Is Artificial Intelligence the Future for Accountancy?

With technological advancements driving the way we live life in the present and future, it is no doubt that artificial intelligence has its beneficial uses for assisting accounting services. In fact, AI is taking over more traditional accounting duties than ever before- speeding up the process of data inputting and report building. However like all new systems, there are pros and cons to this. Continue to read to find out more about the impact AI has for the future of accountancy. 

What is Artificial Intelligence?

Artificial intelligence systems can be very powerful and are improving quickly. They provide outputs that can be extremely accurate, replacing and, in some cases, far superseding human efforts. However, they do not replicate human intelligence. We need to recognise the strengths and limits of this different form of intelligence, and build understanding of the best ways for humans and computers to work together.

Artificial Intelligence and Accountancy

Although artificial intelligence techniques such as machine learning are not new, and the pace of change is fast, widespread adoption in business and accounting is still in early stages. To build a positive vision of the future, we need to develop a deep understanding of how artificial intelligence can solve accounting and business problems. It is also important to note the practical challenges and the skills accountants need to work alongside intelligent systems.

Pros of AI in Accounting:

• The automation of collecting transactions and compiling them into financial statements and tax returns in an efficient, and much quicker manner
• More data, better predictions and more intelligent automation will enable accountants to deliver more value, focus on forward-looking analysis and provide greater leadership to businesses
• Many argue that more intelligent systems will help accountants to provide more insight and move further up the value chain.

Cons of AI in Accounting:

• There are many fears that systems will increasingly take over complex decision tasks, leaving little for human accountants to do
• While these systems do not replicate human intelligence, they increasingly produce outputs that far exceed the accuracy and consistency of those produced by humans. This is raising concern about the long terms demise of professions such as accountancy.

Needless to say, it will be a long time before AI can replace the hard work and personable approach that accountants have to offer. Accountants build relationships with their clients which extends beyond just numerical discussions, but also advisory services and support to grow your financial potential.

How we can help

Here at Carrington Blake Accountancy, we pride ourselves in having an expert team of accountants who are genuinely passionate about what they do. This passion compels us to provide you with impeccable service, with a strong focus on presenting each client with stress-free and transparent account handling. Contact us today to learn more about the vast services we offer and if you have any questions.