The Effects of Technology on Bookkeeping: “AI and Machine Learning Vs Human Intelligence”

Greetings my fellow bookkeepers! Have you joined the conversation on how technology is changing bookkeeping? The one thing that we cannot avoid is that Artificial Intelligence (AI) and automation are affecting how financial data is processed. The management of data is growing in speed, efficiency and accuracy. 

The key concern connected with our increasing reliance on machines to crunch numbers and prepare financial statements is: are we forgetting the essence of human touch which is critical to effective bookkeeping? Please do not get me wrong; I appreciate automation very much. Who would not want to shift their focus to strategic business growth and critical decision making. 

On the other hand, automation and machines have yet to touch finesse and mastery of making human judgments, solving problems and making decisions on the spot. A gifted bookkeeper has the unmatchable ability to recognize how, frame the right questions, analyze the answer and provide context to the figures in the manner that artificial intelligence cannot comprehend – at least for the time being! 

What does the future of bookkeeping look like? As I see it, it is a great combination of technology and human resources. Why don’t we let AI handle the monotonous tasks while we focus on the more strategic aspects of the business? What do you think? How do you view the intersection of automation and bookkeeping?