and they are no less.

Final Note

 

Accountants need not be threatened of complete annihilation but you need to show that you are not someone who is going to let a machine takeover. It is impossible to stop development, new technologies are going to keep on emerging, however; you can have the power to be in control of the change. To use these technologies in your favor and offer services to your clients.

Accountancy is an intricate disciple that requires a lot of hard work to allow the accountants to do what they can. Technology and humans can exist together. One doesn't need to wipe out the other to establish dominance.


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