AI's Game-Changing Impact on Accounting in 2024

[@larryrichards2534]

For the last 20 years, we are not educating students for book keeping only. The role of accounting has been on decision making for quite sometime, and yes for sure that accounting is integrating technology as it always has been. I appreciate the video but it would be better if the guest was more on “how the practice of accounting would change other than book keeping”.. For instance, audit jobs are being affected but what else? What areas will be negatively affected? I think AI is going to make Accounting comprehension of a management more prominent.

[@accountinginfluencers]

Some very good points here. Thank you for your feedback.

[@amalsadanandan]

Are accountants doing the same tasks that they have done 30 years ago? No right. We will evolve along with the technology. And if automations come and a lot of people are losing the job because of that, how will the economy work? If there is no cash inflow for the working class, how will the companies sell their products? Considering most of the sales are driven on EMIs

[@ValuePricingAcademy]

You are correct, we do evolve. But will all firms evolve fast enough? Some will. But some may not. While automation may replace some jobs, it also creates new opportunities in fields like data analysis and IT, emphasizing the importance of learning new skills. If widespread job losses occur, it could negatively impact the economy by reducing disposable income, which in turn affects consumer spending and sales, especially those reliant on monthly payment plans (EMIs). Possible solutions include implementing Universal Basic Income (UBI) to ensure a basic income for everyone, investing in reskilling programs to prepare workers for new jobs, and companies innovating in how they employ and support their workforce.

[@accountinginfluencers]

Accounting is not known for its agility but if it doesn't change and adapt, it will lose relevance and influence. Great insights Mark.

[@krazyspartanodst]

Accounting has existed since the beginning of civilization, it’s also a safe career. He’s just fear mongering. I’ve been doing taxes for a while now and that’s never gonna change

[@karimkhan7552]

Soo that means it’s gonna replace book kepping only

[@andypandy1ify]

Mark even said that it will be able to do compliance and tax too. OpenAI says it can be applied to Audit. If it can do tax, it absolutely can do management accounts.

[@accountinginfluencers]

I agree. What's then left for accountants?

[@andypandy1ify]

@accountinginfluencers I'm a Computer Science MSc student but interestingly I think it might be an opportunity for me and others to move into accountancy. I think it'll change to how we can think of ways to use existing technology and apply new technology, to new processes. So for example, instead of monthly management accounts, why not have them daily and investigate variances straight away? Cash flow - why couldn't we start to monitor this hourly? What Mark was saying about accountants offering services to clients about how to use technology, that really chimed with me. And of course, with all of this data and the "pipelines" transmitting it, comes a cyber security risk, which firms would need advice on. I think the type of accountant who is not particularly technology savvy and doesn't have a natural aptitude for numeracy, will be left behind. Interestingly, I think a lot of the "younger" accountants fall into this category. Obviously some are academic, but many aren't, and those that aren't will struggle. I also reject this notion that accountants can easily become "advisers" - you don't need an accountancy qualification to do that, if that's all accountants are reduced to, I think anyone with business experience and knowledge can offer that and probably offer it better. Why would firms want a 20/30/40 something year old accountant offering them business advice (who's never been involved operationally in a business), when they could get that from perhaps an ex director of a business.