Will AI impact Bookkeeping and Accounting? - just my opinion
Yes. But that does not mean it will go away - I believe it will become more about data analytics rather than repetitive tasks.
According to Till Leopold, project lead on WEF’s employment, skills and human capital initiative.
“Will AI reduce the need for accountants? I think the answer is probably yes,” says Richard Anning, head of ICAEW’s IT Faculty. “But you have to define what an accountant is. If you’re looking at some of the more repetitive bookkeeping or process-driven tasks, those are more likely to be subject to automation than the higher value tasks,” he says.*
With more data available, the case load for judgement work is just going to increase.
Our profession should begin to prepare for this. Look for ways to automate lower margin work and become a specialist at analyzing trends, formulating solutions and spotting processes that are draining a businesses profits.
As a CFO, I need to spend more time thinking than crunching numbers.