Are Accountants Still Necessary or Is AI Good Enough?
In the age of automation, multiple jobs are starting to turn obsolete; that even the accounting industry has come into the picture. This is especially true with the growing number of accounting automation software companies, attracting a growing number of members annually.
However, despite the growing popularity of smart accounting automation software functionalities, auditing services provided by actual accountants are still highly crucial for many businesses.
Read on to find out why professional and actual accounts are still at the forefront of many businesses bookkeeping records and finances management.
Accounting is the dialect of finance
Accountants spend years learning the language of finance. In fact, they take exams with extremely low passing rates to earn CPA or ACCA certification. Because of this, if you, a business owner, have an ACCA- or CPA-qualified accountant, you can rest easy knowing that you have someone well-versed in financial matters to explain to you if you misunderstand a concept.
Keep in mind that as a business owner, you have to deal with company finances. Having someone who can understand the language and translate it to you in a more digestible way will allow you to make better financial decisions that have a bigger positive impact on your business’s bottom line.
Raw data cannot replace specialist knowledge
Interpreting financial information to make it easier to use for strategising and planning is one of the main things that accountants can do, but automation software cannot.
An AI won’t be able to take the time to sit down with you and discuss the numerous options available for your company’s finances based on how your business has operated and could operate down the line. Human accountants don’t just make sense of the numbers. They’ll break it down for you in a way that you’ll be presented with the best options for your business.
Transforming data into actionable information to create a better informed business-related decision is crucial. It’s also something that AI simply can’t contend with accountants just yet. Accountants can help put the data into context, and they can present the number in ways where it becomes clear how the business can optimise its approach for maximum profit.
Personal judgement is still better than pre-programmed rules
So far, the most that an AI can do today is to make a decision based on pre-programmed rules. While they are capable of simulating multiple scenarios and making suggestions based on data, a business owner will not be able to converse with an AI. They won’t be able to let the machine know how they go about their business and how they make decisions.
Because of this, an AI will not be able to provide input based on actual business acumen and experience. This lack of personal judgment means that AI will not replace accountants in the foreseeable future. As such, engaging an audit firm for their services can help your business’s finances in the long run.
Just because you are using AI for your business doesn’t mean there’s no room for humans anymore. In fact, humans and AI in an audit firm can work together. In particular, work that is mundane and repetitive can be assigned to AI. This then gives accountants more freedom to work on projects that actually affect a business’ bottom line.
In other words, if you’re looking for accounting or auditing services – enlist the expertise of OneStop Professional’s experienced accountants and minimise the risk of any potentially costly mistakes. We attend to all your corporate needs and provide services such as accounting, audit, corporate advisory, corporate secretarial, and valuation.