Today, robots roam shopping centres, which means tomorrow they’ll take our jobs. Some might agree, some might not, but we argue that the accounting profession isn’t at risk.

Indeed, in today’s world, almost everything is automated. Robot vacuums, dishwashers, Siri. We’ve even forgotten about trips to the library – ChatGPT can answer a question faster than you can get out of bed. Innovation hasn’t overlooked accounting either; now, routine operations have been replaced by fast and precise automated processes.

And while some fear these incredibly smart robots, corporations like SAP and Oracle have already caught on, shifting the responsibility for expense recognition, payment processing, and predictive analytics to AI. Their accountants no longer handle mundane tasks but instead focus on strategic objectives and analysing financial indicators. It’s not about competition – AI and accountants are becoming best friends.

And it’s a win-win: machines do what they were designed for, and companies reduce their costs by 40% thanks to them (so says Deloitte, and we believe them).

You might ask, “So, what can this AI really do?” Our answer is: read the article.

What can AI really do in accounting?

Let’s take a closer look at the superpowers artificial intelligence gives to modern accounting. From financial forecasting to fraud protection, these are the key areas where AI is already demonstrating impressive results today.

1) Forecasting: The Accounting World’s Crystal Ball

Let’s admit it: forecasting financial indicators isn’t exactly a pleasant task. AI takes this on. Now, machine learning algorithms analyse historical data, identify hidden patterns, and predict possible financial scenarios. This allows companies to plan budgets with greater confidence, adapt more quickly to market changes, and even forecast crises before they become a problem.

In 2022, a study by McKinsey showed that companies using AI for financial forecasting reduced their losses by 20% thanks to more accurate budget planning and risk management. Not bad, right?

Such precise planning not only helps to avoid financial pitfalls but also creates the foundation for robust asset protection.

2) Fraud Protection

Getting swindled out of money is no longer so easy. Why? Because we have the 8th wonder of the world – AI. How it works: automated monitoring systems can analyse thousands of transactions and instantly flag suspicious activities, giving you the chance to protect yourself.

Even Visa and Mastercard use this technology. The companies apply neural networks to detect suspicious transactions. Their systems can identify fraud in milliseconds by analysing user behavioural patterns. In 2021, Visa stated that its AI solutions helped prevent financial losses of over $25 billion.

Thanks to this level of security, accountants can worry less about external threats and concentrate more on optimising internal processes.

3) It Won’t Take Your Job, But It Will Simplify It

According to PwC forecasts, by 2030, 30% of all accounting operations in large corporations will be performed without human intervention. Some companies are already testing autonomous financial systems that make independent decisions, such as optimising tax burdens or forecasting cash flow gaps.

However, the simplification of work processes and the delegation of tasks to machines inevitably raise important legal and ethical questions.

4) Law vs. AI

Not everything about it is plain sailing, as questions arise: “Is clients’ personal data sufficiently protected?” “Does the automated processing of financial documents comply with national legislation?”

Regulatory bodies, such as the European Commission, are implementing laws to control the use of AI in processing personal data. For example, GDPR requires companies to ensure the transparency of algorithms to avoid discriminatory decisions. In the US, the SEC (Securities and Exchange Commission) is investigating the use of AI in financial reporting to prevent market manipulation.

Furthermore, some countries are considering introducing separate ethical codes for companies using AI in finance. The United Kingdom, for instance, is working on regulatory standards that will ensure developers are held accountable for the decisions made by their algorithms.

Therefore, AI acts not just as a tool but as a multifaceted partner that provides forecasting, protection, and optimisation while also posing new legal challenges. All these capabilities are realised in specific software, ready to be used.

It’s Not Just About ChatGPT

AI is constantly evolving, and for dessert, we’ve prepared a selection of useful tools that can start working for you today:

  • QuickBooks AI – uses AI for automated bookkeeping, cash flow forecasting, and expense analysis.
  • Xero – includes tools for invoice automation, expense processing, and integrates machine learning for financial analysis.
  • SAP Concur – specialises in company expense management, travel expense processing, and reporting automation.
  • FreshBooks – aimed at small businesses, it offers automated invoicing, expense tracking, and financial analysis.
  • BlackLine – provides automation for accounting processes in large companies, helping to reduce the risk of financial errors.
  • IBM Watson AI for Accounting – uses advanced AI algorithms for analysing large volumes of financial data, forecasting, and fraud detection.

The main advantages of these programmes include reducing the time spent on accounting, improving the accuracy of financial reporting, lowering personnel costs, and enhancing data security.

So, Who’s Competing with Whom?

Let’s be honest: the accounting profession will likely transform over time. Instead of performing routine tasks, specialists will focus on strategic financial management, oversee the work of algorithms, and solve complex cases where human thinking is required. For some, that’s a plus; for others, a minus.

AI is already changing accounting, but can it replace it completely? The answer depends not only on the technology but also on how ready companies are to trust digital intelligence.

Now, the only question is for you: are you ready to meet the 8th wonder of the world?