Will AI and Cloud Accounting Eliminate the Human Element
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
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
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
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
