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What accountants can learn from AI

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Advancements in technology are generally followed by fears that people will become obsolete in processes. But past experience suggests this is seldom the case: technology paves the way for exciting new jobs that are easier to complete.

Artificial Intelligence (AI) in particular is dreaded for its reputed potential to take over the accountancy industry. But it will only change the roles of accountants and speed up processes.

An article from Accountingweb shows how lawyers are incorporating AI into their work processes, and how these same applications could benefit accountants:

AI can speed up processes such as tax tribunal or court cases by finding similar characteristics to the current case

AI may benefit audit firms by easily examining loads of data as well as identifying problems

AI offers better prediction on the outcome of tribunals and court cases, thereby helping to determine whether or not to proceed with specific cases

AI may even assist with technical advice in future by providing relevant information to questions asked.

These ‘scary’ improvements will not get rid accountants just yet. But it will require some change in the industry.

Let’s be clear: accountants won’t be obsolete soon but room for change will have to be made. Information will be easier to access which means it will no longer be as necessary to gain large amounts of experience and knowledge.

The role of the accountant will change into a managerial position where technology will increase the accuracy and efficiency of work. Services provided will be quicker which will allow for accountants to take on more clients.