AI Revolutionizing Accounting: Experts Urge Accountants to Embrace Technology for Future Success

 

Artificial Intelligence (AI) is capable of handling repetitive tasks, but accountants who embrace and integrate technology can concentrate on more valuable activities beyond basic number-crunching, according to Md Sajid Khan, Director – India at the Association of Certified Chartered Accountants (ACCA).

Khan emphasized in an interview with The Economic Times, “AI will replace those professional accountants who fail to understand and incorporate these technologies.”

However, he noted that AI cannot replace strategic thinking, decision-making, or emotional intelligence. “Accountants are not just about crunching numbers; with the right technology, they can avoid routine tasks and focus on more impactful work,” Khan added.

“There is a significant shortage of accounting professionals in India, leading to a surge in demand. The market, valued at $13.6 billion in 2020, is expected to grow to USD 20 billion by 2025,” Khan stated.

Despite the growing demand, unemployment remains a pressing issue. Khan pointed out that the challenge lies in finding individuals with the right skills. “While employment is a concern, employability is equally critical,” he explained.[…]
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