Will Accountants Be Replaced By Artificial Intelligence Technology?

Accounting and finance professionals are in a big dilemma is AI replace accountants in the future?

The revolution of AI in accounting will not slowdown in any way. AI technology has the full capability to perform all mundane tasks of accountants. But, it doesn’t mean that it will replace accountants. Human intelligence will always be needed to perform and run technology efficiently.

The companies require accountants for interpreting and analyzing data captured by AI machines. Moreover, accountants will play a major role in providing consulting services better than machines. Therefore, rather than replacing accountants, artificial intelligence helps accountants to do their regular tasks in a modern way.

As AI and machine learning perform repetitive tasks with more efficiency, accountants can save their time and focus on other general tasks like data analysis and consulting services. So, the future of accounting jobs will be automated and intelligently supported with AI, but no accountants (human workforce) will be replaced by AI machines.

Market Growth Of AI In Accounting

According to the market reports, artificial intelligence in accounting is anticipated to reach $4.7 billion by 2024 at a CAGR of approximately 48%. The growing need for automated accounting processes, enhanced audit processes, and decision-making power is driving the demand for AI in accounting