Machine Learning, Artificial Intelligence - And The Future Of Accounting | Forbes

Photo: Bernard Marr

"Take a deep breath" insist Bernard Marr, Contributor. 

Robots are NOT going to replace all human accountants or bookkeepers (at least not anytime soon).

Photo: Shutterstock

White-collar workers who are part of the knowledge economy are beginning to experience what manual laborers have in the past when new technology made their jobs obsolete. Given the improvements we have recently seen in computing, many professionals fear for their future as machines threaten to overtake them.

Rather than fear changes that machine learning will have on accounting tasks, it’s an opportunity for accounting professionals to be excited. The profession is going to become more interesting as repetitive tasks shift to machines. There will be changes, but those changes won’t completely eliminate the need for human accountants, they will just alter their contributions.

Let’s take a look at how machine learning will change accounting... 

Machine learning will propel innovation in accounting
When accounting software companies eliminated desktop support in favor of cloud-based services, accounting firms were forced to adapt to life in the cloud. Similarly, accounting departments and firms will be forced to adopt machine learning to remain competitive since machines can deliver real-time insights, enhance decision making and catapult efficiency.
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Source: Forbes