Automation is the next big thing
Automation is the next big thing. It has drastically reduced the time needed to perform a task and improved overall productivity. However, the wave of automation is causing jitters to professionals from various fields, accounting being one of them. Robots are no longer science fiction; they are everywhere, and people are continuously losing their jobs.
Accountants are worried about losing their jobs too. They are living in anxiety, not knowing what is in store for them. Those who want to pursue a degree in accounting must rethink before making a decision. Artificial intelligence is taking centre stage in organizations across the world. The bad news to employees is that technology advancement will not slow down anytime soon. In fact, researchers have predicted that robots will replace more than 800 million jobs. At first, artificial intelligence seemed to affect white-collar job employees, but as technology advances, the wave is more potent and unstoppable.
Artificial intelligence in accounting
In layman’s language, AI is ingenious machines that can perform repetitive tasks. Besides, the machines complete tasks at little time than humans. The innovation of machine learning enables AI to follow, analyze, and evaluate data and processes for high accuracy.
As of now, AI technology is handling a couple of accounting functions., such as payroll, tax preparation, and audits, among others. Accounting software innovators have improved their systems to incorporate more features. These features have enabled them to handle accounting tasks such as invoice categorization, bank reconciliations, audit processes, and risk assessment, to mention a few.
AI platforms handle many standard tasks that require a lot of time for humans to complete at a twinkle of an eye and with more accuracy. Therefore, there is probability that in the next few years, companies will need few or no accountants at all.
Transformation and not replacement
Renowned financial experts such as Alan Boal have it that AI will only transform the nature of accountants jobs and not entirely replace them. It is evident that machine learning can complete essential accounting tasks at no time and exceptional accuracy, but that’s only a stabling block to accountants.
Artificial intelligence can not efficiently perform without the human element. In fact, AI might trigger the creation of more jobs than it will eradicate. What will happen is that the nature of jobs will change completely. What accountants need to do is acquire information technology skills.
AI should not cause panic among accountants. Organizations will always need accountants with dexterity to analyze and shed light on AI data. Therefore, only the duties of an account will change. However, accountants will no longer perform basic accounting tasks. Their roles will shift to providing consulting services and data analysis.
So, accountants should not worry about the emergence of artificial intelligence. They should be bu
sy improving their skills so that they can offer real-time solutions in accountancy.Preparation for the significant shift
Since automation is here to stay, the best thing is to improve your skills to remain competitive. Accountants cannot beat AI technology in completing basic accounts tasks. Therefore, it is prudent to maximize its use and deduce more roles from its presence. Accounting degrees with not be worthless in the future, but only those that are integrated with AI technology will retain relevance. Fortunately, a significant number of universities are intermarrying IT and database management with an accounting degree. This means that fresh graduates are fully baked cakes for the market. Experienced accountants should acquire IT skills to remain relevant.
They can do this by attending a college-level course, utilising online self-learning programs, and attending seminars. If you are looking forward to pursuing an accounting degree, the future is still promising, go for it but ensure you acquire IT and database management skills too.