will AI replace Accountants?

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Learn more about the Cambridge Master in Accounting Program here:

Chapters:
00:00 Intro
02:54 A quick description of the Cambridge Accounting Master Program
04:42 AI's impact on Accounting today
05:34 impact on Accounting jobs
10:02 Difference between AI and humans
13:10 Details of the Cambridge Master in Accounting Program

Over the last few months I’ve been thinking about the impact of AI on the Accounting profession.
So in this video I went to Cambridge University to meet with Dr Mike Willis, the director of the executive master program in Accounting.
Stay tuned because this video may just change the direction you take in your Finance/Accounting career.

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All views expressed on my channel are mine alone. Not intended as financial or professional advice

[LCLuisAlbertoRiveraTur]

I think it is a must for us to learn how to use these various types of of AI tools in order for us to improve as Accountants

[Camxlare]

Love the interview, I wish it was longer. As a web developer. A.I. is the reason I got into learning Accounting. Most people are asleep and underestimate the power of API's being connected to OPENAI or Hugging face for data manipulation. If anything Ai will add more accounting jobs, it may just transform into more of a accounting data analyst. Looking forward to more interviews like this

[lordz-kdvf]

Accountants can leverage AI as a tool to enhance their work, allowing them to focus on higher-level tasks that require creativity, problem-solving, and interpersonal skills
In essence, while AI will continue to transform the accounting profession, accountants roles are likely to evolve rather than be entirely replaced

[aditmacan]

I'm an accountant.

When all can be automate, most small company wont need accountant. This is the big difference.

Yes, big company still need accountant, but less people.
Yes, some accountant will be at software company.
Some also will shift to be freelance.

Auditor also will need less person.

The accountant profession still needed, but at less person.

Perhaps the accounting institution will release or revise new accounting standard every year, just so the accountant and software company have a job to do..

[Soulenergy]

Can't thank you enough Bill for this gold

[darrylwilliams]

I'm in school for accounting now. Not exactly what I wanted to hear nearing graduation, but it's better that I be aware.

[castlecallahan]

Overall very helpful and informative. My only criticism is that, since he's a professor of accounting, wouldn't he refrain from saying accountants will be totally replaced if that's what he truly believed?

[elmo]

I work with hundreds of small businesses. Most of the businesses under $10 million in revenue will need an accountant. They are too small to have an accounting department, and it’s highly unlikely they will have the salary to hire someone who can deal with AI and integrate it into their accounting department. I currently use AI to generate new contracts, research tax court decisions, and to find answers to questions faster. But for your average business owner, they need to known what they don’t know in order to ask AI questions and handle the situations. Very unlikely they will be able to do this without former training or being tech savvy:

[luisguerra]

Hi bill. Would love a video showcasing how you apply AI into your everyday and just a broad overview of available AI tools. Love the channel

[plustruth]

Thank you for bringing this up and straightforward to the topic

[ericeandco]

Absolutely. AI is already replacing accountants.

[YusanTRusli]

definitely. numbers and statistics are well suited to AI and machine learning. fraud detection can be trained based on enforced learning method.

[jaybro]

human can make some adjustments in the transaction.

[mrmartywaring]

I don't see AI replacing us. While AI can serve as an aid or tool, it will not totally replace us.

[nickacarroll]

Thanks for doing this interview. Very important and timely subject matter.

[fernando]

What AI will bring is the possibility for bookkeepers and Accountants be more efficient and more productive, that will allow more focus on growth strategies and big corporations employees expense.

[Greg_Chase]

It reminds of improved robotics automation (auto assembly lines) where car assembly quality become more controllable and the tedious/repetitive/boring jobs of human assembly line workers no longer needed humans to suffer through 8 hours of repetition.

Routine, repetitive tasks that can be automated will be taken over by LLM AI.

But not all accounting tasks can be automated. One example is a regulator seeking accountability.
A firm might say "routine reporting is done by our LLM AI system" but the regulator will need someone to hold to account,
who looked at, validated, then 'signed off' on documents required by regulators.

Public companies might replace a lot of accounting staff but humans are the only acceptable subject for a regulator.
"It's our computer's fault, those mistakes, that fraud!" Nope, regulators won't accept that.

[Shrey]

From counting crops in Mesopotamia to forensic accounting the role as always evolved as per client's demands since 7000 years it's will just evolve in future

[coffeepandacat]

If AI is taking over then why do I see countless job postings for bookeeping and AP/AR still everyday?

[dees]

Data analytics are being used in building KPI dashboards using PowerBI and Tableau. In Finance, it is being used to detect fraud, predict loan default, build portfolio and for doing trading. But I don't understand how machine learning is being used in accounting? I'm wondering if the modern day CFO needs to learn about data science and machine learning?