Banking, Finance, Insurance, Real Estate

Significant Impact of AI on the Job

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level of automation


Our comments:

Many tasks associated with the accounting profession can be automated, such as recording and classifying financial transactions. Some of the activities also require deeper analysis and an understanding of financial nuances, making automation only partial. Preparing balance sheets and income statements, although partially automatable, will always require human intervention to ensure the accuracy and relevance of information.

Depending on the scope of the role, preparing tax returns and monitoring cash flow requires a detailed understanding of regulations and individual client situations. Overall, AI can be considered as a significant facilitator in complementing some accounting tasks. Human skills will remain essential to ensure the quality and accuracy of the work.

This section reviews the 3 main tasks associated with the job studied and assesses the potential level of automation induced by AI ('AI Automation Impact').
The modeling uses 8 criteria detailed on the 'Methodology' page.
Tasks AI Automation Impact
Record and classify financial operations Significant
Prepare balance sheets and profit and loss accounts Low
Monitor cash flow and prepare tax declarations Very High
Through our research, we have identified two pivotal categories of skills that will be impacted by AI-driven automation :
  • 'At-risk skills,' which are likely to become obsolete due to their susceptibility to automation
  • 'Future-proof skills', which are projected to retain their value and resist automation, thereby ensuring their relevance in the forthcoming job market.
Let's have a look at the future of your skills for this job :
At-risk Skills
Manual entry of accounting records With the mass processing of accounting information (such as data entry and account reconciliations), this skill will become less and less relevant. More and more sophisticated software is capable of capturing, categorizing, and automatically reconciling entries.
Manual management of electronic invoices and payroll Ai impacts electronic invoices and payrolling management, reducing the need for manual entry and management.
Future-proof Skills
Understanding and interpretation of national and international accounting standards Even if the entry processes are automated, the ability to correctly interpret and apply accounting standards, especially in an international context, will remain essential. The standards are evolving and require a deep understanding to ensure compliance.
Analysis and steering of operational activities The profession is evolving towards a role of assisting operational staff. The ability to analyze numerical data, monitor, and steer activities is crucial. This advisory role, requiring a deep understanding of business and company operations, is difficult to automate.

How does AI impact this job type ?
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