AI and Accounting: Automation, Impact, and Future Trends Analysis

This essay examines the impact of artificial intelligence (AI) and automation on the accounting profession. It argues that while AI automates certain tasks, it is unlikely to replace accountants entirely. The essay highlights the adoption of cloud accounting and other technologies that enhance efficiency and client service. It explores the opportunities presented by AI, such as machine learning for high-integrity accounting and the shift towards strategic and advisory roles. The essay also discusses the need for accountants to develop soft skills and the potential for new career opportunities, including data analysis and business consulting. It emphasizes the importance of upskilling and reskilling to adapt to the changing demands of the profession and the ethical considerations surrounding job displacement due to automation. The essay references studies and reports to support its arguments, concluding that AI will empower rather than eliminate accountants.

Running head: AI AND ACCOUNTING SOFTWARE AUTOMATION 1
AI and Accounting Software Automation
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AI and Accounting Software Automation
Artificial Intelligence may well culminate to job security in certain professionals,
however, for an accountant, one should never worry much. Even though technology is able to
automate portion of accountant’s role, technology is never going to substitute an accountant any
time soon. Indeed, via saving time as well as removing more tasks, accountants shall get it even
easier than ever to please their corresponding clients (Michalski, Carbonell & Mitchell, 2013).
Accountants are safe from Artificial Intelligence. In each talk regarding how technology
shall alter everything, people sometimes lose sights of what is already changed fundamentally.
Examine cloud accounting. Via receipt scanning tools as well as software that is linked to bank
feeds, one can gain access to the live ledger which instantly enhances one’s insights and one’s
advice to the clients. This is never strictly Artificial Intelligence, however, it does give a window
into how the accounting profession has altered lately. These professionals, crucially, are never
digging their respective heels in.
Accounting professionals are vastly welcoming this alteration, even if these professionals
do not often completely comprehend it. It has been revealed by Xero’s South African State of
Accounts report that eighty percent of the accountants have a belief that technology plays a
crucial role in their respective jobs. The outcome of this survey further unraveled that fifteen
percent of accountants are never often aware of the recent technological innovation.
Twenty-two percent of the Artificial Intelligence intriguing as well as eighteen
pronounced their respective interest in the feasibilities offered by the machine learning. If
Artificial Intelligence was really going to take the jobs of the accountants, one would anticipate
that accountants to be more worried. Rather, several accountants are embracing/adopting the

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very actual feasibilities provided by technology. And where one examine what the feasibilities
are for the accountants as well as the accounting profession, it is never surprising.
Machines are increasingly rising. Machine learning, for instance, offers a great
opportunities in developing high integrity accounting. Particularly, high integrity accounting
remains data untouched by the hands of humans. This might potentially remove data entry as
well as coding wholly thereby freeing up the time thus allowing accountants to focus on strategic
as well as advisory duties/tasks.
Where AI accounts for a high-performing economy, SMEs shall make additional money
and hence have more accountants’ need. In fact, as AI technology develops more and more, it
becomes clearer that AI will never get rid of accountants rather it will be a great empowerment
to accountants. Stripped of tedious manual work as well as emboldened to think as well as
analyzed, accountant’s role- alongside their significance to respective client business will solely
increase more significant.
Accountants will need to develop more soft skills on top the traditionally prized within
the accounting profession. It is expected that more demand for accounting businesses as well as
data analysts alongside business consultants in accountancy firms will be inevitable. The
automation will wipe out the more recurrent bookkeeping as well as process-drive task and hence
accountants will be left with higher value tasks.
The FloQast Software will trim down accounting departments and remaining workers
will focus on strategic initiatives including process improvement, capital optimization and costs
control. Many present accounting jobs will be destroyed and new ones created and hence the
accounting graduate must re-skill immediately after graduating as over 35% of skills will be
different in the coming future.

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Junior accounting jobs will be automated and hence the need to find the juniors
opportunities to get experience and become increasingly strategic (career opportunity). Junior
accountants will become business partners and coaches to businesses and clients. AI will trigger
an increasingly well-rounded education in universities and schools. The audit quality will be
increased by AI since it allows auditors to ask many questions thereby increased efficiency to
provide more insight (Nilsson, 2014).
More career opportunities will be required in terms of data analyst coupled with a novel
war for talent in such skills set. There will also be increased opportunities in computer sciences
hiring as well as identical skills since work will be more digitized. Accounting will require an
addition of IT-focused workers straight to accounting departments to specialize in the
implementation as well as maintenance of several pieces of software (Cohen & Feigenbaum,
2014).
The ethical that will arise from AI will surround the job loss. Accounting firms will have
to balance to what extent they will automate and use AI in order that they benefit from the
technology and not to retrench workers. They will have to re-skills and upskills workers rather
than laying them off in areas of where automation has taken place.

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References
Cohen, P. R., & Feigenbaum, E. A. (Eds.). (2014). The handbook of artificial intelligence (Vol.
3). Butterworth-Heinemann.
Michalski, R. S., Carbonell, J. G., & Mitchell, T. M. (Eds.). (2013). Machine learning: An
artificial intelligence approach. Springer Science & Business Media.
Nilsson, N. J. (2014). Principles of artificial intelligence. Morgan Kaufmann.