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Machine learning and AI are changing every industries, and we as future accountants, auditors or tax specialists are the most vulnerable due to the nature of our job. Even acca is admitting that machine learning can replace accountants, check the article below.
https://www.accaglobal.com/hk/en/member/discover/cpd-articles/business-management/accounting-bots.html
I also read somewhere that big 4s will reduce their hiring of accounting graduates by 50% once ai.and machine learning become more accessible.
Are you guys not worried about this?I think a lot of transactional,data and rule based accounting and bookkeeping tasks could be replaced and this could happen fairly quickly.Tasks involving technical judgment and understanding of complex factors are unlikely to be replaced as quickly if at all in the foreseeable future.For example,interpersonal skills will still be required of client managers and of those tasked with communicating information and ideas to those not as versed in accounting and finance.If accounting is broadly defined as being about the creation and measurement of value creation then this is something that requires creative thought and understanding of human behaviour and emotions which is best conducted by human beings.
There is really nothing to worry about, because accounting will also evolve and people tend to go with the flow…Processes may be automated but the role of accountant is always there. We just have to go where the future leads us and gain as much knowledge and skills as we can along the way so we are ready for the future. Our present will prepare us for that without us knowing.
I’ve read a fair bit on block chain and how this will make reconciliations redundant and reduce the amount of audit testing. The articles I read stated that accountants would still be needed to interpret accounting standards and compile stats.
I still think that finance processing jobs will still exists especially in local practice were sole traders may not have access to high levels of technology to participate in block chain ledgers.
In industry though these will definitely fade out, think of the cost savings in staff doing mechanical processes. Finance teams may become smaller but more efficient due to only qualified accountants being employed.
Just my opinion.
@ftloose said:
I’ve read a fair bit on block chain and how this will make reconciliations redundant and reduce the amount of audit testing. The articles I read stated that accountants would still be needed to interpret accounting standards and compile stats.I still think that finance processing jobs will still exists especially in local practice were sole traders may not have access to high levels of technology to participate in block chain ledgers.
In industry though these will definitely fade out, think of the cost savings in staff doing mechanical processes. Finance teams may become smaller but more efficient due to only qualified accountants being employed.
Just my opinion.
I believe judgement and interpretation is the last factor that will give the killing blow to the accounting profession. It is its greatest weakness. How many times have poor judgement and misinterpretations of standards led to fraudulent activities?
@icedawn said:
…Are you guys not worried about this?What’s to worry about? Computers have been around since at least Turing.
Nobody can predict what will happen in the future. So why worry. Accountants have been around forever. Many accounting jobs can already be automated today but they are not. Maybe for reasons of corporate citizenship employers won’t necessarily switch to machines just because they can. Why do I say this, I have been working in accounting roles forever, and see my colleagues do jobs which I could easily program Excel to run. So why they still have a job? And eventhough they perform it poorly and many mistakes while simple and cheap Excel would produce perfect outcome, but employers still keep the humans around. So why worry.
If no more accounting jobs, I am happy to be a farmer or whatever.
Jobs are created by humans. Many jobs are purely made up; you would even wonder what it is people do in these jobs. Why? Just to keep humans employed. So don’t worry, even if no more accounting jobs, new jobs will be made up even if there is no need, just to give people jobs. Why? So there will not be social chaos.
So why you worry?
Plus, why people like to follow the hype?
Maybe you might be interested in reading this https://en.wikipedia.org/wiki/Homo_Deus:_A_Brief_History_of_Tomorrow , the bigger picture.
@ds3ce said:
I was made redundant from one if the Big4’s.Were you part of one of their obscure service lines like Enterprise Solution? Curious only because I once met someone from that side of the firm who was made redundant. Otherwise, I never in my life heard anyone made redundant from audit or tax; those two are always short of slaves.
@balleong said:
… slaves.I meant “people”. 😉
@mrjonbain said:
I think a lot of transactional,data and rule based accounting and bookkeeping tasks could be replaced and this could happen fairly quickly.Tasks involving technical judgment and understanding of complex factors are unlikely to be replaced as quickly if at all in the foreseeable future.For example,interpersonal skills will still be required of client managers and of those tasked with communicating information and ideas to those not as versed in accounting and finance.If accounting is broadly defined as being about the creation and measurement of value creation then this is something that requires creative thought and understanding of human behaviour and emotions which is best conducted by human beings.I believe all this was already possible since a long time ago …
As for the interpersonal skills, most of the people who enter the profession is exactly because they prefer minimal interaction with others, thinking accounting will be the safe haven to escape to. So yeah, that will be a challenge.
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