Automation’s potential to eliminate monotonous tasks and free up employees for strategic work is often seen as a benefit. However, the concern that automation, AI, and machine learning could make accountants obsolete is also prevalent. Finance teams are already experiencing a significant impact from automation, with around half of accounting tasks capable of being automated, according to studies. Many accountants embrace automation as it simplifies their work, improves efficiency, and enhances their roles.
Surprisingly, research shows that 29% of finance workers are frustrated by the slow adoption of new technology in their industry, contrary to the assumption that they fear automated accounting. Accountants recognize the advantages and are open to implementing new and improved technologies. While automation cannot replace accounting entirely, it provides accurate information, identifies errors in vast amounts of data, and accelerates data analysis and utilization.
This guide explores the five areas in accounting where automation already improves processes and will continue to do so as technology advances.
To know more, download ‘Adapt and Thrive with Automated Accounting Software’ guide above.
