AI is having a positive impact on many accounting careers. The technology can streamline processes and simplify tasks, helping accounting teams improve efficiency and productivity.
Many of our clients use technology and automation to support their accounting teams. Proficiency with these tools can support 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. Although the technology may change certain responsibilities, accounting professionals continue to contribute skills and expertise that technology cannot easily replicate.
- At the time of this article’s original publication in 2024, the U.S. Bureau of Labor Statistics (BLS) occupational outlook for accountants and auditors projected 4% employment growth from 2022 to 2032.
- Jobs that require human skills such as creativity, judgment and emotional intelligence may be less susceptible to complete automation.
- Accountants use communication, creativity, critical thinking and other human skills to make informed business decisions.
- Although AI may change how accounting professionals perform their work, human expertise remains an important part of the profession.
AI and Automation in Accounting
AI and automation can help accountants manage repetitive tasks that support day-to-day operations. As a result, accounting professionals may have more time to engage in higher-value activities.
These technologies can streamline and standardize workflows. They can also support greater accuracy in financial statements and reports when accounting professionals review the results and maintain appropriate controls.
For instance, some accounting teams use robotic process automation (RPA), which relies on software bots to perform specific, repetitive tasks. AI and RPA are different technologies, although organizations may use them together to support activities such as:
- Cash flow reporting and forecasting
- Budgeting and bookkeeping
- Invoicing and account reconciliation
- Document management and audit support
- Tax research and preparation
- Compliance activities
AI and Accounting Tasks
Even as accounting teams adopt AI, professionals continue to play an essential role in interpreting information, applying accounting principles and making decisions.
- Some accounting software and tax preparation programs incorporate elements of AI.
- AI-based automation can support 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 time required to complete certain tax preparation activities.
For a broader look at how these technologies can support accounting operations and finance leaders, read The Impact of AI on Accounting.
AI-Based Accounting Software
Many of our clients use Microsoft Power BI and Tableau to support their accounting teams. These platforms primarily focus on business intelligence, data analysis and visualization, although AI capabilities can complement their features. Proficiency with these tools can help accounting professionals pursue additional job opportunities.
Microsoft Power BI
Microsoft Power BI helps accountants uncover insights from data and use business intelligence to support informed decisions.
Some of the benefits for accounting professionals include:
- Pull data from Excel, SAP, Oracle, Xero and other sources
- Process and standardize a range of datasets
- Create detailed reports and dashboards
- Support data accuracy through clearer reporting and analysis
- Serve as a visualization tool:
- Gather, shape, analyze and visually explore data
- Filter, drill down and examine issues from different perspectives
- Communicate clear messages
- Gain insight and support data storytelling
- Present data and insights in an accessible manner
- Explore details as new information becomes available
- Frame facts to support business decisions
Tableau
Tableau helps accountants gather, analyze and visualize financial data. The tool also lets teams securely share information to support business strategy.
- Drill down into cash flow details
- Analyze accounts receivable
- Monitor travel and expense data
Tableau provides accountants with many benefits:
- Automated reporting processes
- Improved operational efficiencies
- Organized financial data
- Additional time for strategic analysis
As technology continues to evolve, accounting professionals can benefit from understanding not only how to use these tools but also when to question their results. Our article How to Be a Mindful User of AI explores how to approach AI thoughtfully while maintaining professional judgment.
Is It Time to Advance Your Accounting Career?
Mercer Bradley offers diverse accounting and finance opportunities with Winnipeg employers. Visit our job board to explore current openings and take the next step in your career.
