Long ago, Artificial Intelligence (AI), robots, and machine learning (ML) were thought to be the only ones found in sci-fi films.
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.
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 AccountingIn basic terms, AI technology is intelligent machines that can perform repetitive, mundane tasks in a time consuming and highly accurate manner.
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 AccountantsThere 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.
Companies always need accountants who can analyze and interpret AI data, as well as provide consulting services.