Research/Blog
Guide to Why Artificial Intelligence is the Future of Accounting
- February 14, 2018
- Posted by: CellStrat
- Category: Artificial Intelligence Bots Deep Learning Machine Learning Uncategorized
This post refers to my conversations with accountants and others in business towards end of 2017 when we were speculating if AI will be taking over all the fields. Then, I came across a friend who told us that his relative who has been in auditing and accounting domain for last many years in one of the top ten BPO companies lost his job to AI automation in his company. He told us that off the 500+ people working in one of the otsourced projects in accounting have been retrenched as the client company automated the project through artificial intelligence. Until then, we used to think that expertise based jobs like these won’t be replaced by AI so soon or atleast not before 5-7 years as is also evident from one of my earlier posts on “Can AI automate Eveything”
Jean Baptiste is a Principal Analyst at Atherton Research, shared with Forbes magazine that in their upcoming research report on the future of accounting, they expect that by 2020, accounting tasks – but also tax, payroll, audits, banking… – will be fully automated using AI-based technologies, which will disrupt the accounting industry in a way it never was for the last 500 years, bringing both huge opportunities and serious challenges.
Full article on this appeared here