It is not unknown that the evolution of technology has changed the accounting and auditing industry. We have said goodbye to the days where we used pens, paper and calculators to balance the books.
New technology has taken over much of the routine compliance work performed by accountants and auditors. So, how will this affect the accounting profession?
According to INTHEBLACK, Robotic process automation (RPA), artificial intelligence (AI) and machine learning are harnessing the power of data to transform accounting and audit.
Artificial Intelligence (AI) in accounting will rapidly move from a tool for compliance and towards the delivery of advice while the auditor of the future will use data analytics and much larger sets of information from a wide variety of agencies.
The industry shouldn’t be worried about losing their jobs to robots. Instead, accountants can now focus on strengthening relationships and delivering insights to gain greater value, while AI technology will likely take traditional tasks.
The accounting industry is well-placed to take advantage of the emerging data analytics revolution, but it will require a redesign for many firms as well as a change of mindset.
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