will AI replace Accountants?

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Learn more about the Cambridge Master in Accounting Program here:
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Chapters:
00:00 Intro
02:54 A quick description of the Cambridge Accounting Master Program
04:42 AI's impact on Accounting today
05:34 impact on Accounting jobs
10:02 Difference between AI and humans
13:10 Details of the Cambridge Master in Accounting Program
Over the last few months I’ve been thinking about the impact of AI on the Accounting profession.
So in this video I went to Cambridge University to meet with Dr Mike Willis, the director of the executive master program in Accounting.
Stay tuned because this video may just change the direction you take in your Finance/Accounting career.
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All views expressed on my channel are mine alone. Not intended as financial or professional advice

[@LCLuisAlbertoRiveraTur]

I think it is a must for us to learn how to use these various types of of AI tools in order for us to improve as Accountants

[@bahriaproperties1143]

Lets say today 4 accounts are required in one firm/company In the future, four accounts will be required to manage and run ten businesses.

[@numbynumb]

@@bahriaproperties1143 Yes and then the year after that, zero accountants will be required.

[@plus1truth]

Thank you for bringing this up and straightforward to the topic

[@nickacarroll]

Thanks for doing this interview. Very important and timely subject matter.

[@TheFinancialController]

Thanks Nick

[@Camxlare]

Love the interview, I wish it was longer. As a web developer. A.I. is the reason I got into learning Accounting. Most people are asleep and underestimate the power of API's being connected to OPENAI or Hugging face for data manipulation. If anything Ai will add more accounting jobs, it may just transform into more of a accounting data analyst. Looking forward to more interviews like this

[@TheFinancialController]

Thanks cam!

[@numbynumb]

This is not the case. You wont need to be connected to APIs to have an AI accountant. The monetary incentive to develop these tools is unfathomably enormous and so obstacles of hat sort will be overcome.

[@Camxlare]

@@numbynumb Are you an engineer? Without API's none of the technologies you use today would be available. Back end development is the core to all applications.

[@numbynumb]

@@Camxlare Yes, I understand. You're right. I should have said web APIs - as in the thing you brought up in your comment. I figured context would make that obvious. Do you really believe there will be insurmountable security obstacles that will preclude the possibility of developing dependable AI accounting bots despite the monetary incentive to develop them? To me it seems like a profession almost tailor made to be taken over by AI.

[@Camxlare]

@@numbynumb Its too much to explain here and I wish Finance professionals and engineers spent more time together to know the truth but in general I think you're referring to Bookkeeping which has already been automated a long time ago. A.I. is built on probability, never 100% facts. It hallucinates (dirty data) which gives wrong answers all the time. Ponder on this today....Imagine how catastrophic it would be to leave billions of dollars of transactions left to a Large Language Model that makes mistakes that it learned from humans that led to multiple bank collapse in our debt-wealth society. The only way I see A.i. completely taking over is when we solve quantum computing. By then we know how to cure cancer, solve world hunger, inequality and how was the universe created. Other than that, I do wish A.I. can take over most accounting tasks so the CPA can focus on helping their clients and solving complicated business problems we see today such as the "Tech Bubble". We'll be able to find so many crooks and criminals due to A.I. and create a more fair marketplace for all to compete. There's so many money issues unsolved today that if A.I. takes over we're supposed to have less poor people in the world and a more equitable life for all.

[@jeffclion]

Well done, Bill 👏🏿 👏🏿👏🏿

[@lordz-kd3vf]

Accountants can leverage AI as a tool to enhance their work, allowing them to focus on higher-level tasks that require creativity, problem-solving, and interpersonal skills In essence, while AI will continue to transform the accounting profession, accountants roles are likely to evolve rather than be entirely replaced

[@kingpineapplez]

I feel that only the ones that adapt to the new methods of work will succeed. Many incumbent complacent anti-technologists may find themselves struggling to compete with an accountant with a full suite of other practical business skills - modeling, forecasting, risk management etc.

[@theoofer478]

@@kingpineapplezPrecisely. Depending on the demand and line-of-work in regard to the proficiency of the AI, accounting will become a profession of checks and proof on top of more innovative and creative aspects.

[@numbynumb]

There aren't enough accounting problems that require creativity or human intuition to keep the profession growing along with the economy. Also, AI is more creative than you probably imagine. And they have better interpersonal skills than most people. I know that sounds kind of ridiculous but it's just the case.

[@kingpineapplez]

I am a huge fan of the information you share. Can I ask what kind of microphones you are both using in this?

[@Soulenergy31]

Can't thank you enough Bill for this gold video!!!!!!!!

[@TheFinancialController]

Glad you enjoyed it

[@john.10347]

Very informational. Thank you

[@TheFinancialController]

Thanks for watching!

[@luisguerra7367]

Hi bill. Would love a video showcasing how you apply AI into your everyday and just a broad overview of available AI tools. Love the channel

[@TheFinancialController]

Will do!

[@omphemetsechake2839]

That would be a great video... Good request 😊 From South Africa

[@mohamedadem4053]

Well, information and discussion. You do a great 👍 job thanks From Somalia 🇸🇴 Mohamed adem.

[@mmmsmohamednisreen5194]

Valuable discussion..

[@YusanTRusli]

definitely. numbers and statistics are well suited to AI and machine learning. fraud detection can be trained based on enforced learning method.

[@castlecallahan1769]

Overall very helpful and informative. My only criticism is that, since he's a professor of accounting, wouldn't he refrain from saying accountants will be totally replaced if that's what he truly believed?

[@themaskedgamer4031]

yes that's what a lot of people would think

[@numbynumb]

Absolutely. Accounting is not going to last more than 10 more years, at the very latest. People tend to base their forecast on what AI is currently capable of, ignoring the factor of the acceleration of its development that we're clearly seeing. People should ask themselves if it's realistic to think there will be accountants 50 years from now. Probably not, right? Well, at what point between now and then do you think they'll disappear?

[@jalilmonroe1289]

@@numbynumbyou really think accounting will be gone in 10 years that’s literally insane lol accounting is not just data entry and excel creation You will 100% always need a human once you surpass entry level data entry accounting jobs. Clearly you never worked a real accounting job

[@numbynumb]

@@jalilmonroe1289 It's true that I've never worked an accounting job. What specifically do you think that only a human accountant can do? I'm genuinely interested to hear your perspective. Also, have you spent much time using any of the latest AI models, such as chatgpt4?

[@CapitalWorksPro]

​@jalilmonroe1289 right. The question really is, "When is true AGI achieved (if ever)? And how long after that, does AGI take to learn accounting?" Until machines are capable of making actual judgment calls, I doubt they'll replace accountants. Only non-accountants are naive enough to believe LLMs are going to replace the jobs beyond standard bookkeeping. Even a staff accountant handling collections in AR requires the ability to handle and work with people outside the org. I find it highly unlikely that an automated email has the same collection rate on past due accounts that my mom had. I mean... Amazon is still lying about their "AI"...

[@mohamedfaisal4123]

Amazing content.

[@HectorGarciaCPA]

great stuff!

[@TheFinancialController]

Means a lot coming from one of favorite Accounting Gurus!!

[@darrylwilliams9338]

I'm in school for accounting now. Not exactly what I wanted to hear nearing graduation, but it's better that I be aware.

[@TheFinancialController]

Our message is that AI will enhance the profession, and jobs will shift (not lost)

[@GnarshredProductions]

Im at a small accounting firm with old school partners who are like over 60 years old and we still have paper files for tax returns and clients who refuse to submit documents electronically and want to bring all their W2's and stuff to us in person. AI is overhyped and isn't taking our jobs anytime soon.

[@bilalmehireche2928]

​@@GnarshredProductions I want to ask you a question if you don't mind? What is the salary of an accountant in the uk ?

[@GnarshredProductions]

@@bilalmehireche2928 I dont live in the UK I live in America. Not sure what they are paid on the other side of the world.

[@numbynumb]

Think about how you can leverage your education toward an alternative career. Just have a backup plan because the future isnt at all easy to predict in this case.

[@UnderscoreZeroLP]

Nice one. Would like to hear more from the professor though

[@mohamedeassa]

Great video

[@user-nj6ou2xu7b]

Great video! Thank you. You really give a lot of valuable information. I have a question. I am looking for an entree level accounting job. And mostly in my area it is a billing clerk position. Will that experience count towards CPA license in Minnesota? Thank you!

[@robbiem4624]

I live in a small town in California, and there are no jobs in accounting or finance unless you have experience, or you know someone. Entry level jobs are rare to find, and it seems only available in cities.

[@ericeandco]

Absolutely. AI is already replacing accountants.

[@dees900]

Data analytics are being used in building KPI dashboards using PowerBI and Tableau. In Finance, it is being used to detect fraud, predict loan default, build portfolio and for doing trading. But I don't understand how machine learning is being used in accounting? I'm wondering if the modern day CFO needs to learn about data science and machine learning?

[@cheukfunglau6921]

I am trying to understand how does machine learning apply into the accounting field as well.

[@jaybro3713]

human can make some adjustments in the transaction.

[@tacorevenge87]

Yes

[@melvinholmes8862]

Can I still become an accountant while I’m paying off my degree? I’ve completed everything just have to pay for it to get awarded my bachelors

[@Shrey777]

From counting crops in Mesopotamia to forensic accounting the role as always evolved as per client's demands since 7000 years it's will just evolve in future

[@mjohnson9563]

Well here is a great question. How will AI Cloud technology affect GAAP as well as digital currency? How come Congress in the US is not addressing what is happening with AI Cloud technology? What will happen when cell technology will be able to communicate with the Cloud on demand? I can only imagine the day when your smart phone tells your refrigerator to order you a pizza for dinner based solely on things you did that day. LOL.

[@fernando9175]

What AI will bring is the possibility for bookkeepers and Accountants be more efficient and more productive, that will allow more focus on growth strategies and big corporations employees expense.

[@TheFinancialController]

Agree

[@elmo1220]

I work with hundreds of small businesses. Most of the businesses under $10 million in revenue will need an accountant. They are too small to have an accounting department, and it’s highly unlikely they will have the salary to hire someone who can deal with AI and integrate it into their accounting department. I currently use AI to generate new contracts, research tax court decisions, and to find answers to questions faster. But for your average business owner, they need to known what they don’t know in order to ask AI questions and handle the situations. Very unlikely they will be able to do this without former training or being tech savvy:

[@TheFinancialController]

Fair enough! Thanks for your input!

[@mohammeddaniyal7958]

Hi, please I just completed my first degree in Accounting. Unfortunately, there are no opportunities to work where I come from. I would like your help, advice or suggestion on how I can find an Accounting job and work remotely from home.

[@kevinp8027]

@@mohammeddaniyal7958 An accountant who works remotely only from home? Impossible.

[@stevo728822]

They won't need to integrate it. They will simply upload their books to the IRS and HMRC AI systems.

[@nicolasximenes5434]

I would love to pursue this MBA, but it costs more than 50,000 pounds. I imagine that even for British people, this is beyond reach for many

[@mrmartywaring]

I don't see AI replacing us. While AI can serve as an aid or tool, it will not totally replace us.

[@TheFinancialController]

agreed, but it will create 'shifts', where more and more accountants begin to work at software firms that create the automation

[@Recuper8]

😂 AI will most certainly replace accountants. In fact, ALL white collar jobs are going to go away. DENIAL, ANGER, BARGAINING, DEPRESSION, ACCEPTANCE....you all are in the Denial phase. 😂

[@TooJaded]

@@Recuper8Most lower level accounting jobs for sure but not audit, managerial roles, etc

[@noviceswingtrader8099]

@@Recuper8 let's imagine hypothetically AI replace all the human in white collar jobs. most of the people will become jobless that means they will not make money. then how the company will serve their product to their clients when those clients don't have their jobs and why they will purchase their products. company can't make money without selling their services or products if they deploy AI in everywhere AI don't have their own family to food so technically it will not possible to AI will buy their products or services to make profitable of a company.

[@coffeepandacat]

If AI is taking over then why do I see countless job postings for bookeeping and AP/AR still everyday?

[@RinkiKumari-pp2qw]

I am Indian student. Can you put the subtitles in English so that I understand the conversation in better way

[@TheFinancialController]

I think KZbin has a feature for you to turn on subtitles. Thanks for watching!

[@mattleofric1766]

We have a major labor shortage right now.....

[@enemyofYTemployees]

Wonder how much this master’s program costs

[@TheFinancialController]

It’s 49,000 British Pounds

[@imbritish]

9 months later: You sure about that?

[@mohammeddaniyal7958]

Hi, please I completed my first degree in Accounting. Unfortunately, there are no opportunities to work where I come from. I would like your help, advice or suggestion on how I can find an Accounting job and work remotely from home.

[@alistairjenkins7973]

It’s small firms that AI can take out. The consulting lad he firm end isn’t at risk.

[@Rl-zv4dh]

Will AI replace bookkeepers?

[@limitless1692]

Yes. It is not a question of IF It is only a question of WHEN

[@hamadalhussain1286]

Keep your videos within 10 min No one has time to lose half an hour.

[@Blueblackngold]

We are screwed

[@coffeepandacat]

If AI messes up on a business' books, they could cost a business thousands.

[@Soulenergy31]

19:55 Students learn Tableau......................and Power BI? 🤔

[@Wookierabbit]

I am a senior accountant and I am now finding myself to self-teach myself PowerBi. For a student, learning PowerBi will help you pull financial data to produce meaningful and efficient reports you can submit to your Accounting Director, CFO, etc. Saving them a butt load of time, building connections, and cementing a stronger career path. But, if you company is too small, having great Excel knowledge will do just the same.

[@ronniemondal6557]

​​@@Wookierabbit bro i want help i am confused should i pursue CPA or not???? Hello hell me

[@Wookierabbit]

@@ronniemondal6557 Chill dude. If you have a passion for tax or audit, then definitely purse a CPA. If foresee yourself working at a firm, then get a CPA. But if you are going to get yourself involved accounting without getting heavily involved in tax or audit, then getting a CPA is not mandatory, but rather a nice addition.

[@Wookierabbit]

@@ronniemondal6557 Hence the name CPA…..certified PUBLIC accountant

[@brianallen4657]

No

[@numbynumb]

It's screamingly obvious that accounting will be among the very first professions to walk the AI plank. Sorry to those aspiring to this but let's not delude ourselves here.

[@milesinnz]

sounds like a sales pitch to people who don't know any better... I was expecting to see some specifics about how AI will replace accounting functions (basic production of accounts to management mathematics). Most accountants are not on boards of listed companies.... no wonder the world is losing it's way...

[@davidswick8353]

Sure the Professor is not going to persuade your Kid from going to school that AI is going to replace. Follow the money!!!

[@stevo728822]

In 10 years time, half of small businesses won't require an accountant to provide their tax returns.

[@robbiem4624]

the old boomers who hire don't use ai will be drying off. Yet people will complain more about no one wants to work but yet use AI to replace their jobs.

[@jalilmonroe1289]

There’s way more to accounting than just filing taxes and accounting department in a corporation has too many human elements that a machine will never be able to do because their is a ethics portion involved

[@qasmb1546]

Lmao obviously this guy is not going to come out and admit it outright. Being a professor of the subject. Truth is Accounting like many other professions will become obsolete.

[@nickacarroll]

The change will evolve over time. Albeit faster than some would like.

[@kevinp8027]

Are you an acountant?

[@qasmb1546]

@@kevinp8027 Yes.

[@mjohnson9563]

Maybe in terms of deductive reasoning but no AI technology could ever replace complex decision making processes which relies not only on one's experience but also their style of approach. Back in the late 1970s the IRS had 100 accountants complete the tax filings of a business. All 100 accountants were provided with the exact same financial data and all 100 tax returns filed were different. Not two were the same. The IRS said that all 100 tax filings were accepted. Just to provide even a better example all one has to do is look at what goes on in forensic accounting.

[@Shrey777]

From counting crops in Mesopotamia to forensic accounting the role as always evolved as per client's demands since 7000 years it's will just evolve in future

[@draftday8078]

He's trying hard to stay relevant