According to a study by Oxford University and Deloitte in 2015, accountants will be among the first professions affected by the rise of artificial intelligence (AI). Up to 95 percent of accountants will face some threat due to the advanced automation capabilities provided by AI. While this is categorized initially as a “threat,” it also opens the door to a new kind of accountant. The modern accountant does much more than crunch numbers. In fact, in the future, AI might do most of the number-crunching. Instead, accountants are moving toward a model of value-added opportunities to offer clients, such as strategy and advisory services.
Robots as partnersNot all human functions can be replicated by robots. Much of the high-volume work can, in fact, be done quickly and accurately by use of a bot. However, a bot cannot be taught judgment or analysis. For these reasons, Sonia Eland of DXC Technology suggests we not perceive bots as a threat, but instead, as a partner. The help of AI can assist humans in doing their jobs more accurately and more efficiently.
Embracing new rolesWhile the role of the modern accountant is evolving, the time for hesitation is slim. The accountants that will thrive under this new model are the progressive thinkers who are jumping in and finding new ways of being marketable and valuable in a changing workplace. Accounting professionals who embrace this change to advance their individual skills are on track to continue providing value to a profession and an industry that is changing. By freeing up time, accountants can even learn to code. In all, robotic process automation (RPA) is expected to free up the creativity and intellect of accounting professionals.
Flexi and the futureFlexi takes advantage of automation to make the lives of accountants easier. Flexi delivers all the rich features you’d expect in a top tier accounting solution, but without the high cost. With quick implementation that can be deployed on-premises, in the cloud or in a hybrid environment, Flexi will not only simplify your accounting processes today but also will have you ready to adapt quickly to market or business changes in your future. Seamlessly integrate Flexi software to your core system to ensure that financial statements are accurate, consolidations are error-free, and efficient processes are in place. Make sure your business retains visibility and transparency with expenses. If you’re interested in learning more about AI in accounting download our whitepaper today! Key takeaways include:
- What exactly is AI in accounting and when will it go mainstream?
- Use case example and how AI addresses the startling statistic that only 25% of accountants are confident in the accuracy of their last close
- How AI will impact accounting careers, and which jobs will be most needed