The use of AI in various industries has raised concerns about job replacement, and one of the common questions is, will AI replace accountants in the future? In this article, we have discussed this issue in detail and based on the documentation.
There is no doubt that AI improves accuracy, speed, and efficiency, but the fear that it will completely replace accountants is overstated. Will AI change the job description of accountants? Tasks such as data entry, invoice processing, account reconciliation, and routine reporting are increasingly automated by AI, fundamentally changing accountants’ day-to-day responsibilities.
According to a 2024 Intuit QuickBooks survey, 98% of American accountants reported using AI in the past year to perform their work more accurately and efficiently. Similar trends appear in other studies; for example, finance leaders reported a 21 percentage point increase in AI adoption between 2023 and 2024. According to a report by Thomson Reuters, using Generative AI among finance professionals has increased from 52% to 71% in 2024.
Has the use of AI caused job dissatisfaction among finance professionals?
Far from causing dissatisfaction, AI has relieved finance professionals from repetitive tasks, allowing more time for creative problem-solving, client communication, and strategic work — ultimately increasing job satisfaction in the profession.
AI replaces tasks, not roles
It is clear that the more routine a task is, the more likely it is to be automated by AI. The more judgment-based a task is, the less likely it is to be replaced by AI. Now let’s take a look at the duties of an accountant. An accountant must review and evaluate the financial and tax documents of individuals and companies. Identify financial risks and make the best decisions based on available data to help optimize financial operations in any business.
There are four major accounting firms in the world (Deloitte, Ernst & Young, PwC, and KPMG) that all agree that artificial intelligence will not replace human accountants, but that does not mean that they do not use artificial intelligence to improve processes. For example, artificial intelligence chatbots resolve complex issues more quickly, enhance audit quality and auditor confidence, and enable more comprehensive and accurate controls.
The following are the tasks that can be performed in accounting firms with the help of artificial intelligence:
- Document review: Artificial intelligence can summarize and rewrite key points of documents to increase the speed of financial audits by several times. It can also be used to extract key information after scanning a document with optical character recognition technology. For example, Deloitte uses NLP to automatically review documents.
- Tax intelligence: Tax research can be done more accurately with the help of AI, so that tax returns are filed more accurately. It can also automate the process of filing returns and provide customers with predictive insights based on them so that tax decisions can be made more thoughtfully for the future.
- Bookkeeping: AI handles bookkeeping in batches, minimizes human errors, and produces more reliable financial data.
- Cash flow forecasting: AI can predict payment timing trends, customer behavior, and outstanding balances to better understand future expenses.
The speed and accuracy of AI in performing these tasks are undeniable and can help accountants focus on better planning and advisory services. This will reduce burnout and solve the problem of a shortage of skilled labor.
Which accounting tasks cannot be replaced by AI?
Over the past few years, as various versions of AI have been introduced, we have identified limitations that indicate that AI cannot replace the following human tasks and expertise:
- Judgment: Managing complex or unusual transactions that require expert financial judgment.
- Regulatory Interpretation: IRS Rules, GAAP, SEC Requirements, State Taxes
- Ethical Oversight: Assessing Financial Controls and Risks
- Strategic Thinking: Creating Budgets, Forecasts, and Scenario Plans
- Human Connection: Consulting with Managers, Auditors, Clients, and Stakeholders
Strengths of AI over Humans
- Speed and Automation of Processes
- Pattern Recognition
- Error Detection
- Processing Large Data Sets in a Short Time
- Drafting Routine Reports
Strengths of Humans over AI
- Judgment and Interpretation in Complex Situations
- Regulatory Expertise
- Ethical Oversight
- Strategic and Strategic Decision Making in Sensitive Situations
- Human Connection and Consulting
How to Prepare Your Accounting Team for AI?
Many accounting teams initially fear that AI is intended to replace them. With proper training, however, AI can multiply team productivity and eliminate job-security concerns. The following will help prepare your finance team for AI:
- Build skills in automation tools and financial systems, and teach how to use them.
- Move into consulting, analytical, and compliance-focused roles.
- Strengthen your team’s understanding of GAAP, IRS rules, auditing, and controls.
- Review AI-generated outputs with your own expertise to gain more accurate data and give your team a sense of value.
- Strengthen communication skills, including emotional intelligence, rapport building, and empathy, to guide stakeholders.
The Future of the Accounting Profession
It’s not yet clear exactly what the accounting industry will look like in the future, but AI experts expect AI adoption to increase. Accountants’ skills will evolve in the future, and innovation will enter the accounting industry. So, there should be a high level of acceptance of AI and its services, as it helps you make better data-driven decisions. As an accountant, consider the following steps to improve your skills in using AI:
- How to work with different AI interfaces in accounting
- Using AI to simplify accounting processes
- Coding
- Using data analysis tools like Power BI
Benefits of integrating financial processes with AI
Businesses that use AI for their businesses must be completely transparent about their resources. To improve your services and productivity, you can use Hamyar Union software, which is a multilingual and multi-currency web-based software, and different users can access it with different access levels (based on what is defined in the company). So if you are facing many challenges in the field of warehouse management, accounting, and production, Hamyar Union software will be by your side as a companion to experience the best performance in your company.
Last words
In conclusion, it should be noted that AI will not replace accountants, and accountants will continue to be needed for tasks that require judgment, adaptive expertise, interpretation, or strategic decision-making. AI will not replace accountants, but will change the way they work. In fact, as we have identified in this article, the tasks that can be eliminated, repetitive and routine activities for accountants, will decrease, and the demand for skilled accountants who can work with AI will increase.
In the long term, AI will increase the value of accounting professionals by shifting focus toward greater creativity and strategic decision-making rather than eliminating roles. Based on the Market.us report, the market value of AI in accounting is likely to reach $88.2 billion by 2033, which shows how effective the use of AI-based accounting software can be in improving processes and the productivity of your finance team.
