Artificial Intelligence (AI), the most significant tech breakthrough of the decade and is driving conversations, investor interest and discussions on how AI will impact jobs in different sectors.
Accounting will also undergo many changes as AI tools take root. There is no doubt AI integration is changing accountancy by eliminating manual, repetitive tasks such as data entry, transaction categorisation, and reconciliations. AI-backed algorithms can accurately analyse vast amounts of data and offer deeper insights, making the decision-making process sharp and focused. A clutch of new skills and competencies will aid in reaping the benefits of AI.
Automation and AI use should be an excellent opportunity for the profession. It means junior employees can support seniors with strategic tasks such as developing tax strategies for clients, analysing national or international tax policy, understanding core businesses, and so on. It will result in a boost to overall productivity as time is freed up from mundane tasks. Trainees should learn more about strategic planning and business analysis fundamentals and offer sharp advice for furthering career prospects. Ethical use of data and training AI systems to work within regulation is also a skill set to learn and deploy. These skills will help those starting to add value and climb the career ladder.
The growing impact of AI on accounting does not, however, mean that the profession has less prospects to offer. On the contrary, opportunities abound as upskilling opens up new career paths, enabling accountants to take up roles with advanced technical and analytical skills. The ability to offer insightful analysis and work in tandem with AI will improve learning outcomes and build a better career path for young accountants. Accountants who upskill consistently can offer comprehensive and strategic advice to clients, resulting in more client satisfaction. One should look at the bigger picture and not be stuck to thinking only about their area of expertise. It’s worth remembering that AI will not replace humans, but humans that understand and use AI well could replace people who do not.
Moreover, with AI rising, digital skills are even more critical. Companies can play a role here, as professionals adept at using digital tools and technologies are better positioned to succeed (remember the analogy of humans and AI earlier in this piece). Organisations can offer projects, mentorship, and hands-on training alongside online courses, webinars, and workshops.
Collaboration between professional accountants, data scientists, and AI specialists is needed to ensure transparency and promote ethical AI use. Niche functions such as finance, audit, and risk will continue to need experienced professionals to oversee critical functions and processes.
The rise of AI must be seen as a call for arms to reskill and tweak our skills in the changed reality. Accountants will be relevant and can act as innovators, helping guide businesses in a changing world, interpreting AI-driven data points, maintaining compliance and offering human judgement, which a machine cannot replicate.
It is essential to act now and work to develop accountants’ skills, equipping them to thrive in an AI-driven world and helping them work in tandem with AI to get the best results.
This article is authored by Md. Sajid Khan, director, India, ACCA.
