Many of the once tedious tasks performed by accountants are now performed by artificial intelligence (AI), allowing professionals to focus on more advisory roles … Those who are ready for the future will find that their future is even brighter. Bill Gates even referred to the rise of artificial intelligence as computer science's "Holy Grail." The world of accounting is just the latest in a series of industries being affected by the rapid increase in the use of artificial intelligence. To some degree, that has held true in early AI trends. These people may prefer to work from home, or under new arrangements and for higher pay – and they will be making such demands at the same time that the less skilled are being replaced by AI. AI will disrupt the finance industry, there's no doubt about it. While many finance professionals now focus on data analysis and trend insight, these areas would appear to also be open to AI disruption. you may be wondering what is the future of Accounting profession and the future outlook of accountancy given the recent disruptions being witnessed in various professions and occupations. In professions that require rote tasks such as accounting and law, AI is replacing human eyes for the better. Donald believes that many businesses are likely to soon be interested in AI-based automatic phone systems for customers or will consider drones, driverless cars or robots to do routine tasks. “Managing this period of transition is going to be a real challenge, a balancing act,” Donald says. For the accounting profession, AI raises a host of challenges. Read on, then take the quiz to test your knowledge. On the other side of the coin, highly skilled people will become more valuable. There is a real risk that it may happen too quickly for the ethical issues to be fully considered, understood and mitigated.”. Please ensure JavaScript is enabled. That is because AI is providing positive results such as increased productivity, improved accuracy, and reduced cost. The Rise of AI. While small firms have their entire staff working on the present, big firms are able to set aside accountants to work on the future. Are both big and small firms able to enjoy the benefits? AI, being efficient and automated, will completely take over the tedious procedures and monotonous tasks of the area. AI is already beginning to automate tedious tasks such as data entry. Professor Eduardo Nebot, director of the Australian Centre for Field Robotics at the University of Sydney, notes that robotic systems are already being used in the mining, stevedoring and agricultural industries. “Advisers need to be on top of the technical areas of AI while providing broader advice on issues like redundancy, upgrades and system integration,” he says. The spread of 5G communication will assist AI development. Parker. What's the golden age to become an entrepreneur? Firms that follow last year’s approach will quickly find themselves trailing behind those that innovate with AI. How well do you know your data? How can you integrate AI into existing practices? As revealed. AI's biggest benefit is taking over tasks that big firms have armies of staff accountants working on. In accounting, AI is used for processes like preparing taxes, auditing, and doing payroll. How will that affect the accounting profession? AI won’t lead to accounting job losses It’s expected that by 2020 accounting tasks, including audits, payroll, tax, and banking will be fully automated with the use of AI-based technologies. What do the calculations really mean, and how might they deliver for your business? This prompts opportunities for relearning and reshaping roles within an organisation to make sure employee skills are put to the best use. Both firms once had to undertake labor-intensive processes after legislative changes or transfers of ownership of client assets. Accounting is no exception. Automation is occurring at the staff level, but it will creep up the corporate ladder and begin to automate higher level accounting jobs,” he says. Accenture also asserts that hiring changes could result from an increased role in the accounting industry’s use of AI. The saved time, however, will allow those financial professionals to become better positioned as advisors. AI systems such as “phone bots” are already being used to handle simple interactions with clients, but will eventually be able to take on higher-level activities. As machine learning, artificial intelligence, and automation transform the finance function, teams are finding new ways to enhance decision support and strengthen their organisations’ competitive advantage. Before exploring the many ways that artificial intelligence, or AI, is disrupting the accounting profession, it will be relevant to see what it is all about. In fact, employment for accountants is expected to grow 10 percent through 2026 – higher than average. There’s some particularly advanced AI at Deloitte, where natural language processing aids in contract interpretation. As compared to being done by hand affect everything from auditing to forecasting sectors have already solidly. Test your knowledge portfolio management of technology based disruption following another order to jobs. 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