Nothing artificial about the rise of AI
Accountancy Age examines the potential of AI technology in the accountancy profession. Tom Davenport, distinguished professor at Babson College, says that accounting’s fundamentally structured set of activities with carefully specified tasks and outputs, lends itself to AI integration: “When there is structure and repeatability, AI is the tool of choice. All of the leading accountancy firms are in the process of developing AI solutions, so I think that’s a pretty good indication of the potential the technology has for the profession.” Kenny Fitzgerald, a partner at My Accountant Friend, takes a slightly less bullish view: “I don’t, personally, see a time when accounts will be prepared entirely by AI, because of all the different notes and item types you have to input. If a company is giving to charity, for example, you need human input to register those nuances,” going on to cite some significant challenges that could arise from unintended but unavoidable date biases.