Artificial Intelligence technology in accounting
There’s plenty of news about Artificial Intelligence (AI) and how it is set to revolutionise the workplace. But with reports indicating that 800 million jobs* could be replaced with AI technology by the year 2030, how does that impact the accounting sector for both firms and their clients?
AI technology in general is about taking repetitive tasks and completing them quickly. For accountancy firms this means dealing with tasks such as payroll and audits through to invoicing and tax.
It’s not about taking jobs necessarily, but rather it’s about evolving the role of the accountant and more importantly what that means for our clients. AI will allow us more time to consult with our clients, analyse the data which can be produced instantly together with their past data showing successes and failures and in so doing, provide our customers with even more accurate business solutions.
Over the past year, we have recognised that the traditional accountancy model is being disrupted by new technology driven methods of working, so we are working hard at re-inventing our proposition for our clients, to remain relevant in this fast-changing industry.
Our first steps have been to become partners with Xero, QuickBooks online and Sage, so that we can offer online 24hr bookkeeping services. However, in this ever-changing world of technology, we are constantly looking at other technology driven services to reduce manual data processing so that we can deliver both competitively priced compliance services and value driven advisory services.
Accountants will always be required to analyse the data driven by AI technology. AI is about revolutionising the workplace and how we do business. It’s about freeing up time from the mundane tasks to ensure that we have more time to analyse and provide real-time data and improve accuracy.
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Source: *McKinsey