5 answers
Paula
Student
Accra, Greater Accra Region, Ghana
2
Questions
Updated
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Is there a need for an Accountant when we have technology and AI?
I believe that the new technological advances can be used instead of an Accountant so there is no need pursuing the Accounting course which are very stressful courses
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5 answers
Alexandra Grashkina-Hristov
International Tax Professional
155
Answers
Boston, Massachusetts
Updated
Alexandra’s Answer
Hello Paula,
This is a very good question. I work for an accounting firm and use AI tools but my view is that AI helps make accountants do their job; it does not substitute them. Working in the accounting field provides many different opportunities. You could be doing audits, you could be preparing tax returns or you could be providing accounting advice. What these option have in common, though, is that you have to understand the accounting and tax rules and know how to apply them to practical scenarios. You also need to communicate clearly and efficiently with clients and help them take the next steps in their business in order to remain compliant but also achieve certain efficiencies. Accounting requires very strong research, writing and communication skills, an ability to create trust in people and to build relationships. While AI can help with many day-to-day tasks for accounting professionals, a human mind and connection is critical to enable companies to understand accounting principles and put them to practice.
This is a very good question. I work for an accounting firm and use AI tools but my view is that AI helps make accountants do their job; it does not substitute them. Working in the accounting field provides many different opportunities. You could be doing audits, you could be preparing tax returns or you could be providing accounting advice. What these option have in common, though, is that you have to understand the accounting and tax rules and know how to apply them to practical scenarios. You also need to communicate clearly and efficiently with clients and help them take the next steps in their business in order to remain compliant but also achieve certain efficiencies. Accounting requires very strong research, writing and communication skills, an ability to create trust in people and to build relationships. While AI can help with many day-to-day tasks for accounting professionals, a human mind and connection is critical to enable companies to understand accounting principles and put them to practice.
Brijesh Vashishth
Technology Consultant
12
Answers
Denver, Colorado
Updated
Brijesh’s Answer
With a fundamental understanding of accounting, I'll offer a unique perspective on this topic. Here are some reasons why I believe AI won't supersede accountants:
1. Regulatory Compliance and Audits: Accountants are crucial in upholding regulatory compliance and executing audits. These tasks need a profound comprehension of complex rules and ethical implications.
2. AI's Short-term Limitations: AI isn't likely to fully replace accountants at least in the upcoming decade. The technology is still in its early stages and lacks the capacity to make intricate decisions that need a detailed understanding of business context, regulations, and ethics.
3. Intricate Decision-Making: The current AI doesn't possess the ability to mimic the intricate decision-making skills of accountants, who are skilled at maneuvering complex business situations and ethical quandaries.
4. Financial Planning Strategy: Accountants, unlike AI, aid in long-term financial planning, budgeting, and forecasting. These tasks necessitate understanding wider economic trends and organizational goals, which demand human insight and flexibility.
5. Human Supervision: Despite AI's progress, human supervision is vital to guarantee the precision and dependability of financial data and systems. The existing AI technology isn't advanced enough to function without human guidance.
While AI and technology can automate mundane tasks and improve the efficiency of accounting processes, the role of human accountants is transforming rather than disappearing. They are shifting towards more strategic, analytical, and advisory roles that need human intelligence, discernment, and social skills. Consequently, accountants will continue to be in high demand in the AI era.
My enduring advice is to start incorporating AI into your work and get acquainted with its abilities. AI is engineered to assist us and automate various tasks, so it's advantageous to utilize its potential. It's crucial to acknowledge that AI is becoming a fundamental part of our lives and cannot be disregarded.
1. Regulatory Compliance and Audits: Accountants are crucial in upholding regulatory compliance and executing audits. These tasks need a profound comprehension of complex rules and ethical implications.
2. AI's Short-term Limitations: AI isn't likely to fully replace accountants at least in the upcoming decade. The technology is still in its early stages and lacks the capacity to make intricate decisions that need a detailed understanding of business context, regulations, and ethics.
3. Intricate Decision-Making: The current AI doesn't possess the ability to mimic the intricate decision-making skills of accountants, who are skilled at maneuvering complex business situations and ethical quandaries.
4. Financial Planning Strategy: Accountants, unlike AI, aid in long-term financial planning, budgeting, and forecasting. These tasks necessitate understanding wider economic trends and organizational goals, which demand human insight and flexibility.
5. Human Supervision: Despite AI's progress, human supervision is vital to guarantee the precision and dependability of financial data and systems. The existing AI technology isn't advanced enough to function without human guidance.
While AI and technology can automate mundane tasks and improve the efficiency of accounting processes, the role of human accountants is transforming rather than disappearing. They are shifting towards more strategic, analytical, and advisory roles that need human intelligence, discernment, and social skills. Consequently, accountants will continue to be in high demand in the AI era.
My enduring advice is to start incorporating AI into your work and get acquainted with its abilities. AI is engineered to assist us and automate various tasks, so it's advantageous to utilize its potential. It's crucial to acknowledge that AI is becoming a fundamental part of our lives and cannot be disregarded.
Kevin Greenlees, MAcc
Accountant, Financial Analyst, Automations Developer
19
Answers
Grand Rapids, Michigan
Updated
Kevin’s Answer
As a professional accountant, I use AI and (more beneficially) RPA routinely, if not daily. Both tools can help you digest data quickly, gain insights, and draft reports, but at the end of the day neither does what accountants do: provide reasonable assurance. Very little of what professional accountants do is about crunching numbers. I’ve automated all of that, and most other accountants do, as well. What I get paid for is providing my professional advice in light of what the numbers show me.
Federal and state law, particularly the Sarbanes-Oxley Act, require that a public company (one that sells securities on the open market) must be routinely, objectively, and adequately audited, and while AI and RPA can—and do—help with those engagements, Sarb-Ox also requires that qualified human beings take responsibility for those findings and for the financial statements that many investors use to make decisions about buying or selling shares. By law, the CEO, the CFO, the audit committee, and others can face significant penalties (jail time, fines, loss of employment, banned from working in the business field) if they intentionally misstate their financial records. I don’t see a scenario in which Congress agrees to let AI take that over from humans.
Federal and state law, particularly the Sarbanes-Oxley Act, require that a public company (one that sells securities on the open market) must be routinely, objectively, and adequately audited, and while AI and RPA can—and do—help with those engagements, Sarb-Ox also requires that qualified human beings take responsibility for those findings and for the financial statements that many investors use to make decisions about buying or selling shares. By law, the CEO, the CFO, the audit committee, and others can face significant penalties (jail time, fines, loss of employment, banned from working in the business field) if they intentionally misstate their financial records. I don’t see a scenario in which Congress agrees to let AI take that over from humans.
david kirk
Retired Computing Manager
480
Answers
Syracuse, New York
Updated
david’s Answer
I know there has been a lot written about artificial intelligence, and AI can be a benefit in many career areas, including accounting. BUT, and it's a big but, AI can only draw good conclusions by collecting information developed by human experts. This does not apply just to accounting, but to all career areas. Use AI to review and summarize what data are available, but true insight on possibilities and opportunities will always depend on the specialist who knows from where to gather data. It is such persons who feed AI databases, and those persons will continue to be vital to ensure that AI provides useful information. So, focus on what interest you and go that way. You may find that AI becomes a useful tool to accelerate you even further, and will never replace you. I can recall, years ago, that people felt that bringing computers into the workplace that jobs would be eliminated -- but the opposite happened: with computers the possibilities expanded and the need for more skills and more employees erupted. I wish you well in your pursuits. Never, ever, assume that your contributions will be unnecessary because of technology. All the best to you.
James Constantine Frangos
Consultant Dietitian & Software Developer since 1972 => Nutrition Education => Health & Longevity => Self-Actualization.
6342
Answers
Gold Coast, Queensland, Australia
Updated
James Constantine’s Answer
Hello Paula!
ME:-
Yes very good question there has been a lot of talk that programmers like me will be obsolete in five to 25 years computers will use AI to write software and there will be no further demand for human production. A few of the way out publications about time travelers are talking about a world from 7000 years into the future where AI is making political decisions. God forbid I'd sooner the whole AI scenario just vanished.
It sounds to me like an Orwellian planet of misery where AI is even involved with political decisions and legal decisions no thanks.
AI:-
Is there a need for an Accountant when we have technology and AI?
The question of whether accountants are still necessary in the age of advanced technology and artificial intelligence (AI) is multifaceted and requires careful consideration of various aspects of the accounting profession, technological capabilities, and the evolving business landscape.
1. The Role of Accountants: Accountants perform a variety of essential functions that go beyond mere number-crunching. They are responsible for financial reporting, tax preparation, auditing, compliance with regulations, and providing strategic advice to businesses. Their expertise helps organizations make informed decisions based on financial data. While technology can automate many routine tasks such as data entry and basic calculations, it cannot fully replicate the analytical skills, judgment, and ethical considerations that human accountants bring to their work.
2. Technological Advancements in Accounting: Technological advancements have indeed transformed the accounting profession. Software applications like QuickBooks, Xero, and Sage automate bookkeeping tasks, while AI tools can analyze large datasets to identify trends or anomalies. These technologies enhance efficiency and accuracy but do not eliminate the need for human oversight. For instance, while AI can generate reports based on data inputs, it lacks the contextual understanding required to interpret those reports meaningfully or to provide insights tailored to specific business scenarios.
3. The Importance of Human Judgment: One critical aspect where human accountants excel is in exercising professional judgment. Accountants must navigate complex regulatory environments and ethical dilemmas that require a deep understanding of laws and standards—something that AI currently cannot do effectively. Moreover, accountants often serve as trusted advisors who understand their clients’ unique circumstances and can offer personalized guidance that goes beyond what algorithms can provide.
4. Evolving Skill Sets: As technology continues to evolve, so too does the skill set required for accountants. Rather than rendering them obsolete, technology has shifted the focus of accounting professionals toward more strategic roles involving analysis, advisory services, and decision-making support. Accountants are increasingly expected to be proficient in using technological tools while also possessing strong analytical skills to interpret data effectively.
5. Future Outlook: The future of accounting will likely see a hybrid model where technology complements human expertise rather than replaces it entirely. Organizations will continue to rely on accountants for their ability to provide insights derived from financial data while leveraging technology for efficiency gains in routine tasks.
In conclusion, while technology and AI have significantly impacted the accounting profession by automating certain tasks and improving efficiency, they do not eliminate the need for accountants altogether. The role of accountants is evolving rather than disappearing; they remain essential for their expertise in navigating complex financial landscapes and providing valuable insights that machines cannot replicate.
Therefore, there is still a significant need for accountants despite advancements in technology and AI, as they provide critical thinking, ethical judgment, personalized advice, and strategic insights that are irreplaceable by machines.
Top 3 Authoritative Sources Used in Answering this Question:
1. American Institute of CPAs (AICPA)
The AICPA provides guidelines on the evolving role of accountants in light of technological advancements and emphasizes the importance of human judgment alongside automation.
2. International Federation of Accountants (IFAC)
IFAC offers insights into how global trends affect the accounting profession’s future roles and responsibilities amidst increasing reliance on technology.
3. Deloitte Insights
Deloitte publishes research on how automation impacts various industries including accounting; their findings highlight both opportunities created by technology as well as areas where human expertise remains crucial.
Probability that the answer is correct: 95%
God Prevails!
JC.
ME:-
Yes very good question there has been a lot of talk that programmers like me will be obsolete in five to 25 years computers will use AI to write software and there will be no further demand for human production. A few of the way out publications about time travelers are talking about a world from 7000 years into the future where AI is making political decisions. God forbid I'd sooner the whole AI scenario just vanished.
It sounds to me like an Orwellian planet of misery where AI is even involved with political decisions and legal decisions no thanks.
AI:-
Is there a need for an Accountant when we have technology and AI?
The question of whether accountants are still necessary in the age of advanced technology and artificial intelligence (AI) is multifaceted and requires careful consideration of various aspects of the accounting profession, technological capabilities, and the evolving business landscape.
1. The Role of Accountants: Accountants perform a variety of essential functions that go beyond mere number-crunching. They are responsible for financial reporting, tax preparation, auditing, compliance with regulations, and providing strategic advice to businesses. Their expertise helps organizations make informed decisions based on financial data. While technology can automate many routine tasks such as data entry and basic calculations, it cannot fully replicate the analytical skills, judgment, and ethical considerations that human accountants bring to their work.
2. Technological Advancements in Accounting: Technological advancements have indeed transformed the accounting profession. Software applications like QuickBooks, Xero, and Sage automate bookkeeping tasks, while AI tools can analyze large datasets to identify trends or anomalies. These technologies enhance efficiency and accuracy but do not eliminate the need for human oversight. For instance, while AI can generate reports based on data inputs, it lacks the contextual understanding required to interpret those reports meaningfully or to provide insights tailored to specific business scenarios.
3. The Importance of Human Judgment: One critical aspect where human accountants excel is in exercising professional judgment. Accountants must navigate complex regulatory environments and ethical dilemmas that require a deep understanding of laws and standards—something that AI currently cannot do effectively. Moreover, accountants often serve as trusted advisors who understand their clients’ unique circumstances and can offer personalized guidance that goes beyond what algorithms can provide.
4. Evolving Skill Sets: As technology continues to evolve, so too does the skill set required for accountants. Rather than rendering them obsolete, technology has shifted the focus of accounting professionals toward more strategic roles involving analysis, advisory services, and decision-making support. Accountants are increasingly expected to be proficient in using technological tools while also possessing strong analytical skills to interpret data effectively.
5. Future Outlook: The future of accounting will likely see a hybrid model where technology complements human expertise rather than replaces it entirely. Organizations will continue to rely on accountants for their ability to provide insights derived from financial data while leveraging technology for efficiency gains in routine tasks.
In conclusion, while technology and AI have significantly impacted the accounting profession by automating certain tasks and improving efficiency, they do not eliminate the need for accountants altogether. The role of accountants is evolving rather than disappearing; they remain essential for their expertise in navigating complex financial landscapes and providing valuable insights that machines cannot replicate.
Therefore, there is still a significant need for accountants despite advancements in technology and AI, as they provide critical thinking, ethical judgment, personalized advice, and strategic insights that are irreplaceable by machines.
Top 3 Authoritative Sources Used in Answering this Question:
1. American Institute of CPAs (AICPA)
The AICPA provides guidelines on the evolving role of accountants in light of technological advancements and emphasizes the importance of human judgment alongside automation.
2. International Federation of Accountants (IFAC)
IFAC offers insights into how global trends affect the accounting profession’s future roles and responsibilities amidst increasing reliance on technology.
3. Deloitte Insights
Deloitte publishes research on how automation impacts various industries including accounting; their findings highlight both opportunities created by technology as well as areas where human expertise remains crucial.
Probability that the answer is correct: 95%
God Prevails!
JC.