Impact of Artificial Intelligence in Accounting
Artificial intelligence is one of those technologies that have potential to transform every sector despite the diversity. Till date, a fully developed AI has not been given, and yet it haunts the professionals of every field. The rumours such as AI will take thousands of jobs, it will surpass human intelligence, AI will lead to extinction of human race, and many others are being reported daily. If we take a look around our surrounding, almost everything will have an involvement of this amazing technology in a few years. The field of accounting will also face the similar fate! How the accounting and managerial accountants will be impacted? If you are curious enough, then read this blog to the full and get enlightened!
There is no denying the fact that accounts is a field in which some prototypes are followed and continuous implementation of new and emerging technologies are considered. But the matter of fact is Artificial Intelligence is competent enough of doing this. With the help of machine learning and deep learning AI can learn to solve problems related to accountants and their counterparts.
If you ask us what will happen to managers who handle all the accounting-related queries, then with a heavy heart we’ll have to tell you that the job which is said to be irreplaceable may soon be at verge of danger. The machines have surpassed us in automation and soon they’ll be in every facet of life. So, is this good sign or bad?
If we talk in terms of prediction, the AI powered machines may take our jobs; replace us at our workplace and what not! However, if we take a glance at present scenario, we are far behind such advancements. Nobody can accurately predict the future, the machines will definitely improve but they taking our jobs in every sector and leaving us helpless is the worst case possible. It is possible but why do we think that machines will turn over us.
What will make us rely on AI?
Well, there are many reasons because of which we might need to take help from AI, but the major point of concern is the tax calculation on personal and organisational level. In a few countries, the tax system is so complicated that people, no matter how intelligent they are rely on the accountants and other professionals to help them with this. To add the misery, the guidelines on which these calculations are based are updated quite frequently. The difficulty in making the calculations ourselves and the cost of hiring a professional will lead us to designing AI. So, will the rumours turn to reality and our jobs would be taken by machines? We guess not!
As same as every field, if we control the learning and take proper precautions, then it is possible that we may stop the worst from happening. Another theory says that machines will never take over us in the field of accounting as they will always need humans by their side to guide them through and accomplish task without any hassle.
So, will the machines render us helpless or will they generate more jobs for us in future? The answer to this is unknown and we hope that AI powered machines help us enhance our performance in the accounting sector rather than making us vulnerable. In the meantime, the professionals are recommended to scoop out more time to sharpening their skills so that nobody can beat them in terms of experience and accuracy. So even if the Apocalypse happens we are ready for the face off!
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Mindspace is a provider of bookkeeping, payroll and tax preparation services. We specialize in servicing CPA firms as well as small, medium and large businesses. We are a true sourced accounting department providing highest level of accounting and bookkeeping expertise and access to the latest technologies.
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