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AI & Accounting: What Does the Future Hold for Canadian Businesses

Automation has come for a lot of professions. From autoworkers to customer service reps, robots and bots have taken over many roles formerly held by humans. Is accounting next? Will AI replace accountants in Canadian businesses?

There is a stat that says automation might one day have the ability to replace 94% of accountants and auditors. That’s a scary thought for nearly 19 out of 20 people currently in the accounting profession.

However, that prediction doesn’t quite capture the likely way the process will unfold. Robots may have replaced some of the more mundane tasks of car manufacturing. But that equipment also still requires someone to operate it, maintain it and make sure it accomplishes its job successfully.

Think of accounting in the same way. Accountants aren’t replaced by AI. Rather, the technology will become another stage in a long progression of new tools that made the industry more effective and, ultimately, more useful.

After all, did the computer put accountants out of business? The first version of TurboTax came out in 1984. And yet, tens of thousands of people remain employed as accountants in Canada.

Go back even further. Did the calculator destroy the accounting profession? The adding machine? How about the abacus?

The same dynamics are in play with AI. However, this powerful technology could lead to significant changes within the industry. The top accounting automation trends can take your business to the next level!  Here are a few ways you can leverage AI to get the most out of the next generation of accounting:

How To Best Leverage AI in Accounting

Get the Most out of Your Data

The main value of AI comes from spotting patterns. You input a blindingly complex batch of data and receive actionable insights on the other end of the process.

Accountants can use AI to improve operations, maximize financial efficiency, and even spot fraud. But the computers can’t do this on their own.

Trained accountants are still needed to interact with AI at various points along the way. These experts can help machine-intelligence by collecting and verifying the raw data, directing the programming for specific situations, and interpreting the results.

Look for Accountants with Tech Skills

Working with AI takes special skills. To get the most out of the technology, you need team members with a diverse set of abilities. They still need the underlying accounting competencies. At the same time, they have to be ready for the next-gen tech that will drive the industry forward.

Look for accounting candidates who have a technical background. This might be rare. As such, you might have to upgrade the skills of your current staff.

Invest in building tech abilities within your current team. Devote time and resources to expand your accountants’ understanding of AI. This way, you can get the most out of the next wave of upgrades.

Increase Your Focus on Communication

Yes, computers can crunch numbers faster than any human accountant. But that data doesn’t mean much without someone to interpret it and to explain it to others.

Anything prepared by AI will still require a human to present the information to interested parties. This includes non-accountants within an organization or customers, who might not have the background needed to understand what the figures are saying.

As such, you’ll need accountants who can talk to non-experts about AI findings. Prioritize communication skills to create a bridge between technology and its uses in the real world.

Find Accounting Professionals To Take Your Business into the Future! Elby Professional Recruitment Can Help!

Clearly, the future of accounting will rely on more than just accounting skills. Where can you find these multi-talented team members? Turn to a top recruiter, like Elby Professional Recruitment. You’ll get the talent you need to compete in a fast-changing market.

Contact Elby today to learn more.