Accounting Blog for Business

In 1950, Alan Turing proposed a question in his paper “can machines think?”. This marked the beginning of the development of artificial technology. Today, AI has opened up new opportunities for progress in almost every field there is. However, in spite of the leaps that we have made in artificial intelligence, experts have failed to agree in a single universally accepted definition of what is artificial intelligence.

In the past few months, the discussions surrounding robotic accounting, automation, AI, and other recent developments in accounting technology have been fraught with anxiety and dread, even. Given how machine learning and big data are transforming the industry and impacting how you relate to clients, it’s incumbent upon you as an accountant to understand how to future-proof your career.

Things in the financial and accounting (F&A) industry are shaking up. New trends in accounting technology and consumer demands are changing the way how accounting professionals carry out their tasks. While these developments pose no threat per se to the financial and accounting profession, it is important for accounting firms to adapt to these changing trends to ensure their survival.

Let’s start with a reassuring fact – robots will not take over the job of management accountants in the foreseeable future. However, the progress made in the development of artificial intelligence (AI) is also undeniable. AI has moved beyond taking over repetitive tasks and now contributes to helping professionals make smarter decisions. They now assist professionals with tasks that involve data gathering, management, and analysis.

Bitcoin and other cryptocurrencies had an amazing run last year. In 2016, the AU$ - Bitcoin exchange closed at 1,320 AUD per Bitcoin. However, by 2017, the exchange rate has gone up to 16,770:1. With a lot of people taking interests in cryptocurrency, governments around the world have put up measures to address security issues associated with them, and their plans in regulating the cryptocurrency market.

The year has just started, and as a small business owner, keeping track and planning your business finances must be your top priority at the moment. But are you equipped with the right accounting tools to help you get the work done?