Will Technology make the Accounting Profession Redundant?
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- čas přidán 6. 08. 2024
- I am a chartered accounting working as a commercial business partner and thought i would give my take on whether technology or AI will make the accounting profession redundant?
![How to move from Qualified Accountant to Equity Analyst [and other commercial role].....](http://i.ytimg.com/vi/CHzvbLNMrug/mqdefault.jpg)
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Prepping for a big4 graduate interview. This video made a nice break.
Accountants are the pillars of society!
Any updates ??
I'd probably say engineering is but I know what you mean
Paul you have a very pleasant personality
Good points. It’s good to hear from someone that has a broad experience and see where the future is leading. I found your rumbling interesting and will stop by for more for sure.
Great video! I've been waiting for this one :)
The example of automated transport comes to mind - Railways are the most controlled and programmable environment of any transport mode, yet we still have train drivers, even though the technology for this automation has existed for many years. People must always mediate between technology when people are involved on the other side.
Very well explained. AI can give facts/results...but (at least in the near future) critical thinking is what Human Intelligence only is able to provide. Besides, how many times analysts are complaining about the limited time we have to analyze the results of the reports we are manually producing...
Excellent explanation! Keep it up
This is something to ponder on!
6:45......excellent advice 🎯
Well explained dear
Thank you
Good video.. this is coming from an ex EY and KPMG auditor in analytics.
I think there will be a more focus on Analytics. Do you have any thoughts on Investment Banking vs Big4 audit firms
I think although technology can make an audit more cost effective and time efficient, there’s no tech that can substitute business acumen and years of industry experience
thank you for the valuable information!!! I have been watching through your CZcams videos. do you think becoming an accountant need certain types of personalities? and do you think people without these personalities can be train to become a good accountant?
what about creating an income tax and vat tax rules and training models to help save best amount of money using these rules in a specific situation using AI accelerators
The issue with UK tax rules whether it is personal tax, indirect tax or corporation tax, the rules are very open to interpretation in many cases. As a result, companies take tax positions based on their own analysis and interpretation of certain tax rules, there is no right answer even for the HMRC, which is why so many companies take HMRC to court. As a result human analysis will always be required and technology will only ever assist the decision making.
Hi Paul, on a note more related to your previous videos, which UK platform did you use to buy Bitcoin? Could you foresee any of the longer-standing platforms like HL, AJ bell, II etc. making it something they offer? Cheers
Hey - i use coinbase (havent had any issues with them). I am sure hl and aj bell will offer crypto etfs etc but maybe not buying crypto as it isnt an exchange platfrom - i may be wrong though. I heard you can now pay for crypto via paypal....
This is something to ponder on. But remember those who made the Titanic had similar level of assurance until the inevitable happened.
Like the video! :)
Yeah, great session. AI is not fit for purpose yet. So let's get rid of ACA's who just look at other people's works. Lol. Good luck, 😊
Don't ACA's audit work done by the internal accountants, in my 20 years experience, I've not seen an ACA who has any gravitas on the "True and fair view", they are students. Then ACA's move onto commerce / FS and have no idea.
I’m a senior in high school and I’m applying to university to get an accounting degree so do you still recommend this?
As someone with a B.S. and currently working in the field. I do not recommend it.
Really? So is any degree in business and finance not at risk if so what degree should I pursue?
@@joelthomas555 My recommendation has nothing to do with the technology. Well let me ask you this: Why do you honestly want to pursue accounting?
@@joelthomas555 I only recommend not pursuing but if you choose too then that’s fine. Ok you’re very smart I get it but accounting in classes vs real world is very different. There are steps to what you’re working on in school and a clear answer but in a job setting there really is no book to do anything. You will be working with a lot of variety of people not just in accounting and things never go smoothly as they do in the school books. It’s a real headache. Need a better reason to pursue accounting or else it’ll be very difficult to work long term.
@@joelthomas555 well it depends on what your interests and long term goals are. I would start networking and asking around in the fields you’re interested in. Then choose a career path that suites you. Make sure to get lots of internships like as soon as you start college. It’ll kinda show you what you’re getting into and which helps decide if you need to change career path.
Paul,
Sooner or later AI will replace CZcamsrs as well
A computer does not understand anything. He just does what we tell him to do. AI is the same, no intelligence there.
AI will make all accountants more efficient; hence, they will be capable of doing more work with the same effort, as part of their tasks will be automated. With a more efficient workforce, there will be fewer people needed on the market, and with fewer people needed, the competition for the job will be higher. In effect, the accountants, even though they become more efficient due to the implementation of AI tools, will be paid below the efficiency gain because of the job market competition.
And you still need someone to be put to jail in case AI messes something up in taxes. You cannot put a computer into jail so I guess some positions are safe 😉
I think AI will take ACA first, future statements are different, they'll be next after 20 years. Have you seen AI output? It's crap, so let's have a con ersation once we see a beta model.
First