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

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

Here's All You Need To Know About Indian Digital Tax

The Covid-19 outbreak has compelled businesses to transcend from traditional to digital models of work. With business models evolving on account of mass digitization, the complexities from a regulatory and taxation standpoint have only amplified. The advent and access to technology have enabled businesses to carry on business-as-usual with minimal physical presence. Unsurprisingly, India has the second-largest online users in the world, with over 560 million internet users, and hence, from the viewpoint of its tax revenue base, digital businesses could not be overlooked. However, as is the case in other jurisdictions, Indian tax laws were suited for conventional business models such as brick and mortar stores and thus in dire need of an overhaul. Recent Amendments To ensure that value created digitally is appropriately taxed; two significant amendments were introduced in Indian taxation laws in the recent past – The “Equalization Levy” – a tax aimed at foreign digital...
Post a Comment
Read more

ITR Due Dates may extend till September 2020

The government is considering a proposal to extend the deadline for filing personal income tax returns to September 30 from July 31 because of the lockdown. The last date for paying advance tax has already been extended till June 30 from March 31. A senior finance ministry official said the CBDT was considering an extension of the last date to file personal income tax returns to September 30 from July 31. Besides the date for advance tax, the government has extended the deadline for employers to issue TDS certificates, or Form 16, to June 30. Tax practioners said it would be difficult for employees to file their income tax returns by July 31 — the normal deadline for most individuals to file ITRs — if they get their Form -16 (TDS certificates) as late as June 30. So, it is likely that the deadline of July 31 to file ITRs would also be extended. According to the income tax laws, the last date for filing TDS returns for an employer is May 31 and Form 16 has to b...
Post a Comment
Read more