As we are starting to see artificial intelligence (AI) is reshaping industries, a pressing question pops up for finance professionals:

Will AI replace accountants?

The simple answer is no – but with a significant caveat.

The key to remaining relevant in this evolving economy and workplace is to focus on higher-value work.

The AI Disruption in Accounting

AI is transforming the accounting sector, automating routine tasks such as data entry, bookkeeping, and even some aspects of financial reporting.

As we have seen over the last few years in startups and scale-ups - what used to be 5 roles in the finance operations team, most businesses now just have the one...

This automation wave might initially seem like a threat to traditional accounting roles.

However, it also presents a unique opportunity for accountants to evolve beyond the confines of number-crunching and compliance-focused tasks.

Entering in data, copy and pasting isn't interesting work either, so this perhaps will make our work life a little more interesting.  

Embracing Higher-Value Work

The future of accounting lies in strategic advisory, financial planning, and decision support – areas where human judgment and expertise are crucial.

As routine tasks are automated, accountants have the opportunity to shift their focus to more strategic roles (and more human interaction).

This includes interpreting financial data, advising on business strategy, and contributing to higher-level decision-making processes.

Not only are we encouraged to focus on more strategic work - but in turn this pushes us to take on more leadership roles (and increase our salaries!)

Gone are the days of sitting in the back corner of the office and not interacting with the business.

Upskilling: The Pathway to Relevance

For accountants to thrive in this AI-driven environment, upskilling is not just an option; it's a necessity.

Courses like Upgrade Your Management Accounts and Financial Leadership Fundamentals for New or Aspiring CFOs are crucial in this regard.

These programs are designed to equip finance professionals with the skills needed to move away from fire-fighting and operational tasks and step into roles that add strategic value to their startups and scale-up organisations.

Upgrade Your Management Accounts - don't just put it together by a tight deadline...

Focus on enhancing management reporting, provide insights that drive business decisions.

By understanding and implementing advanced management accounting techniques, accountants can provide more meaningful insights, moving from mere data providers to strategic advisors.

Financial Leadership Fundamentals for New or Aspiring CFOs - going that step further.

For those aiming for leadership roles, accountants need to consider aspects of financial leadership beyond the balance sheet, including strategic planning, stakeholder management, and risk assessment.

This curriculum prepares accountants to take on leadership roles, where strategic foresight and leadership skills are as crucial as financial acumen.  It gives you the skills as well as a task list that you can implement immediately.

AI: A Tool, Not a Replacement

It's essential to view AI as a tool that augments the accounting profession, not one that replaces it.

By automating mundane tasks, AI allows accountants to focus on areas where they can add the most value – strategic thinking, business development, and advisory services.

I'll admit it - when AI first came in at the end of 2022, I was scared.  

But then I read a quote on LinkedIn that said,

"It's not AI that is going to take your job.  It's people utilising AI who will."

That really called to me and I have been learning what I can and learnt that it's something to be embraced.  I wrote about initial tips for using ChatGPT here.

AI is not the end of the accounting profession, but rather a transformative force that is redefining it.

By embracing upskilling opportunities and shifting focus to higher-value work, accountants can not only remain relevant but become more integral to business strategy and success.

The future belongs to those who are willing to adapt and evolve, and with the right training and mindset, that future is bright for accountants.

Links:

1. Try our Quiz!  Financial Leadership Foundations Scorecard.  
2. Work with me in the Financial Leadership Foundations course  that includes monthly Q&A sessions where we can discuss all of your questions and how to apply your learnings to your current role.