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Forum » Welp it's over boyos - Accounting A.I. ready to automate our jobs out of existence
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Thread: Welp it's over boyos - Accounting A.I. ready to automate our jobs out of existence

post 1633341623 03-09-2021, 01:37 PM
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#31
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Originally Posted By sooby⏩
@OP

isn't this basically the same as a lot of accounting software out there?

alot of bookkeeping functions can and are automated. Still need human eyes to detect any possible discrepancies, serve as additional control, reconcile the bank/books, cash flow in the order of millions, etc. A lot simpler for small businesses but for big corporations that require audits not so much. I think even that chit will take like two decades to fully realize because organizations can be very slow to adapt. Hell, my company still uses a chit ton of paper in 2021, when everybody like 2-3 decades ago were saying that chit would be dead by now.

as you move up in accounting, the less your work is capable of becoming automated, and many occupy diverse and multiple roles/functions plus. I suspect the role's may shift for accountants more towards value added services like financial planning, forecasting, budgeting, advisory, etc rather than mundane and repetitive work.

First it was typewriters, computers, spreadsheets, accounting software, ERP software, literally just starting to get into block chain. Humans still here lol ... even when the tech emerges not everybody has the money for it and adaptation can be slow.
This is exactly like software that's been out there for decades. My job ain't affected by this for chit because I ain't no bookkeeper.

But for real, "can't-Accountants" stay the hell out of our major. This type of AI is eliminating low level grunt work no accountants even do.
post 1633341773 03-09-2021, 01:39 PM
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#32
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Originally Posted By TugOfPeace⏩
Accounting isn't a black and white profession, IMO. Lots of human interpretation that machines won't be able to do. I'm not an accountant either, just been exposed to the financial side of things and have a hard time imagining that profession can be completely automated.
If anything the role itself will adapt to the current and future climate. For example now you have IT accountants, I can imagine accounting bros either specializing more towards the computer/tech side of things or just more the strategic/financial analysis side. Obv as well you have very specialized fields such as forensic accounting. Basically it's an adapt or die type thing. People in these roles should always keep up to date on trends and changes in their industry anyways and seek additional courses that will help them perform their job.
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post 1633341783 03-09-2021, 01:39 PM
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#33
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Originally Posted By saltypits⏩
LOL if anything an ERP will mean you'll need to pay your accountant twice as much.
Not really boyo, I work in Finance and I can tell you that the only reason why a Finance/Accounting staff is needed is due to human errors in the transactions, ex:

1) Stock room personnel pull inventory from the wrong bin, Finance staff needs to manually correct
2) Accounts Payable clerk matches an Invoice to the wrong Receipt ID, finance staff needs to make the correction
3) Buyer codes the Purchase Order to the wrong GL account, finance staff needs to make the correction
4) Engineering dept incorrectly sets up the Bill of Materials, cost accountant has to manually correct

As you can see, most of Finance work is actually about correcting the human errors that occur during the course of business. As more jobs become replaced via automation, like say the stockroom clerk or the accounts payable clerk gets replaced with AI robots, there's less of a need to maintain a robust finance staff.

I can tell you with certainty that upper management in ANY company despises Overhead Expenses like the Finance dept. And the newer generations of ERP systems are becoming so advanced that they can reduce the number of human staff a company needs to maintain.
Everything I post is satire.
Tricknology Grand Master.
post 1633342043 03-09-2021, 01:43 PM
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#34
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Originally Posted By sooby⏩
@OP

isn't this basically the same as a lot of accounting software out there?
alot of bookkeeping functions can and are automated. Still need human eyes to detect any possible discrepancies, serve as additional control, reconcile the bank/books, cash flow in the order of millions, etc. A lot simpler for small businesses but for big corporations that require audits not so much. I think even that chit will take like two decades to fully realize because organizations can be very slow to adapt. Hell, my company still uses a chit ton of paper in 2021, when everybody like 2-3 decades ago were saying that chit would be dead by now.

as you move up in accounting, the less your work is capable of becoming automated, and many occupy diverse and multiple roles/functions plus. I suspect the role's may shift for accountants more towards value added services like financial planning, forecasting, budgeting, advisory,etc rather than mundane and repetitive work.

First it was typewriters, computers, spreadsheets, accounting software, ERP software, literally just starting to get into block chain. Humans still here lol ... even when the tech emerges not everybody has the money for it and adaptation can be slow.
Are you telling me you guys weren't taught the bolded? We did ERP and all of this in my degree.
post 1633342113 03-09-2021, 01:44 PM
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#35
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Originally Posted By AccountingMajor⏩
Dammit man LMAO roll bread over

Accounting is still the Master Race® ������

Saw a youtube ad LOL *advertising that AI

Accountingmajors (refer to username) are always on top in case you forgot .

Couldn't let it go huh? hahahaa
Nothing is more amusing than watching a man own himself.... I saw your master race thread and knew it was only a matter of time before reality sets in....lol.... I had you at about 1 year but looks like you got that reality check at 5 months....
Everything I post is satire.
Tricknology Grand Master.
post 1633342153 03-09-2021, 01:45 PM
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#36
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Originally Posted By N0stradamus⏩
1) Stock room personnel pull inventory from the wrong bin, Finance staff needs to manually correct

4) Engineering dept incorrectly sets up the Bill of Materials, cost accountant has to manually correct.
These 2 are the big ones.

Warehouse is too lazy to do paperwork and we end up losing lots of chit (here comes a firing)

and non accountants couldn't care less if codes match up or if they are even on time with their reports.
post 1633342243 03-09-2021, 01:47 PM
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#37
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Originally Posted By N0stradamus⏩
Nothing is more amusing than watching a man own himself.... I saw your master race thread and knew it was only a matter of time before reality sets in....lol.... I had you at about 1 year but looks like you got that reality check at 5 months....
K I won't stop you, you can believe whatchu want lol

Brb will be homeless soon and collecting covid money
Gotta go sell my legs.

Edit: you'd be correct if I was actually out of a job
post 1633342423 03-09-2021, 01:49 PM
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I can assure you boyos right now that it'll be even more over in the coming years as Work From Home culture is here to stay.

For example, take myself who's been working in Finance for dammmm near 13 years now in Los Angeles..... why should a company keep me and pay me a Los Angeles salary when they can hire some guy from Phoenix AZ and pay him a smaller Phoenix AZ salary...???.... the job doesn't require the employee to be physically on the premise...

It's just common sense, if I were an executive I'd make the same decision...
Everything I post is satire.
Tricknology Grand Master.
post 1633342453 03-09-2021, 01:49 PM
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#39
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Originally Posted By Pumpinmirin⏩
Are you telling me you guys weren't taught the bolded? We did ERP and all of this in my degree.
no what I'm saying is accountants will be able to more so focus on those things rather than the mundane and routine chit that can and will be automated
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post 1633342513 03-09-2021, 01:50 PM
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You know, Quasimodo predicted all this
post 1633342523 03-09-2021, 01:50 PM
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Originally Posted By N0stradamus⏩
Not really boyo, I work in Finance and I can tell you that the only reason why a Finance/Accounting staff is needed is due to human errors in the transactions, ex:

1) Stock room personnel pull inventory from the wrong bin, Finance staff needs to manually correct
2) Accounts Payable clerk matches an Invoice to the wrong Receipt ID, finance staff needs to make the correction
3) Buyer codes the Purchase Order to the wrong GL account, finance staff needs to make the correction
4) Engineering dept incorrectly sets up the Bill of Materials, cost accountant has to manually correct

As you can see, most of Finance work is actually about correcting the human errors that occur during the course of business. As more jobs become replaced via automation, like say the stockroom clerk or the accounts payable clerk gets replaced with AI robots, there's less of a need to maintain a robust finance staff.

I can tell you with certainty that upper management in ANY company despises Overhead Expenses like the Finance dept. And the newer generations of ERP systems are becoming so advanced that they can reduce the number of human staff a company needs to maintain.
Unless the AI can magically prevent people from just creating customers and submitting invoices, you'll need people.

AI is simply statistical analysis. It's actually not a fuking thinking machine.
post 1633342683 03-09-2021, 01:52 PM
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post 1633342803 03-09-2021, 01:54 PM
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#43
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Originally Posted By sooby⏩
no what I'm saying is accountants will be able to more so focus on those things rather than the mundane and routine chit that can and will be automated
Roger that. I'm a very recent graduate you see so thought those who had spent longer in the industry may not have.
post 1633342933 03-09-2021, 01:56 PM
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#44
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Originally Posted By Pumpinmirin⏩
Roger that. I'm a very recent graduate you see so thought those who had spent longer in the industry may not have.
You should read that accounting master race thread, rustled up some jimmies in there.

It should pump you up if you are an accounting major too.
post 1633342973 03-09-2021, 01:57 PM
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Originally Posted By saltypits⏩
Unless the AI can magically prevent people from just creating customers and submitting invoices, you'll need people.

AI is simply statistical analysis. It's actually not a fuking thinking machine.
There will certainly still be a need for a finance staff, but it's going to be a very small need because most tasks will be eliminated through automation. The staff will most likely ONLY consist of a small number of highly educated individuals who are versed in Accounting and Audit and also have the technical knowledge of ERP systems....

And with Work From Home culture, companies can now hire individuals outside their immediate region. So now employees have to compete with even more candidates and this will ultimately lead to them earning less....

Only a fool glorifies finance work....
Everything I post is satire.
Tricknology Grand Master.
post 1633343183 03-09-2021, 02:00 PM
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#46
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Originally Posted By MetroBrah⏩
Robert Kiyosaki predicted this years ago. I would try to make a shift into sales srs.
accounting trolls trying to be sales people lol

probly should move into coding
post 1633343233 03-09-2021, 02:01 PM
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LOL if you think every industry isn’t working on this. Ultimately you will still have accountants they’ll just be able to handle more clients
<HTC>

White Claw Crew
post 1633343333 03-09-2021, 02:02 PM
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#48
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Originally Posted By AccountingMajor⏩
You should read that accounting master race thread, rustled up some jimmies in there.

It should pump you up if you are an accounting major too.
My preferred pathway is auditing>forensic auditing. I'm not that concerned about A.I because that job is ultimately financial compliance officer/variance analysis. Also have half a law degree from my minor so can segway into other roles.
post 1633343813 03-09-2021, 02:08 PM
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#49
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Originally Posted By Pumpinmirin⏩
My preferred pathway is auditing>forensic auditing. I'm not that concerned about A.I because that job is ultimately financial compliance officer/variance analysis. Also have half a law degree from my minor so can segway into other roles.
Yea you shouldn't be concerned at all about AI.

That thread goes into it as well.

If you ain't AP / AR, you're good.
If you ain't a boomer who struggles using a computer, you're good.
If you ain't doing repetitive work day in day out, you're good.

If anything AI should be able to automate the IRS tax code, but even then it can't lol
post 1633344703 03-09-2021, 02:21 PM
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cpa checking in
leveled up my skills with python to keep up
most of my job is non routine / judgement based anyway
<HTC>
post 1633358983 03-09-2021, 05:18 PM
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Originally Posted By N0stradamus⏩
I can assure you boyos right now that it'll be even more over in the coming years as Work From Home culture is here to stay.

For example, take myself who's been working in Finance for dammmm near 13 years now in Los Angeles.....why should a company keep me and pay me a Los Angeles salary when they can hire some guy from Phoenix AZ and pay him a smaller Phoenix AZ salary...???.... the job doesn't require the employee to be physically on the premise...

It's just common sense, if I were an executive I'd make the same decision...
Or Colombia.

Or Thailand.

Or India.
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post 1633360693 03-09-2021, 05:46 PM
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Accounting software has caused a lot of companies to go bankrupt. I think it happened to LTV / LTVCQ back in the 90s
post 1633361133 03-09-2021, 05:54 PM
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#53
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First thing misc thinks of for accountants is bookkeeping; and the second thing they think is that accountants log chit in Excel.

JFC

Any accountant loves the AI handling menial tasks. It has way more storage capacity, and can spit out spreadsheets that we need to use for Directors and above.

I literally tell people the tax accounting software online is the best stuff to use for returns because of how automated it is. That doesn’t mean if you’re a business to not use an accountant, it just streamlines the work involved.
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