The Very Real Impact of AI on the Future of Accounting

AI could make the accounting profession more appealing via technology and innovation. Some accountants worry that AI will replace them, but the real opportunity is that accountants who know how to leverage AI software may someday replace those who don’t, observes Jeff Dernavich, VP of product at LeaseQuery.

Unless you’re truly living off the grid, you can’t make it through the day without seeing a headline about artificial intelligence (AI). Whether via ChatGPT, Bard, or one of the many applications leveraging its capabilities, AI is helping people with writing, shopping, personal assistant tasks, and more. As with any new development in technology, there are both opportunities and challenges ahead. As AI continues to evolve rapidly, leaders across industries will need to navigate the complexities of these tools and learn how to leverage them for the success of their companies. 

Artificial Intelligence in Accounting

There is a wide range of uses for AI in almost every industry. While there are countless ways for this new technology to change lives for the better, there are almost as many ethical considerations and concerns about human redundancy. As AI continues to become more prevalent in the accounting industry specifically, the question many accountants keep asking is, “Will AI replace me?” The short answer is no. AI will change how accountants do their jobs, but it can’t and won’t replace them. The slightly longer answer is that the real concern is that accountants who know how to leverage AI software to be more effective and efficient may someday (in the not-too-distant future) replace accountants who don’t. 

While accountants may be worried about whether they’re destined to be replaced by a machine, the more pressing issue for the accounting profession is the steadily increasing shortage of accountants. In fact, a 2022 Deloitte pollOpens a new window