Week 8 - BALT 4361 - AI in Accounting

As someone who is trying the earn an accounting degree, I want to have an idea of how that industry will be affected by AI. Some believe that AI can completely take over the industry (not ideal!), others have a more positive outlook that AI can help accountants reduce errors and improve productivity. I hope the latter opinion is correct, but I will also acknowledge that there are parts of the job that can be automated. Companies like QuickBooks have already begun to implement this, what I have noticed is the AI does save me time while reconciling. Instead of manually entering all the data from the bank statements I just make sure the information is correct and balances.

Something that was mentioned in the beginning of the book, Data Discovery, was the demand for skills that involve data analytics and AI. This has made its way to the accounting industry as Professional organizations like the AICPA and Chartered Accountants ANZ now emphasize data literacy and AI literacy as essential skills for the modern accountant. Courses in data analytics, AI ethics, and visualization are also becoming standard in accounting education programs, ensuring professionals can interpret AI-generated insights responsibly. I think at this point it would be ill-advised to not think about how AI can affect the job I currently have. It will create opportunities in this industry, but I have to be willing to adapt my skillset to use it to my advantage.