According to a study by McKinsey, 30% of tasks in 60% of occupations could be computerized. This raises the question: Is AI taking over accounting jobs? Certainly not, because while AI is reshaping the accounting profession, it will not entirely replace accountants. Instead, it is augmenting their capabilities and reshaping their roles.
Artificial intelligence is one of the most mind-blowing innovations ever made by man. AI is playing unthinkable roles in different fields, like web search engines, speech interaction, autonomous vehicles, generative tools, and even gaming.
With its vast capabilities, AI is already taking over some tasks in the service industry. The industries that are on the verge of being dominated by AI include design, banking, insurance, manufacturing, aerospace, and even accounting.
Let us now look deeper into the role AI is playing in the accounting industry.
What is the AI role in accounting?
Before we look into AI’s role in accounting, we must first understand what AI accounting is.AI accounting refers to the use of artificial intelligence (AI) technologies, such as machine learning algorithms and natural language processing, to automate and enhance various accounting processes.
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AI lately plays different roles in the accounting industry,, influencing the output immensely. The roles played by AI in the industry include:
- Collecting and analyzing data: AI is able to process large volumes of data quickly, helping accountants make informed decisions.
- Real-Time Data Processing: AI-powered bookkeeping systems can now connect with various data sources to quickly handle and analyze financial data in real-time.
- Tax research: Advanced AI tools can assist in identifying tax-saving opportunities.
- Fraud Identification and Protection: AI tools can easily identify fraud in accounting, thereby keeping away fraudsters.
- Planning strategies and forecasting: AI algorithms can comfortably provide accurate insights for better decision-making.
- Streamlining back-end operations: Automating routine tasks frees up accountants’ time for more valuable work with better outputs
The above are not all, but just the main roles AI can play in accounting. It is evident that AI roles are great in the industry.
Is AI taking over accounting jobs?
Before I answer the question, you first need to understand that AI is a model developed by a human being, not an alien. By now, I think you understand what I am trying to insinuate. Since AI was developed by a human being, can it be wiser than the innovator? Probably no.
AI is unlikely to completely take over accounting any time in the near future. While it is true that artificial intelligence (AI) is changing how accountants do their jobs, it cannot and won’t replace them entirely because the aim of its development was to assist human beings to work efficiently.
While transforming the accounting profession, accountants’ unique skills and judgment remain essential, and AI is unlikely to do the above; hence, it cannot replace the accountants in the field.
Therefore, if you are an accountant out there or have an accounting firm, do not be afraid to integrate AI into your work because, as mentioned above, AI will not replace you at work, but it will make you work less but smarter.
The future of accounting with AI
Ever since AI was integrated into the accounting industry, the majority of operations in the industry have been optimized. Then a question comes: What is the future of accounting, keeping in mind that AI has been integrated into the industry?
As mentioned above, AI is doing wonders in the accounting industry, helping operations and reducing the work done by human beings. Therefore, we should embrace AI in the industry to improve the value and accuracy of the input.
Finally, in addition to embracing AI in the accounting industry, professionals in the industry should learn how to optimize AI to help them in their work. This is because if AI cannot be used correctly, it can produce the wrong input, which in the future will bring confusion and even unreliable data.