Accountants have generally embraced waves of automation to improve their effectiveness and efficiency of their work. Technology is yet to replace human brains in the field of accounting as we humans carry the expert knowledge and decision making.
Artificial intelligence (AI) has seen tremendous progress in the last few years, during times like these where everything is moving online, AI have become an integral part of it. AI does not replicate human intelligence, but it is far more accurate and consistent in providing data than humans are.
In the short term, AI brings many opportunities to accountants who want to improve their business as AI can give them more insights, efficiency and deliver more value to the business. However in the long term it raises more serious questions as to can AI replace human intelligence or even replicate it and take over the decision making tasks that are being done by human at present.
What is machine learning or AI?
Machine learning is the leading edge of artificial intelligence (AI). It’s a subset of AI where machines can learn by using algorithms to interpret data from the world around us to predict outcomes and learn from successes and failures. Machines will take over the mundane, repetitive task of an accountant. This will free up time of the accountants and this time could be used to analyse and interpret the data to provide recommendation for the future. This could be seen as a positive or a negative as accounting firms will be forced to adapt machine learning if they want to remain competitive as it way more accurate and can deliver real-time insights, enhance decision making and catapult efficiency.
Rather than accountants fearing the change machine learning and AI will have on accounting tasks, it should be an opportunity for accounting professionals to be excited as repetitive task which are currently being done will be shifted to machines and accountants will have to adapt and find a new way to make contribution in their area of expertise. In the late 90s it was seen that computers, mobiles and robot will take over and they would no need to employ humans from then on. The opposite has happened since then, computers and mobiles phones have led to more job opportunities and new kind of jobs appearing. The evolvement of AI and machine learning is inevitable, they are here to help us and take away the boring repetitive tasks of our jobs but it is upto us to accept the change and find a way to coexist with them in a way that is helpful for our business. We as a firm believe in embarrassing the technology and making the best use of the both worlds human intelligence and AI or machine learning. This we believe will help take our clients to the next level.