Artificial intelligence (AI) is believed to be about to transform the accounting industry as automation and big data already influence the way accountants serve clients. Until recently, accounting technology only made certain tasks easier, but did not challenge accounting professionals to rethink their business practices.
And what does this impact of AI mean for accounting professionals? How can they prepare themselves?
Expert advice is for the accounting industry to stay informed of what's ahead in technology and specialize quickly, because entry-level positions tend to become more vulnerable than senior positions. In contrast, the better the technology, the greater the opportunities in demand for professionals in compliance and auditing, forensic accounting and merger and acquisition accounting.
While routine tasks are the most threatened by innovations, information-oriented tasks and specializations, such as decision making, will require more expertise from accounting professionals, who will also have more time for strategies, as they do not need to handle data and information. The same experts cited point to human experience as an important differentiator for accounting professionals. Many companies have unique needs that AI will not be able to address, such as explaining complex tax forms.
Accounting professionals today have the power to define the future of their profession. The industry must develop the ability to adapt and evolve, as well as become proactive about the needs of future customers. Accounting as a profession is expected to innovate by providing advice and guidance to help clients prepare. Increasingly, automation and AI will take on new responsibility for routine cognitive tasks, but these technologies cannot yet replace human interaction. Accounting professionals must specialize to become strategists, helping to drive their client's business.
Accounting today ranks among the most complex and challenging professional disciplines, and accountants are talented professionals who can adapt to the ever-changing landscape. By focusing their insights and expertise on finding clients who need that demand, an accountant can secure their future and define the future of their profession.
With first-generation AI pointing to the market and increasingly robust automation tools, accounting professionals must be ready to seize new opportunities presented by these technologies as they become available. It's time to prepare yourself to find a niche and improve your interpersonal skills, learn more integrative, social and marketing skills, to better interact with your customers.
Get in touch with TATICCA – ALLINIAL GLOBAL, which operates throughout Brazil and globally, with integrated auditing, accounting, tax, corporate finance, technology, risk advisory, business consulting and training services. For more information, visit www.taticca.com.br or e-mail taticca@taticca.com.br and learn more. Our company has professionals with extensive experience in the market and has certified methodologies for carrying out activities.