In most recent years, the future of Accounting has been carrying around a big fat question mark on its rear end. The biggest argument here is the development of Artificial Intelligence (AI) that is anticipated to take away most jobs in the near future. They say Accounting is no exception – like the emergence of TurboTax in supplant of hiring tax preparers, it is only a matter of time before technology puts the demand for accountants at risk. Some predict that, in the next two decades, there is a 94% probability that computers will accomplish accountants’ jobs. In Australia, accounting has already been flagged by the Australian Workforce and Productivity Agency as the “borderline” job until a special investigation of accounting’s supply and demand is completed.
In many firms, professionals in the accounting division do a lot more than just traditional accounting and financial practices. The vast majority of senior accountants devote much of their time to nontraditional functions, such as strategic planning and information technology projects. Another aspect of an accountant’s job is their interaction with clients and the relationships they build, offering insightful consultations that software programs cannot quite deliver. Accounting firms have sophisticated and constantly-improving tax software available to them and employees are thoroughly trained to use the various packages. While the software provides the framework and calculations, it’s still the accountants who identify anomalies, question monetary behaviors, and at times notice unclaimed legal deductions.
It is without a doubt that Artificial Intelligence has a great list of advantages when accommodating human capital. But many times, the most valuable part of a company is the people within. There always seem to be a need for accountants worldwide and under various circumstances. In addition, as protectors of public interest, accountants are an important catalyst to solving an ethical dilemma. Someone still needs to keep a skeptical assessment of performances, and technology will stand beside as excellent redeployment of the talents the accountants perform. Suffice to say, accountants may be displaced but will not easily be replaced.
Illinois University Tax Team