Question

Some would argue that the role of the accountant is simply an information provider. Do you think technology will eventually take over the role of the accountant? Why or why not?

Your main response should respond directly to the question, using textbook theory and your own experiences or research to back up your responses. Your response should be at least 200 words and use at least one scholarly source, other than the textbook or other materials in the class. (Wikipedia, Investopedia, dictionaries, and other encyclopedia-like cites are not scholarly sources.) The discussion questions should be professional in content and style.

Answer 1

Role of accountant:

At first it is important to know what is the role of the accountant.

1. Supervision of accounting processes like Journal entries, and closure of monthly accounts.

2. Ensuring that compliance of budgetary requirements are made.

3. Analyzing and forecasting financial requirements lying in the organisation.

4. Monitoring accounts receivable and accounts payable transactions.

5. Development of plans relating to budgets.

6. Preparation of audit schedules.

7. Developing report and evaluation of developing process up gradation.

8. Monitoring reconciliation of accounts,taxation documents, related to future planning and programs.

Now let us illustrate the work of Artificial Intelligence with respect to finance work:

1. They are a type of intelligent machine those can perform repetitive tasks and more accurately than human. The work performed my human are a time consuming one, which can easily performed using technology within seconds.

2. By using technology we can prepare taxation report, payroll preparation, audit reports, even basic accounting tasks, bank reconciliation statements, assessment of risk, audit procedures, invoice payments and submission of expense reports,etc.

Now let us evaluate, why technology cannot replace accountants, but can transform..

1. Technology can not analyze and interpret AI data and cannot provide consulting service as well.

2. Machine will work according to the inputs given by human. It has not the ability to find out any incomplete data, incorrect or biased data. Machine is not concerned with loosing money, it will work as per the direction of human.

3. Technology cannot be able to draw conclusion based on previous reports and references. It becomes difficult to conduct an audit and conform the tax laws for return which have a tendency to change.

So from the above discussion it is clear that,

Technology cannot replace accountants but can transform the work of accountant.