There has been more chatter and panic than ever lately as us working professionals fret over the next jobs to be stolen by ‘robots’. In the accounting industry, many processes are prime targets for automation (bye-bye manual entries), leaving accounting and finance professionals (quite understandably) shaking in their shiny shoes.
Unfortunately, even if we wanted to, we can’t halt the evolution of working practices (just like technology); therefore, accountants need to be shaking off that feeling of self-pity and investigating how they can work alongside artificial intelligence (AI) and use it to their advantage; today, that’s exactly what Aspiring Accountants is going to explore.
The Benefits of AI
- Make use of faster analysis: Having the right AI systems in place frees up accountants’ time because they are able to automate time-consuming tasks like data entry and document reviews. AI gives accountants the chance to prioritise important projects and build better relationships with their clients/stakeholders (as they can spend more time with them).
- Reduced errors: If tasks such as data entry are taken over by robots, not only will the different processes speed up significantly, but there will likely be less mistakes made. Automated data entry can maintain a high level of consistency and, unlike humans, is unlikely to suffer from burn out.
- More desire for human trust: Whilst machines can be trusted to crunch the numbers, they are not yet able to make judgements or recommendations on the big, complex issues that can affect business decisions. Humans are able to act as a safeguard against any bad decisions made on the basis of AI calculations. People will be needed to monitor activity (and put the brakes on) as self-learning systems begin to make more important judgement calls. Such a focus on higher-value activity could see accountants taking on more prominent positions within companies, and as a result, gaining higher levels of trust.
- Meeting client requirements: Companies that incorporate AI into their processes are more likely to capture the interest of new clients who are looking to work with tech-savvy companies who can better meet their demands.
Are you interested in AI and want to learn more about how it affects the accounting industry? AAT’s accounting qualifications can supply you with the knowledge and skills needed to excel in this ever-evolving sector. Get in touch with Aspiring Accountants and speak to one of our course advisors today for career advice.