Source | www.forbes.com | Bernard Marr
Take a deep breath.
Robots are NOT going to replace all human accountants or bookkeepers (at least not anytime soon).
White-collar workers who are part of the knowledge economy are beginning to experience what manual laborers have in the past when new technology made their jobs obsolete. Given the improvements we have recently seen in computing, many professionals fear for their future as machines threaten to overtake them.
Rather than fear changes that machine learning will have on accounting tasks, it’s an opportunity for accounting professionals to be excited. The profession is going to become more interesting as repetitive tasks shift to machines. There will be changes, but those changes won’t completely eliminate the need for human accountants, they will just alter their contributions.
Let’s take a look at how machine learning will change accounting.
What is machine learning?
Machine learning is the leading edge of artificial intelligence (AI). It’s a subset of AI where machines can learn by using algorithms to interpret data from the world around us to predict outcomes and learn from successes and failures. As machines infiltrate accounting tasks to take over the more mundane and repetitive tasks, it will free up accountants and bookkeepers to spend more time using their professional knowledge to analyze and interpret the data to provide recommendations for their clients.