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August 24, 2022

How Artificial Intelligence and Automation are Affecting Accountants?

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Much like the rapid rise of the digital era, Artificial Intelligence (AI) and automation are going to revolutionize our world. The question is less about whether AI and automation have a place in the accounting and bookkeeping industry, but rather how it’s going to impact accounting professionals and small business bookkeeping across the globe.

What do AI and automation do for accountants?

There are many, many mixed emotions and messages circulating the Internet about AI and automation for accountants – including strong claims that the advancements will be “the death of accountants”. If you’re an accounting or bookkeeping professional, this can cause a wave of panic, but don’t worry – AI and automation can work in our favor and for the benefit of the client.

Keep in mind that accounting has been around for a very long time and has not only survived but continues to thrive through centuries of massive change. At one point, it was difficult to imagine moving physical books to the very beginnings of computer accounting, and then again to accounting software. But as much as modern accounting has evolved from pen and paper to digitized books and cloud computing, AI and automation can very well make big and positive strides in the industry. Here’s what the generation of technology-savvy accountants can expect.

Do more with the resources we have

Automation already exists in accounting today – from taking care of administrative tasks, transaction tracking, keying in formulas, and reporting, just to name a few. As automation continues to improve, we as accounting and bookkeeping professionals can not only embrace change but use it to our advantage.

With the minutiae details off our plate, we’re able to devote more time and energy to interpret the data for our clients. AI can gather, sort, and organize data into a visual presentation that can be used to determine the health of a business. Business owners can use this data to better strategize the direction and growth of their company.

Achieve more accurate financial reporting

AI can identify mistakes and anomalies quickly, such as duplicate invoices, odd numbers, and items in incorrect categories, for example. Accounting software already does this, but you can be sure to expect continuous improvements and an even smoother process as automation and AI continue to evolve.

Some of the benefits this provides accountants include:

  • Minimizing accounting errors
  • Reducing financial fraud
  • More accurate reporting
  • Minimizing the chances of duplicate or late payments
  • Identifying issues before they arise

Helps protect businesses from financial challenges

AI rapidly gathers and organizes data, allowing accountants to perform cash flow forecasting more efficiently. Accountants can adjust expenditures based on the data received, take action to protect the business, respond to financial challenges before they happen, and thus mitigate risk.

Further, AI can predict whether the additional inventory can be fruitful or detrimental to the business based on market demand. Again, just a few examples of how accountants can help their clients strategize and grow their business with AI.

Final thoughts

There are plenty of resources out there that may paint the narrative as Artificial Intelligence and Automation vs Accountants and Bookkeeping Professionals, but it’s not the full picture. Rather, it’s more like key players that make up a strong team. Automation and AI-equipped accountants are an asset to businesses worldwide. While accounting principles remain the same, how we do the work continues to evolve – and that’s a good thing!

Discover Your Future in Accounting

Accounting is undeniably changing, largely because of intelligent technology, including machine learning, AI, and blockchain. With any evolution, those who aren’t willing to adapt risk being left behind.”

Future accounting jobs will require dedicated professionals who are ready to evolve alongside the industry. Don’t let yourself be left behind — learn more about how you can gain the skills that can bring your career to the next level by enrolling with Get Trained Get Hired. If you need any assistance in preparing your resume or you need more specific interview guidelines that best suit your personal requirements to have a breakthrough in the Canadian job market reach out to Gettrainedgethired.com to book a free 30-Minute career counseling meeting. At Gettrainedgethired.com we provide you with the necessary training to learn practical skills to become an accountant. Our training is based on practical real-life cases.  After the training, we work on your resume and try to place you in accounting firms through our network. You will also get access to like-minded individuals who are looking for jobs through our WhatsApp group. Please feel free to contact us at [email protected]. Or call us at 647-870-6986

Disclaimer: The information provided on this page is intended to provide general information. The information does not consider your situation and is not intended to be used without consultation from professionals. Salman Rundhawa and Gettrainedgethired.com will not be held liable for any problems that arise from the usage of the information provided on this page.

Author

Salman Rundhawa

Salman has a strong desire to help others succeed and believe in passing on the knowledge. He likes to mentor others and wish to play part in other people success.

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