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How Artificial Intelligence is Changing Accounting

Author: Moe Harrison /Tuesday, January 30, 2018/Categories: SNI Companies, SNI Financial, Industry Trends, SNI Certes, Industry Trends, Accounting Now

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Many have been waiting for Artificial Intelligence to enter the financial world, and the time has come. Numerous accounting companies have begun introducing AI to their organization in order to reduce the amount of time staff accountants are spending on various responsibilities, ultimately removing tedious and repetitive tasks from their plates to focus on bigger things within the firm. In order to understand how AI will positively change accounting without machines taking jobs away from humans, understanding how it works is key – Let’s dive a bit deeper into how machine learning will affect the accounting realm.

What is AI?
Artificial Intelligence, in layman’s terms, is technology that enables computer systems to perform tasks previously accomplished by humans. Machine learning is a subset for AI that allows machines to analyze data and forecast future outcomes – Although this is a main job for accountants, their time is ultimately freed by having computers predict this information, while also using algorithms to learn from successes and failures.

The Future of AI in Accounting
While some smaller accounting firms do not have the resources to develop and maintain their own AI products, it is said that the technology will become much more available in the foreseeable future – Again, that does not necessarily mean that jobs and head count will be eliminated along with it. Instead, redundancies will be removed, such as clearing invoice payments, bank reconciliations and auditing expenses.

As departments begin to rely more on machine learning to do most of the financial backend work, accountants and bookkeepers, as humans, will be able to deliver the emotional side of the business by connecting with clients and adding more value to the job than ever before. Now is a great time for accountants to identify how this change in the industry can help ensure a higher level of success – Focusing less on mundane areas of their job and more on the people.

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Moe Harrison
Moe Harrison

Moe Harrison

Moe Harrison is a Regional Vice President with SNI. With more than 15 years’ experience in recruiting and personnel management, Moe has a unique perspective on the top issues and concerns of employers and candidates in the accounting and finance fields.

Other posts by Moe Harrison
Contact author Full biography

Full biography

Moe Harrison is a Regional Vice President with SNI. With more than 15 years’ experience in recruiting and personnel management, Moe has a unique perspective on the top issues and concerns of employers and candidates in the accounting and finance fields.

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