Accountants prepare, record, and maintain the financial records of companies. They also ensure that the documents are accurate.
According to Frey and Osborne, bookkeepers have a 97.6% chance of being automated.[1] However, in another paper, Griffin indicates that new jobs are also created.[2]
In ten years, I believe that AI will completely automate the bookkeeping, data processing, and recording aspect of accounting and this will change the role of an accountant. AI technologies like cloud computing and machine learning will shift some of the less complicated tasks to computers, but the accountant is still needed to sort through highly complex regulations. [3] Accountants will focus on analytics to provide insight and applying professional judgment.
As of May 29, 2019, there are 654,375 active CPAs (Certified Public Accountants) in the US [4] and according to the United States Department of Labor, Bureau of Labor Statistics there are 1,424,000 individuals employed in the accounting profession in the United States.[5]
The accounting profession is not immune to disruption, but
we need to act. The use of tax filing software did not put accountants out of
business; it changed how many returns we can do in a tax season. Quick Books did
not eliminate the accountant; it changed the focus from paper and pencil entry
to computer and software entry. AI in the accounting world will not replace
accountants; it will only shift the focus of the accountant.
[1] https://www.npr.org/sections/money/2015/05/21/408234543/will-your-job-be-done-by-a-machine & https://www.oxfordmartin.ox.ac.uk/downloads/academic/The_Future_of_Employment.pdf
[2] Griffin, O. (October, 2016). How artificial intelligence will impact accounting. Economia.
[3] Poston, J. (2014). Can Software Really Replace Accountants? AccountingWeb.com
[4] https://nasba.org/licensure/howmanycpas/
[5] https://www.bls.gov/ooh/business-and-financial/accountants-and-auditors.htm