The Future of Accounting: Could AI Replace Accountants?

How will AI (Artificial Intelligence) shape the future of accounting?

There is a big buzz around AI, and it’s making its way into more and more aspects of our lives. As the influence of AI continues to grow, so do concerns surrounding job security.

Many financial management tools have adopted AI technology, and finance departments are increasingly using automation to save time on certain tasks. This has left many to wonder – could AI replace accountants?

Let’s explore the use of AI and Automation in accounting, and what the future of accounting could look like.

AI & Accounting

AI can complete tasks faster and more accurately than a human accountant. In an industry where accuracy is non-negotiable, and mistakes can be costly, it’s no wonder that Accounting and Finance are in the top 4 industries with the highest adoption rates for AI technology.

However, AI lacks the human qualities that experienced accountants have. For example, accountants can interpret financial laws and regulations, understand the market and financial landscape, and formulate strategies. According to ACCA’s report, “AI may offer helpful support and productivity boosts, but it will not be able to replace the ability to think critically and consider a broad array of contextual factors when making decisions, even when made on the basis of AI-driven insights.”

What could the future of accounting look like?

Widespread use of specialised accounting software in the late 20th century sparked change in the accounting industry, AI and automation will revolutionise the way we work again.

AI and automation technologies help accountants to save time and reduce errors, not replace the profession. It will serve as a tool to improve efficiency.

Accountants are integral for investigating discrepancies, solving problems and analysing, interpreting and forecasting data. The role of an accountant will move away from crunching numbers, towards a more strategic advisory role.

Accounting Automation Software

In a survey conducted by Sage, 26% of accountants and bookkeepers reported to have already adopted AI technologies, rising to 52% in the next 5 years.

With AI and automation becoming increasingly popular and widely used in accounting, it’s likely that your competitors are probably already utilising AI technology to save time and increase efficiency. If you want to keep up with your competition and utilise the power of automation, then you need the right tools!

A few examples of accounting software solutions that offer automation features include Sage Intacct and Sage 200.

Other examples of platforms and Sage add-ons which have built-in elements powered by AI technologies include: Yooz AP Automation, Credit Hound Cloud, Spindle Purchase Invoice Recognition and Sicon Document Automation.

Award Winning Sage Business Partner

Sage continually invests in new technologies and developing their solutions. As one of the top 3 Sage Business Partners in the UK, we’re up to date with all the new Sage developments and our team understand the software solutions inside out.

We’ve helped many businesses to improve their financial processes through delivering tailored accounting software. Get in touch with our Sage experts to find out how accounting automation software could work for you!

If you’d like more information about Sage 200 or Sage Intacct, get in touch with our team by calling 01332 959008 or emailing [email protected].