ACCOUNTANCY IS ONE OF THE FIRST PROFESSIONS TO BE.
AFFECTED BY THE.ADOPTION OF ARTIFICIAL.INTELLIGENCE(AI).
IT IS ESTIMATED THAT.95 PER CENT OF ACCOUNTANTS.
ARE LIKELY TO BE IMPACTED BY ADVANCED.TECHNOLOGY,.
BUT THERE ARE ALSO.OPPORTUNITIES FOR THOSE WHO ARE.
WILLING TO ADAPT.AND FIND NEW AREAS IN WHICH TO ADD VALUE..
READ ON TO DISCOVER SOME OF THE CRITICAL ISSUES AS
ACCOUNTANTS RESPOND TO THE NEW TECHNOLOGY.
A growing number of repetitive tasks are being
delegated to robots, leaving accountants more
time to look for value-added opportunities.
While automation and AI could be bleak for the
profession, they also open up opportunities for
people who can harness the data they create to
offer strategic advice to clients.
With their time freed up, accountants and other
knowledge workers will be able to apply their
intellect and creativity and transform the nature
of their work.
The adoption of AI is outpacing
the construction of an ethical
Algorithms that drive everyday
searches could have unseen biases,
and already there have been issues
with chatbots tweeting racist slurs.
Human governance is needed to
ensure that AI is being used for
good and not evil, but although
momentum is building, this is still a
work in progress.
AI: THE GOOD,.
BAD AND THE UGLY.
5 WAYS ACCOUNTANTS.
Despite some people’s fears, AI can be a
job creator, not a job killer.
Here are five accounting tasks that can
be positively impacted by AI:
Auditing, risk management, vendor
reconciliation, regulatory compliance
and reporting, and trend analytics.
AI will move beyond
compliance and into the
delivery of accounting advice,
but it will never fully replace
the human touch.
At the 2018 World Congress
of Accountants, Xero head of
AI research Carole Barnay
said AI would soon “provide
suggestions” to accountants.
She said AI would progress
beyond “showing anomalies”
and develop new abilities to
focus on business issues “which
could be more problematic”.
LEARNING TO LOVE AI.
For Ayesha Khanna, AI must be an aid
for humanity, not a destroyer of it.
The Singapore-based CEO of ADDO AI
says technology “has to tango with
humans” and give us what we need
for a more relevant, productive and
She is also driven by a desire to see
women of all faiths, backgrounds and
races take up science and technology,
and see them have the creative
confidence to participate in any
company using AI.
THE DIGITAL FUTURE.
Digital technologies will “cut out the
middleman” in financial services,
leaving accountants to focus on
strengthening relationships and
CPA Australia policy adviser –
reporting, Ram Subramanian, says
“this is a challenge to enhance our
“So much of what we do is
compliance work, so what will we do
when that is taken away?” he asks.
MAKER OR KILLER?.
Will AI lead to more unemployment
or create new opportunities?
According to the Australian
Government’s scientific and research
organisation the CSIRO, in the next
decade about 75 per cent of all work
done today will be affected by AI,
automation and machine learning.
The CSIRO has identified cybercrime
and privacy concerns as key factors
that will determine the extent to
which the potential of the new
technology is realised.
THE AI FUTURE.
The image of human-like AI has
dominated our thinking for decades.
Today, AI is creeping up on us thanks to
improvements in computer-based vision
and speech recognition, and to advances
in natural language processing.
A Stanford University study has identified
eight areas where AI is already having
an impact, and these include transport,
healthcare, public safety and security,
employment and the workplace.
Technology is completely transforming how we think, feel and
work.That’s why, this year, CPA Congress is changing too.
To read about the latest trends.on how new technology.
is impacting accounting,.visit: https://www.intheblack.com/.
Job positions were accurate at the times these articles were published in INTHEBLACK