Let us face it; automation has been drastically changing the accounting profession for years. From robotic process automation (RPA) to artificial intelligence (AI), automation is quickly becoming the new norm in the industry. While there is some concern about how automation will eliminate jobs, the truth is that automation has actually created more jobs in accounting than it has eliminated. In fact, a study by the Association of International Certified Professional Accountants found that 83 percent of accountants believe that automation has led to an increased demand for their skills. So, what does this mean for the future of accounting?
As automation becomes more sophisticated and AI begins to be adopted into accounting practices, we can expect even more dramatic changes in the industry. With AI, accountants will have access to technology that can improve accounting performance, accuracy, and insight. In fact, a study by PWC found that automation has the potential to increase productivity by up to 50 percent. This increased level of automation will likely lead to a reduction in the need for human interaction in accounting, making way for more streamlined and efficient processes.
