Are Accountants Going to be Replaced by Computers?
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Accounting has existed for thousands of years and has evolved to incorporate new technology. The ability to use computers and software is one of the most recent innovations in this field, but it will become increasingly important. Automation has been great for businesses. Accounting and bookkeeping programs can save you hours and eliminate mistakes.
So, will accounting be replaced by Computers or BOT?
The question is this. Some studies have found that accounting is one of the jobs most likely to be done by machines like this. But the title of that study is “Accounting Clerks/Bookkeepers.”
The bot is a computer program designed using Artificial intelligence to automate the tasks of a human user. A bot is a software that runs automated tasks over the internet.
A bot can do anything from monitoring the prices of stocks to sending reminders about buying a birthday gift.
Many of the best accounting software companies, like Xero and Intuit, use AI to handle basic accounting tasks like bank reconciliations, risk assessments, audit processes, etc. So, yes, if we think about data entry and other repetitive tasks, machines could do them. But this study considers that accountants spend little time on data entry and other repetitive tasks to prepare for the actual work. Therefore, automation would give accountants more time to work on different parts of their jobs besides just entering data.
It makes sense for accountants to worry about how AI technology and automation will affect how much they can charge for their time.
Bot Will Change Accounting, But it Won’t Get Rid of Accountants.
There’s no question that AI can do many basic accounting tasks faster, better, and with fewer mistakes than people can. But AI can still take the place of accountants. It just means that accounting will have to change, and so will accountants. Also, companies will always need accountants to look at and understand AI data.
Anirudh Swaminathan said on Quora that technology has already replaced a lot of accounting work that used to be done by hand. As a result, AI is likely to differ from the accounting parts that people do.
Consider The Human Side of Accounting.
AI and automation are here to stay, but human accountants don’t need to worry about losing their jobs. Some parts of accounting can only be done by a person and can’t be done by a computer. When accountants have been doing their position for a long time, they develop a human instinct. When you’ve been doing accounting for a long time, you can spot a problem before the numbers show it. Yeah, it’s easy to feel like you can trust a computer more than a person, but only about 5% of what we think is conscious.
And human experience is something else that a computer can’t just take the place of.
Yes, a computer can figure out what numbers mean much faster than a person. But it’s very different from using a client’s past to make a connection between them and another client. Computers can simulate and do things like that, but it’s different from having an authentic experience. As a human accountant, you can help your clients by drawing on your life and work experiences.
It’s also important to think about Human trust. Building good relationships with business clients is essential. A computer can’t make copies of them. Customers trust you because you know you know them, their businesses, and their goals.
AI technology is impressive but doesn’t let people talk to each other. Yes, a virtual agent can have a conversation that sounds real, but it will never be the same as talking to a natural person. So, AI can speak, but it can’t take the place of real people.
Finally, think about how kind people are. Accountants work with people who are personally invested in their businesses. A computer doesn’t know what a person has put into their business and can’t understand the emotions that go into building a business.
When business owners talk about their company, a computer can’t look into their eyes.
No computer will ever truly understand human emotions or what it means to be human.
John G. Herndon, an accountant with 25 years of experience, said on Quora, “It would be impossible to program a computer or make a software program that could use the same judgment as a fully trained and senior accounting professional.”
AI technology and automation won’t replace human accountants, so they don’t have to worry about that. Yes, your tasks may change, and you may have to adapt, but that’s part of every job. AI can help you do your job better.