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AI in Business
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How Bookkeepers Can Stay Competitive in the AI Age

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Job replacement related to Artificial Intelligence largely applies to menial, repetitive tasks and when it comes to accounting, practitioners should become more aware of what this technology can do for them, rather than against them.

Aug 9th 2021
Founder CMA Exam Academy
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Bookkeepers may not need to worry just yet about “being replaced” by Artificial Intelligence tools, but understand the opportunities.

First, here’s a level-set about the disparate message we’ve heard about what AI will do to the accounting profession. For context, here are some highlights we’re probably all familiar with:

  • In 2015, an Accenture report predicted that by 2020, 40 percent of transaction accounting work would be automated. 
  • Back in 2017, Mark Cuban infamously posited that AI would replace accountants.
  • In a 2020 survey of Chief Financial Officers by Grant Thornton, CFOs estimated that about 90 percent of financial functions could be automated.

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Here are some examples of what AI can actually do:

  • Accelerate loan underwriting by analyzing thousands of data points about clients and financial history within seconds.
  • Build accurate predictive models for businesses and financial institutions to make more strategic decisions.
  • Use both structured and unstructured data in a fraction of the time required by humans.
  • Provide contextual intelligence, leveraging machine learning and ever-improving algorithms to create models and interpretable reports.

Speaking of reports, AI can generate accurate financial reports in far less time than humans. The transactional and clerical tasks that can be, and likely will be, automated include:

  • Bookkeeping
  • Invoicing and payable
  • Auditing and taxation
  • Payroll
  • Journal entries and reconciliations

Finances as a service (FaaS) and numerous other innovative trends will likely typify the world of finance, making groundbreaking changes to business as we know it.

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