A timeline of research to support our opinion that accountants need to do more
The Internet is commoditizing compliance and new technology is automating more work. As a results prices will reduce. To maintain revenue and profits, firms need to either scale the client base or widen their service range and added value.
We have organised this research timeline chronologically as well as into three categories as shown bellow.
BDO’s new Digital Audit Assistant is a chatbot called LISA. An example of how tech reducing the need for accountants to do compliance work.
Clients will soon be talking with a digital assistant about compliance.
The biggest risk is the optimism from strong stable revenues. Pressure on small firms will intensify over the next 3-5 years.
Another example of the investment into eliminating bookkeeping and automating analysis and insights with benchmark reporting.
There is a shift in service provision from compliance to business advisory services.
Digital challenge bank is taking away compliance from accountants.
Tolley’s starts to test machine learning with Tolley.ai.
A report by PwC featured in the Evening Standard reports that around 10 million workers are at risk of being displaced by automated machines as the robot revolution gathers momentum.
EY has deployed 700 bots internally and expect to save 2.1 million hours of time. They have also built 1,300 bots for clients and they expect to generate $750m of revenue.
Machines will soon handle most routine accounting processes.
Source: IT Business Edge
Robotics is expected to eliminate 40 percent of basic accounting work by 2020.
The start of an automated business advisory from MYOB.
80% of 3,000 accountants were being pressured by clients to improve their service delivery or extend their scope of service and 40% of clients asked for the introduction of consultancy and advice services.
KPMG has developed two AI tools that read documents for lease accounting and Tax Credit work. The focus is to redeploy professions away from compliance into more strategic, value-added activities.
MYOB launches a free AI-powered tool called Advisor which will mine data in a businesses bookkeeping.
Global research from Sage shows that 68% of accountants see their role changing due to automation and the focus should be on advisory work.
AT&T has 1,000 software robots deployed throughout the organisation and they have 2,000 bot builders.
Boston based automated bookkeeping startup raises $4.5m seed round.
Over the next five or ten years, AI technology will continue to develop quickly and will ultimately spread into areas such as accountancy. So don’t be too surprised if, one far-off day, the annoying AI robot from HR hands you a P45.
Workers will have to engage in life-long learning if they are to remain not just employable but are to achieve fulfilling and rewarding careers that allow them to maximize their employment opportunities.
This study says accounting will be fully automated by 2020.
Clients want a proactive accountant who understands them better, is proactive and offers added value services.
A company claiming to be the first in the world offering financial advice with artificial intelligence has launched charging £11 a month for financial advice.
An example of AI doing future focussed accounting work. Gary Turner, UK managing director at Xero said, “Fluidly is one of the true disruptors. It’s these types of innovations that allow small businesses to compete on a much larger scale and further contribute to the UK economy.”
67% of Millenials want to start their own business and half insist on an accounting firm that provides strategic insight and guidance.
Most consumers say they would welcome robo-advice on banking, insurance and planning for retirement, according to new research by consultancy firm Accenture.
Rod Drury CEO of Xero believes bookkeepers and accountants can become growth consultants.
An example of an AI-powered bot with key finance features including automatic expenses claims and timesheets. The article has a video which shows the bot talking via Alexa.
Tax Agents will be gone is five years! Ask Ailira a tax question about Australian tax law and she’ll scan millions of uploaded documents and use AI to give you an answer.
Examples of low cost accounting at £20 a month for a limited company which includes QuickBooks Online.
“We’ll see more innovation in the next 2 years than we have in the last 10 years, all driven by AI.” – Rod Drury
The calculator, using research by the University of Oxford, said accountants have a 95% chance of losing their jobs as machines take over the number crunching and data analysis.
Smacc offers small and medium-sized enterprises a platform to digitize and automate accounting and financial processes.
An example of how AI can deal with a legal issue and file paperwork.
An example of an AI powered personal money manager.
Based research and data from Oxford University, the Office for National Statistics and Deloitte UK the BBC created an App to predict the likelihood of your job being automated by 2035.