Artificial Intelligence in the Accounting Profession – What it means for you.

Artificial Intelligence in the Accounting Profession
Photo: Jack Moreh

Artificial intelligence has been infiltrating many industries, from stock trading to online shopping. The accounting profession is also leveraging it.

Here’s how and what it means for you.

According to this ICAS article, robotics in the office may become a normal experience to crunch numbers and sift through data on a daily basis. This is becoming more widely used in the stock trading and investing industries.

However, it doesn’t stop there. Auditors are now using it to help in evidence gathering and production of complex data reports. IBM’s Watson helps accounting firm KPMG to sift through thousands of pages of contract documents and quickly summarizes the contents.

Repetitive tasks like bookkeeping and managing financial processes have also been tested with AI technology; resulting in “businesses and public sector organizations to spend more time and money understanding how automation can enhance current operating models,” stated one Deloitte report.

L. Gary Boomer comments in the March edition of Accounting Today, that for firms that are “ready to disrupt the market with rapid delivery of digital products and services combined with algorithms, workflow, project management, and access to digitized information” will quickly meet the demands clients are creating.

These changes will not eliminate the need for accountants, but rather arm them with the power and technology to provide additional services, anytime anywhere. It also frees up the time spent with clients to focus on how to move your business forward, such as with business planning, controls, and succession.

“With our dedicated IT service line, we are poised to help businesses make the right moves in the digital marketplace,” commented John Seale, CPA and CITP and managing partner at RBSK Partners PC.

“Remember,” he adds, “AI might be able to identify the smart move, but accountants will be able to identify the right move for you and your company.”

If you’re a business owner seeking accounting services combined with a digital edge, contact us today.