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The COVID-19 crisis has shown that accountants and their skill sets will remain vital despite the growing threat of artificial intelligence, says a leading demographer.
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How COVID-19 demonstrates that AI will not replace accountants
21 May 2020
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11 minute read
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Speaking on a CPA Australia podcast, The Demographics Group managing director Bernard Salt was adamant that the need for accountants and accounting skills “will not change” as they continue to play a vital role for businesses and the economy.
Highlighting the crucial role the accounting profession played in delivering the government’s stimulus measures, Mr Salt also pointed to the fact that accountants were often the first port of call in a crisis.
“A shutdown like this very much engages the skill sets of accountants,” Mr Salt said.
“Shutting down an economy, then scaling up an economy, working out this scenario versus that scenario, what if we did this, what if we did that; [an accountant is] the first person that you talk to with regard to all those strategic decisions — how does this actually play out in the numbers?
“So, in many respects, I think that the accounting profession has been at the forefront — the enablers, if you like.
“Then, of course, there are all the applications associated with JobKeeper, which was the accountant’s domain.”
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Mr Salt, a former demographics partner at KPMG, believes accountants bring an invaluable skill set that will likely never be replaced by automated processes.
“I know that there’s a lot of concern about artificial intelligence, but essentially, the requirement for accounting skills, whether it’s in the traditional role of an accountant or in some other iteration, will not change,” Mr Salt said.
“If we’re going to have an agile economy, an agile business, agile careers, you’re always evaluating, measuring, metricising this option versus that option. In order to do that properly, you need to understand the principles of accounting.
“Corporation is a life form that must understand the flow of money. Flow of money in, flow of money out, the circulation. It’s not unlike a body.
“It is a life form and it is the accountants that understand that, monitor it, evaluate it, measure it and show what can be done, what cannot be done, what is possible, what is not possible.”
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