Posts tagged with "robots"

ai-robots-accounting

Are Robots Poised to Take Over Accounting Too?

Artificial intelligence (AI), machine learning (ML), and robots are technologies that are taking center stage across industries, especially in industries such as manufacturing, retail, customer service, and agriculture. The accounting industry is no exception.

Experts predict that as many as 800 million jobs could be replaced with AI by 2030. Traditionally, it was blue collar workers that were concerned about what this meant for their job security, but white collar workers like accountants are now expressing concern that technology could render their positions obsolete. 

While automation certainly has gained momentum in accounting, specifically in up and coming cloud-based software solutions, it is meant to make accountants’ jobs easier–not render their jobs null and void. 

AI was already a fixture in accounting for the past several years, especially in tax preparation, payroll, and auditing. It is seen in repetitive, mundane tasks that used to eat hours of accountants’ time, freeing them up now to focus on strategy and analysis. 

There will always be a need for a human element, especially where strategic and advisory services are concerned. While automation is taking over on tasks that were previously extremely time consuming, it’s also enhancing the integrity of the data. Automation means fewer manual errors and more data consistency. It’s actually a boon for accountants, helping them to do their job faster, easier, and with more confidence.

Remaining competitive in a field that is no doubt changing due to advancing technologies means embracing the change. Embrace the new tools and become an expert in the software options clients have. The better equipped an accountant is to help a client integrate and utilize AI, the more trusted they will be, and the more invaluable their services.

Getting more involved in the IT side of accounting will give new grads a leg up in the job hunt. Many universities are already incorporating coursework in IT and database management in their accounting programs. Continuing education and workshops are also available for seasoned accountants.  

The right software will ease you through the technological transition

Flexi is trusted by world-leading brands. Flexi powers nearly 1,500 customer sites in dozens of industries, with 20,000+ users to date processing billions of transactions securely and in real-time.

Submit your information and get a demo of the Flexi suite today to see how the right software can use automation and AI to your advantage. 

 

Category: AI

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Accounting and Robots

Are Robots Posed to Take Accounting Jobs?

Are robots posed to take accounting jobs? No, not exactly. But kind of.

Science fiction would have you believe that the human race is on track to be replaced by robots in the near future, but while advances in technology are increasing artificial intelligence (AI) and automation, the likelihood of robotic replacement is slim.

There are plenty of instances where a human touch is preferred. Not everything can be outsourced to machines. A study cited by Business.com found that 68 percent of clients surveyed prefer having access to a human financial advisor rather than a simple technology solution.

That’s a relief for accountants, but it’s important to note that this is also dependent on the task being performed. As a common example, many of us use software that is widely available (and sometimes free) to file our taxes over visiting a tax consultant, so your mileage may vary when it comes to what you’re willing to leave to the machines.

It is true that much of the manual work traditionally completed by accountants can now be automated. This means that accounting firms can save money by employing fewer people, increase accuracy by eliminating opportunities for manual error, and shift their focus to providing strategic and advisory services, which is in increasingly high demand.

But as for technical accountants who work in niche industries or delve deep into regulations and compliance? Robots aren’t likely to replace them.

Relevancy is key

Being irrelevant in your field is the kiss of death. If the threat of AI and automation is looming, focus on expanding your skillset and breadth of knowledge. By embracing technology, you can provide advisory services to clients to help them choose the software that’s right for them. If you’re not neck-deep in a spreadsheet hunting for the one equation that is causing your error, then you have lots of time back on the clock to truly refine your skills and become a subject matter expert in your field. This provides value to your clients and gives you a competitive edge.

AI is getting smarter–not just automating anymore, but learning and drawing conclusions. Your best bet is to embrace it for the tool it is. Let it do its job while you focus on yours.

Flexi

Implementing cloud-based accounting software is your first step to embracing AI, automation, and the robots of the future.Learn more about partnering with Flexi today. Call 800-353-9492.

Category: Blog

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