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AI is positively impacting accounting careers. The technology streamlines processes and simplifies tasks for increased efficiency and productivity.

Many of our clients are using AI-based software to support their accounting teams. Proficiency in the use of this software supports accounting job opportunities and career advancement.

AI and Accounting Jobs

AI is streamlining processes and simplifying tasks to enhance efficiency and productivity for accounting teams. However, the technology likely will not take over accounting jobs:

  • The U.S. Bureau of Labor Statistics (BLS) occupational outlook for accountants and auditors anticipates a 4% increase from 2022-2032.
  • Jobs that require human skills such as creativity, judgment, and emotional intelligence are least likely to be lost to AI.
  • Accountants use communication, creativity, critical thinking, and other human skills to make informed business decisions.
  • Because human expertise is essential for accounting, AI cannot take over these jobs.

AI and Automation in Accounting

AI lets accountants automate repetitive tasks that are required for day-to-day operations. As a result, accounting professionals have more time to engage in higher-value activities.

The use of AI streamlines and standardizes workflows. The technology also increases accuracy in financial statements and reports.

For instance, many accountants engage in robotic accounting, a form of robotic process automation (RPA) that uses software bots to perform specific tasks:

  • Cash flow reporting and forecasting
  • Budgeting and bookkeeping
  • Invoicing and account reconciliation
  • Document management and audit support
  • Tax research and preparation
  • Compliance

AI and Accounting Tasks

Along with the use of AI, accounting mainly is a human process:

  • Accounting software and tax preparation programs use elements of AI.
  • AI-based automation supports data entry and other parts of the tax workflow.
  • AI processes can use computer vision (CV) and natural language processing (NLP) to identify documents and shorten the timeframe for completing tax returns.

AI-Based Accounting Software

Many of our clients use Microsoft Power BI and Tableau for their accounting teams. Proficiency with these tools increases access to job opportunities.

Microsoft Power BI

Microsoft Power BI is software that uncovers data insights to provide accountants with business intelligence to make informed decisions.

Microsoft Power BI provides accountants with many benefits:

  1. Pull data from Excel, SAP, Oracle, Xero, and other sources
  • Process, standardize, and disperse ranges of datasets
  • Create detailed reports and dashboards
  • Improve data accuracy
  1. Serve as a visualization tool:
  • Gather, shape, analyze, and visually explore data
  • Filter, drill down, and examine issues from different perspectives
  • Communicate clear messages
  1. Gain insight and data storytelling
  • Present data and insight in an accessible manner
  • Dive into details in real-time
  • Frame facts to support business decisions

Tableau

Tableau is software that gathers data and provides financial analysis and reporting. The tool lets accountants securely share information for business strategy:

  • Drill down on cash flow details
  • Analyze accounts receivable
  • Monitor travel and expense data

Tableau provides accountants with many benefits:

  • Automated processes
  • Improved operational efficiencies
  • Prepared financial data
  • Additional time for strategic analysis

Is It Time to Advance Your Accounting Career?

Mercer Bradley offers diverse accounting jobs with top Winnipeg employers. Visit our job board to apply for a role today!


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