Will AI replace Accountants? The future of Accounting

AI is currently one of the most talked about topics in the world. The technology is being used in all different places, and there has been in increase of use in replacing positions in many companies such as customer service and data entry. It seems like accounting could be next affected by this AI replacement?

AI Advantages

Realistically no AI can not replace Accounting entirely, but it can reduce the workload many struggle with. Certain positions such as bookkeeping and data entry have seen the most change. Entering data manually is the most tedious task in the profession, so AI is helping to reduce the workload. This gives the opportunity for Accountants to prioritize analytics and reduces human error from taking place.

The Challenges of AI

Despite having many advantages, AI comes with challenges such as biases within the algorithm. This can lead to AI coming to an inaccurate conclusion that removes the human aspect of analytics. Daniel Hood from Accounting Today discusses the issue that AI is not always perfect, the system can make mistakes, and especially when trying to understand where the data is going.

Final Thoughts

AI is a useful tool that needs to be developed further. Future iterations of the system will drastically reduce the workload for Accounting professionals who already struggle to keep up with data entry. I believe that AI will help to reduce workload and be important for future businesses to implement to stay ahead of the competition, but it will never replace accountants because of the importance of understanding and analyzing the data in a human aspect.

Will AI help or hurt Accounting professionals?