Will AI replace accountants?

Artificial intelligence, or AI, has raised many debates on its effects on different professions, one of them being accounting. Will AI replace accountants, or will it be a worthy partner?

AI is already transforming the accounting industry with the automation of routine tasks such as data entry, invoice processing, and tax preparation. AI-driven software has the capacity to analyse huge datasets to ensure anomaly detection and provide financial reports with awesome accuracy. The automation reduces human error and frees accountants to attend to higher-value tasks.

However, this does not necessarily mean that AI will completely take over the role of an accountant. This is because accounting involves strategic decisions, financial planning, and regulatory compliance-all requiring human judgment and critical thinking. Moreover, clients require personalised advice and trust-based relationships, which only a human accountant can give. In the end, AI will elevate an accountant's capabilities, making them efficient to provide better insights.

In the future, it is going to be a collaborative relationship between the humans and the AI. Accountants will lead from the front, making much more sense of financials, with deeper analysis and strategic consulting, leveraging technology. The role of the accountant is changing, but their expertise is irreplaceable. Rather than fear AI, accountants should consider it an ally that elevates the profession.

AI will not replace accountants but will be a strong ally. Those familiar with AI-powered tools will gain momentum, helping businesses and clients even more in the digital space.

Munyim Tajwar Abir

Bachelor of Business

Administration

North South University

munyim.abir@northsouth.edu