Accounting is at risk of AI replacement of lower level functions. Heck, even basic accounting software can do what a bookkeeper used to do in the past.



No wonder my wife retired early. Quit while she’s ahead.

Bookkeeping, yes AI can do it.
AI is still in its infancy when it comes to financial management.
Give and take +3 years with machine exponential learning capabilities perhaps AI can help on SAF (Suitability, Acceptability, Feasbility) with application of relevant business models (Porter, Mendelow's, etc)
Human is still relevant when it comes to applying whatever AI churn out in business context.

Ultimately, AI will gain more widespread acceptance across many sectors of multiple industries, especially as the technology matures. When that day comes, only the elite creme of the crop will hold their own against the onslaught of the machines. Accounting and its ancillary roles are not immune and will be affected.

In a perfect situation, AI will somehow replaces most, if not all technical works.
At present, it didn't happen yet nor it will happen within 3-5 years IMHO as human is too busy bickering. But that's another topic altogether.
I always think that accounting is not a profession, but a skill. An essential one which should have been made mandatory in secondary school together with financial management. heh.

accounting is not just bookkeeping. Audit, tax, corporate advisory are also part of accounting. And these requires lots of judgement calls to make, and persons to sign off on the works, which AI can't do. For example, you cannot just simply upload audit data for AI to come up with an audit opinion. There still need to be working papers being prepared, signed by audit manager, then only the audit partner can produce audit opinion and sign off the audit report. The preparation of audit working papers however, we can use AI to assist. But someone who actually knows about accounting still must review and sign off on those working papers. So when shit hits the fan, there will still be person responsible on the financial statements. This is just one of the example.

As someone who is in the accounting, I will say accounting degree is still one of the safest degree that you can take. And even if you decide not to work in accounting jobs, there are other paths that you can still take with your degree such as to work as credit analyst, compliance, marketing, etc. Since almost all business fields will accept someone with an accounting degree. And as someone who is using AI to assist with my works, AI is not something that you should be worried. Many accountants are more worried about outsourcing. Although for Malaysia, it shouldn't be an issue as our wages and forex rate is weak, we are actually the destination of the outsourcing for many global companies. I'm myself working for a Singaporean company, remotely from Malaysia.

This post has been edited by iammasivers: Jun 24 2024, 04:54 PM