Will artificial intelligence end the accounting profession

There are rumors that artificial intelligence will end the accounting profession. Since the invention of generative AI in 2023, it is believed that AI can carry out accounting tax. While this is true, this isn't the first time critics' propaganda has opposed the accounting profession.

The invention of automation

Since the invention of automation and accounting software, many critics believe that the accounting profession will not survive. They taught that this software will perform the jobs of accounting. While this is true to some extent, many accounting software in vogue today requires human input for it to work. More so, cloud computing didn't stop the accountant jobs. 

The innovation in automation and other sophisticated technology in simulation, linear programming, and other data analysis for decision-making cannot carry out the decision. It only aids decision-making and makes the accountant's job faster. This is also the case with artificial intelligence. 

Artificial Intelligence in a business world

Big Four accounting firms are investing heavily in AI. Despite this, top partners at this firm believe that generative AI, as it is known today, cannot take over the accounting profession, according to AccountingToday. It is believed that the human touch is important in every accounting process. Nobody will want an AI to sign an audit engagement nor provide an opinion on financial statements. 

Generative AI is useful. Some accounting software providers plan to use AI as a service (AaaS) to provide suggestions on the double entry of a transaction. It can be used to carry out certain audit tasks as well as complex tasks such as simulation. However, AI cannot make a decision. The accountant must be involved in ensuring that the AI provides the right information that doesn't mislead users into making material errors in their decision-making. 

Lastly, AI cannot work on its own. It needs a human to input certain data such as how accounting software requires an individual to input data into it. However, it will reduce the time it takes to handle certain tasks. Thereby providing results on time and aiding decision-making at the right time.