Artificial intelligence (AI) is beginning to infiltrate many aspects of everyday life, and accounting is no exception. In the U.K., FreeAgent’s Future of Accountancy report revealed that 96% of accountants believe that either all or some accountancy work will be automated by 2022. Although accountants must adapt to how their roles are changing, there are still many ways that AI is digitally transforming accounting for the better.
The use of AI in accountancy will mean more productivity and proficiency, handling more clients and delivering more value due to their expertise on actionable insight. Machines will be able to propel innovation in the industry, as they free up humans to take on other tasks. Automating accounting processes will help improve operations and reduce costs.
“We see AI as the next step in automation and efficiency provided by cloud software. It will increase time savings, reduce errors, and aid compliance,” states Jonathan Bareham, the director of U.K. accountancy firm Raedan. “That all means we get to spend more time doing more meaningful work, actually helping clients run their businesses — data review rather than data entry.”
Despite the uncertain future between accountants and AI, the key to the digital transformation of accounting and financing is to create a balance between people and machines. Working together will allow each one to contribute in areas they are best skilled at.