ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

Will AI and Cloud Accounting Eliminate the Human Element

Updated on February 7, 2019
Sarah Vallory Draper profile image

Sarah V. Draper is a professional copywriter and freelance investigative journalist whose passion is communicating with the world.

Source

Will AI and Cloud Accounting Eliminate the Human Element

Over the years, various science fiction films, television shows, and books have portrayed a future where some aspects of our lives are replaced with artificial intelligence. However, you might ask, would this really happen in reality?

A recent report by Forrester predicts that AI and robots will replace up to 7% of all jobs in the United States by 2025. Today, AI is a hot topic, with conversations revolving around software and computers taking on tasks that are normally done by humans. For instance, driverless cars replacing drivers and automated menu kiosks replacing waiters.

While AI could result in job insecurity in a few areas, you have nothing much to worry about if you are an accountant. Namely, technology can automate some of your roles, but it is not going to take over your entire job any soon. In fact, it will make it easier than ever for you to meet your clients' needs. Let's have a deeper look into this topic.

“The question of whether a computer can think is no more interesting than the question of whether a submarine can swim.” ― Edsger W. Dijkstra

Source

Why AI Won't Take Over Your Accounting Job

In the accounting industry, we are already experiencing great transformations in technology. With bots and cloud accounting solutions, for instance, small-business owners now find it easier than ever to manage their accounting work with unmatched efficiency. This is something that was, in the past, only enjoyed by larger corporations.

Moreover, with cloud accounting, through documented scanning software connected to bank data, you can have access to a live feed, which instantly improves your insights, as well as your advice to clients.

“Why give a robot an order to obey orders—why aren't the original orders enough? Why command a robot not to do harm—wouldn't it be easier never to command it to do harm in the first place? Does the universe contain a mysterious force pulling entities toward malevolence, so that a positronic brain must be programmed to withstand it? Do intelligent beings inevitably develop an attitude problem? ― Steven Pinker, How the Mind Works

Source

What Do All These Changes Mean?

There is a change in the role of accountants when it comes to working with their clients. This change is geared to promote the transition of businesses to the cloud. If you are one of the accountants embracing this change, your chances of thriving in the industry are high. However, some accountants may flounder along the way.

After it is said and done, what AI and cloud accounting revolution is facilitating is not a future where accountants are jobless. It is, instead, providing a great opportunity for you as an accountant to help your clients in ways that were not available in the last few years.

In fact, if AI and cloud accounting was actually going to drive accountants out of their workstations, you would expect most accountants to be more worried. However, most of them are embracing the various possibilities presented by technology. And you won't be surprised when you look at the possibilities that accountants and the accounting industry are bound to enjoy. You'll soon be able to automatically find the Glasgow phone number of your client.

“Maybe the only significant difference between a really smart simulation and a human being was the noise they made when you punched them.” ― Terry Pratchett, The Long Earth

Source

Accounting and Machine Learning

Machine learning can't go unmentioned when talking about artificial intelligence. It provides great opportunities to create high-integrity accounting. Do you know what that means?

High-integrity accounting basically refers to data unprocessed by the human element. This promises to completely eliminate tasks such as data processing. Consequently, you have more time to focus on strategic and advisory tasks.

Final Thoughts

There have been fears that Artificial Intelligence will eventually replace human beings in various professions. However, as AI and cloud accounting technologies develop, it becomes increasingly clear that they will not be replacing accountants. They will, instead, empower them. As AI handles the more strenuous manual work, you will have more time to focus on meeting your clients' accounting needs.

This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional.

© 2019 Sarah Draper

Comments

    0 of 8192 characters used
    Post Comment

    No comments yet.

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://maven.io/company/pages/privacy

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)
    ClickscoThis is a data management platform studying reader behavior (Privacy Policy)