Automation in Accountancy
With the emergence of artificial intelligence looming and no longer are in the initial stages, accounting companies in UAE should be prepared for major chances.
Impact of automation: In today’s modern world, every other day accountants make crucial decisions regarding their career. While they make this crucial decision it would be important to take into consideration the impact of automation within the their line of work. The likes of artificial intelligence and machine learning are slowly finding their way in numerous accounting related tasks. Statistics wise accounting professions are going to be one of the earliest ones to have a taste of automation. Artificial Intelligence systems have been found to provide accurate outputs which bodes well for accounting professions. Accountants will be able to further enhance their finding and conclusions of relevant financial data by using Artificial Intelligence Systems. A combination of automation, artificial intelligence and machine learning being incorporated into a well integrated system can the firm to further heights.
Notion of being replaced: There is this common fear amongst accountants that they could be replaced by machine learning. This is not the case as automation allows accountants to embrace innovation and get along with this new initiative. It would allow accountants to focus on other aspects of the business and expand the business. With automation being introduced, accountants will be able to find the time to discuss financial matters, attend important meetings and communicate with different clients.
Change in syllabuses: The next generation of accountants will surely benefit in the longer run through educational institutions incorporating the benefits of automation and artificial intelligence in accountancy. In this way they will be able to adapt to future workforces with respect to industry 4.0 and onwards.
Beneficial for small and medium sized enterprises: SMEs are the most vulnerable when being hit by a flurry of stringent laws and regulations by the state. Such rules and regulations force SMEs to hire accountants which prove to be challenging. By getting their hands on automation, SME’s would not have to worry about hiring accountants to handle their financial records. By taking this step an SME would be able to save cost, time, effort and generate more profit.
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