Artificial Intelligence (AI) is the most significant technological breakthrough of the decade and is driving conversation, investor interest and discussion about how AI will impact jobs in a variety of sectors.
As AI tools take root, there will be many changes in accounting. There is no doubt that AI integration is transforming accountancy by eliminating manual, repetitive tasks such as data entry, transaction classification and reconciliation. AI-supported algorithms can accurately analyze large amounts of data and provide deep insights, making the decision-making process faster and focused. A set of new skills and competencies will help realize the benefits of AI.
The use of automation and AI should be an excellent opportunity for the profession. This means that junior employees can support seniors in strategic tasks such as developing tax strategies for clients, analyzing national or international tax policy, understanding core businesses, etc. This will result in increased overall productivity as time will be freed from mundane tasks. Trainees learn more about the fundamentals of strategic planning and business analysis and receive sharp advice on how to pursue career prospects. Ethical use of data and training AI systems to work within regulation is also a skill to learn and deploy. These skills will help those who are starting to add value and climb the career ladder.
However, the growing impact of AI on accounting does not mean that there are less opportunities for this profession. On the contrary, opportunities abound as upskilling opens up new career paths, enabling accountants to take on roles with advanced technical and analytical skills. The ability to present practical analytics and work together with AI will improve learning outcomes and create better career paths for young accountants. Accountants who continually upskill can provide comprehensive and strategic advice to clients, resulting in higher client satisfaction. One should look at the bigger picture and not just think about one’s own area of ​​expertise. It is worth remembering that AI will not replace humans, but humans who understand and use AI well can replace those who do not understand AI.
Furthermore, with the rise of AI, digital skills have become even more important. Companies can play a role here, as professionals skilled in using digital tools and technologies are better positioned to succeed (remember the analogy of humans and AI from earlier in this piece). Organizations can offer online courses, webinars and workshops as well as projects, consultations and practical training.
Collaboration between professional accountants, data scientists, and AI experts is needed to ensure transparency and promote ethical AI use. There will continue to be a need for experienced professionals to oversee critical functions and processes for specific functions such as finance, audit and risk.
The rise of AI should be seen as a call to arms to remodel and modify our skills in the changed reality. Accountants will be relevant and can act as innovators, helping guide businesses in a changing world, interpreting AI-powered data points, maintaining compliance and delivering human decisions, which A machine cannot repeat.
It is essential to act and work now to develop the skills of accountants, preparing them to thrive in an AI-driven world and helping them work together with AI to achieve the best results.
This article is written by Mohammed Sajid Khan, India Director, ACCA.