Artificial Intelligence (AI) continues to show it’s prominence in the next generation of business software. In the accounting world, we’ll likely to see this increase through such technology as Robotics Processing Automation (RPA). RPA is software that combines machine learning capabilities and AI to automate rule-based processes. This can range from processing transactions to generating automatic responses. The ability for a program to self-learn improvement opportunities or prevent mistakes is desirable in accounting as it reduces the amount of time spent on basic processes of transaction recordings and distributions. This doesn’t render accountants useless. Rather, AI helps financial experts do their job more efficiently because no time is wasted. AI makes the job faster, it doesn’t destroy it.
You’ll Still Need Accountants
Ultimately, accounting software is a tool. You still need to know how to use it, and even then, it requires detailed analysis to make use of the data. As technology develops, the technical aspects of accounting become easier and faster, but this simply means the accounting team can serve more as a group of guides or consultants (which is ultimately what you really want).
Total reliance on AI or other technology, in general, is not the solution for progress. Removing the insights of human accountants is unwise. Even with the raw processing power of an automated, cloud-based system, good direction from the human is still necessary. Software can’t yet define strategies for cutting costs or provide insight into how to conserve more revenue to reach business goals. It’s up to the accounting team, harnessing the technology, to be the brains behind the machine.
The Evolution of Accounting
With the accounting team’s role evolving more towards analysis and strategy, accountants will need to collaborate more closely with different professionals such as software specialists. In addition to financial analysis and advising, accounting work may grow to report on the effectiveness of tools and individuals in gathering financial data or for quality control. The accounting business will change, but this has the potential of expanding the role of accountants. For the accountant team, mastering the latest technology trends and embracing innovation will empower their career to new heights and ensure their continued relevance.