Artificial Intelligence (AI) is not a new phenomenon, but it is still a growing concern for many industries. While the human element remains the most important factor in most businesses, the accounting industry is not exempt from the threat of new technologies. If you were the owner of a medium to large company, how could you use new technologies such as AI to support your daily operations? Select and discuss one of the options below.
Business owners, be forewarned: The AccTech (accounting + technology) bots are taking over. But they’re not the towering metal giants or eerily humanoid robots of sci- nightmares. These bots are Image credit: Javier Pierini | Getty Images lines of code that grab information and communicate with humans about your business operations. They know (almost) everything before you’ve even whispered the thought, and they might want to take your bookkeeper’s job — or maybe just work alongside her. I had a recent conversation with Jan Haugo, CEO and vice president of the Institute of Certied Bookkeepers USA (ICBUSA), who emphasized all the ways emerging technologies will transform the role of small business bookkeeping.
In particular, we discussed how machine learning and articial intelligence will enable accountants to interact with bots the same way they would with a human co-worker. Accounting technology brands such as Xero are already capitalizing on this trend. It’s continued its innovation by releasing AI tools that will minimize — and ultimately eliminate — the amount of transaction coding businesses must do. This may seem scary now (at least for a few old-school number crunchers), but as technology develops and people cozy up to the practice, bookkeeping bots will continue their industry domination. The evolution of your company’s bookkeeper.
Bookkeepers play a vital role in many organizations, but what happens when bots handle the ow of information and render several of their manual tasks redundant? The common perception of bookkeeping as a reactive role focused on tracking and managing data gets turned upside down. Technology is reaching a point where humans don’t need to be involved in data collection and management. #ZeroDataEntry — meaning functions such as the recording of invoices can occur automatically and without human intervention — is quickly becoming a reality for many accounting teams.
The bookkeepers of the future (and, perhaps, the future is now) will go beyond understanding debits and credits and your business’s current software. Bookkeepers must be able to think about technology, address workow issues and add value on the topics of nance and operational strategy. Evaluate the effects of tech on your company, and decide how your current bookkeeper ts into this future narrative. She can assist in future-proong your business if you give her a chance to become that AccTech advocate. According to Haugo, the U.S. lags behind other countries in this area, so how can you help to close the gap? With the shifting demands of the bookkeeper, do we have enough of the “right” candidates in the market? And what can you do to accommodate for this new role? These are all important questions. So here’s some advice on nding (and retaining) bookkeepers who will drive your organization into the new era of accounting:
how she’ll approach the open position.
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