Skip to main content

Will AI Technology replace Accountants?

In recent years technology has evolved at a much rapid pace, so fast that it has almost gained a life of it's own. Technology has been making continuous advancements in each & every field including our very own Profession of Accounting. During its journey, accounting has seen many transformations as a result of the changing business world.



Stating a small example: Shift from pen & paper to the digital spreadsheets even for the purpose of bookkeeping shows how the evolution of technology in the modern era leads to the digitization of the entire accounting process.

With the influence of this digitization & automation, the need to 'get a hold'; on these emerging technologies has become a crucial point. This will be key to professional success for accountants. Two of these technologies: Artificial Intelligence (AI) and Blockchain have the potential to reshape the accounting profession as we know it. 

In basic terms, Artificial Intelligence (AI) technology is intelligent machines that are able to complete repetitive, monotonous tasks obviously with greater accuracy & less time as compared to humans. It can self learn data to improve its performance. You might have heard about AI in recent times but it came into existence way back that it is already capable enough to handle many accounting functions, such as tax preparation, payroll, and audits. Also, nowadays the accounting softwares use the capabilities of AI to automate the tasks such as data entry, account payables etc.

Now since all the major accounting related work is being accomplished with the help of AI, it leaves us with one career impacting question - Does this world still need Accountants?.Answer is definitely a YES.

There always will be a need for the human element and human intelligence at the other end of AI technology. In fact, according to a research, AI is set to create more jobs than it will replace, leaving workers, including accountants with options. The accountants need to adapt new methods of operation and accept AI with a smiling face. The field of accounting and finance are not just about numbers and algorithms; we need someone to analyze & interpret the AI data; hence, the human intellect cannot be overshadowed in any way.

Now coming to blockchain, since last couple of years, it's getting popular as a mean of keeping the records. Originally invented for crypto currency transaction but the attributes of immutable records,  time stamp, audit trail etc. is making it as a viable and effective alternate to reflect transparency in the business operations especially in record keeping. In the accounting profession, blockchain could have  interesting implications for auditors.

Due to blockchain technology's automated, real-time verification  and enhanced security, auditors might not have to spend nearly as much time on verifications, confirmation, and analyses of specific accounts. Blockchain could make audits significantly faster and less expensive to perform. Both the role and skill sets of accounting auditors may change as new blockchain-based techniques and procedures emerge.

So there's a very common saying in English- Don't resist change, embrace it. The only thing constant in the world and that is 'change'.

Rather than worrying about these technological changes, we should embrace it as a powerful solution to enhance customer services where accountant can use all their training & experience to do their best.

Although these changes might be difficult to adapt but as we know the  benefits are absolutely worth the time invested in sourcing the best  new software. Embracing these will revolutionize your own personality built.  Staying up to date with trends & continuing to adapt & improve your  knowledge over these aspects will definitely put you at forefront.
You can find more articles on at https://thetaxsupport.com/blog
You can find tutorial videos on at https://www.youtube.com/c/vipinsanger
Labels:
Location: New Delhi, Delhi, India

Comments

Post a Comment

Popular posts from this blog

Why Investing Is Important

Why Investing Is Important.. Investing has become increasingly important over the years, because the way forward for Social Security benefits becomes unknown. People want to insure their futures, and that they know that if they're counting on Social Security benefits, and in some cases retirement plans, that they'll be certain a rude awakening once they not have the power to earn a gentle income. Investing is that the answer to the unknowns of the longer term . You may are saving money during a low interest bank account over the years. Now, you would like to ascertain that cash grow at a faster pace. Perhaps you've inherited money or realized another sort of windfall, and you would like how to form that cash grow. Again, investing is that the answer. Investing is additionally how of achieving the items that you simply want, like a replacement home, a university education for your children, or expensive 'toys.' in fact , your financial goals will determine...
Post a Comment
Read more

4 Quick Tips to Stop Overspending..!!

The Tax Support Y ou may are during a situation where you've planned to save lots of money rather than overspending it. you'll have planned to shop for only what's necessary, stop eating out and control the urge to online shopping. Unfortunately, at the top of the month, you've ended up spending quite what you've thought you'd. Stopping overspending isn't as easy because it seems to be and if you actually want to save lots of money, read on to understand four quick and straightforward tips and tricks. Why shouldn't you overspend? In spite of the very fact that overspending may be a 'subjective' term, most folks tend to spend quite what we should always. Though it's going to not be easy to believe that you're overspending, the sooner you realize the very fact , the better it gets in controlling your urge to spend more. If you're one among those that purchase items because they're hooked in to those, ask yourself whether ...
Post a Comment
Read more

5 income tax relaxations that you need to know

In order to enhance liquidity in the hands of taxpayers, FM announced a reduction in the rate of tax deducted at source (TDS) for non-salaried specified payments made to residents by 25%. The coronavirus crisis has impacted lives severely. Several employees have been fired and many have witnessed salary reduction. In order to offer some relief to taxpayers amid such situation, Finance Minister Nirmala Sitharaman recently announced a slew of direct tax measures. FM said in her press conference, "We think this measure will release liquidity of Rs 50,000 crore who otherwise would have paid the tax." 5 Income Tax relaxations that you need to know: 1. TDS rate cut: In order to enhance liquidity in the hands of taxpayers, FM announced a reduction in the rate of tax deducted at source (TDS) for non-salaried specified payments made to residents by 25%.  2. TCS rate cut: In order to provide more funds at the disposal of the taxpayers, the rates of Tax Collection at ...
Post a Comment
Read more