Artificial intelligence, artificial neural networks, deep learning, and robots only seemed part of science fiction only a few decades ago. But today, these types of technologies are used in every industry.
Industries like medicine, agriculture, healthcare centers, and customer service have already shifted toward robotic work. These changes may have brought positive changes for some, but they have led to fewer jobs for the human workforce, which now seeks other career options.
The AI revolution is not going anywhere in the near future. So, how will this change affect accountants, and should they worry about what the future holds for their careers?
How Is AI Used in Accounting?
AI reduces the load of mundane tasks and performs them at a fraction of the time a human takes and with increased precision. Machine learning equipped with AI self-learns different processes through training data and improves their outcomes and accuracy over time.
Nowadays, AI already helps with payrolls, tax preparations, and audits. Plus, a lot of leading accounting software integrate AI into their software mechanisms. These include handling general tasks like categorizing invoices, risk assessments, bank reconciliations, audit processes, invoice payments, and expense submissions.
Most of these tasks are extremely time-consuming, which makes the integration of AI technology a threat to many accountants and has them worried about their careers and positions in companies.
What Will AI Do to Accountants?
There is no doubt that AI can handle and manage tedious accounting tasks and give faster turnarounds with precise results. However, the rise of AI does not mean it is the end for accountants. There will always be a need for human intelligence, even in AI technology.
AI is set to create more jobs instead of replacing accountants, leaving them with more career options.
Plus, accountants don’t have to worry about AI taking over any time soon. Businesses always need accountants to evaluate and interpret AI data and provide optimal advice. So, instead of replacing accountants, AI will change their responsibilities, transforming them into something new.
Moreover, accountants can focus on other aspects of the job, like data analysis and consulting, when the tedious, mundane tasks are taken care of by AI. This is good news for accountants because they will not have to spend long hours on menial and time consuming tasks.
Furthermore, AI will also improve data entry accuracy and pull the liability risk threshold down for accountants. It can also help with fraud detection by providing real-time data that helps accountants derive real-time solutions.
Machine learning can also help accountants analyze large amounts of data and make decisions based on past failures and successes to predict future results accurately.
What Does the Future Hold for AI in Accounting?
If you want to stay competitive, you’ll have to accept the integration of AI in accounting. The accuracy AI provides cannot be beaten by anything. So, accountants can only embrace the unfolding of this new technology and work on ways to make the best use of it.
Thus, the more equipped you are with AI, the better you can serve clients through AI technology and become valuable assets.
You can adapt to this changing environment by attending regular seminars, attending college programs, or self-learning online. It is also important for you to keep up with emerging trends and industry news.
Staying updated with everything will allow you to leverage your offerings to clients in a better way and provide efficient services. So, instead of worrying about AI, it is better to embrace the new technology that will help to enhance your client experience and reduce your responsibilities.
Needing an Accountant for your business? YBM can help you today. Click here to contact us.