Out with the old, and in with the new. With technology becoming more prominent in all aspects of our lives, it’s no surprise that it’s beginning to integrate more heavily into the financial sector as well.
The use of artificial intelligence (AI) in particular is becoming more popular in the industry, as it’s able to carry out various accountant functions. So, is a financial professional really needed?
This article explores how technology has influenced the financial sector so far, its pros and cons, and why striking a balance between it and an accountant is important…
The age of technology
Technology and AI can be very useful, and new jobs are being created alongside it – to monitor activity and provide maintenance. It will also free up more time for employees, who can then redirect their efforts to improving other aspects of the company, such as marketing products and enhancing customer service and client relationships.
Efficiency is another factor. This is one of the main focuses in the financial sector, and AI is perfect for automating the more time-consuming tasks. Many companies already use AI to complete complex work with accuracy, saving them an abundance of resources. Take HMRC, for example: they’ve already stated that they’ll be using AI to issue penalties and check tax returns.
Where tech falls short
But could the use of AI cause more damage than good? As well as the expensive equipment – involving a high upfront cost and technical support and maintenance fees afterwards – it also takes a while to see any results. For companies, this could cost them greatly in both time and money.
Staff have to be trained to use this new technology, which will again affect the company’s budgets and productivity levels. Disruption to work schedules and processes, as well as the need to learn a brand-new skill, might also lower employee satisfaction.
Finding the sweet spot
AI is good at calculating more repetitive functions, but when it comes to the complex calculations, doesn’t it make sense to use the expertise of an experienced accountant? Sometimes you need to think outside the box when it comes to tricky challenges, using experience and context to reach a suitable solution – something that technology can’t yet do.
With that in mind, the use of AI can be useful in some aspects of the financial sector. However, accountants are undoubtedly still needed to complete the more unique and difficult tasks that AI might not be able to solve.
In an ideal world, you want a tech-savvy accountant – one that has already shouldered the burden of incorporating technology into the way they deal with finances.
At Nabarro Poole, we already offer cloud accounting and integrate with other tools to automate repeat processes. We do this on top of providing expert business advice, and our tax planning and compliance services.
Don’t be afraid of using technology to upgrade your accounts. See for yourself how you can benefit from both modernisation and experience – get in touch with our team through our contact form today.