In the past century, technological innovations have changed the way of life including many essential professions such as accounting.
At one point, accountants would do everything, including simple calculations, manually. However, with time innovations such as the calculator, computer, and the internet have revolutionized the accounting profession.
Currently, there is a lot of talk about a recent innovation that has been shocking the world in the past few years. Artificial intelligence, computer systems that generate human intelligence, has been making a lot of advancements from being able to have conversations with people to doing complicated tasks that are essential for everyday life, including business. However, one question that a lot of professionals ask is when and how will AI’s effect be on Accountancy and Taxation?
Not everyone is happy with the idea of implementing AI in accounting. Those that agree argue that it would give accountants and tax associates more time to focus on more complicated and “administrative” tasks than spending it on simple and “repetitive” tasks such as bookkeeping. Those that are opposed to the idea argue that there are still bugs that require constant “supervision.”
Additionally, they believe that relying on AI would give accountants, and more specifically tax accountants, a “bad name” since they believe there is a high chance of less human familiarity with tax laws.
Whether AI will soon revolutionize accounting remains to be seen.