When will bookkeeping die out?

readerreader Experienced MentorPosts: 1,039MAAT, AAT Licensed Accountant
Given all the automation and machine learning that is going on, when do people think bookkeeping will die out?

How long till the AATQB status last for until it is made extinct by a computer?

Surely only high level advisory/consultancy from highly qualified/experienced accountants will stand the test of time?

Comments

  • MarieNoelleMarieNoelle Trusted Regular Hampshire/Surrey borderPosts: 1,461Moderator, MAAT, AAT Licensed Accountant
    I am not sure. Even if tasks like inputting data can be automated you would still need human input to allocate to the right categories for VAT and tax purposes.
  • readerreader Experienced Mentor Posts: 1,039MAAT, AAT Licensed Accountant
    A software will be able to figure this out pretty soon.

    We put a man on the moon.

    So I'm pretty sure a software will be able to automatically allocate a £200 bill from the Ritz to business entertaining at 0% using machine learning/big data, a £5 bill from Tesco to subsistence at 20% vat using some basic rules.
  • MarieNoelleMarieNoelle Trusted Regular Hampshire/Surrey borderPosts: 1,461Moderator, MAAT, AAT Licensed Accountant
    Ah, but how will the software know that £200 bill for the Ritz is staff entertaining and the £5 bill at Costa is business entertaining :-)
  • readerreader Experienced Mentor Posts: 1,039MAAT, AAT Licensed Accountant
    The software will throw the nominal ledger at the client and ask them to verify the accuracy before the client clicks submit.

    The software is smart, it will make sure it is covered and provided all the disclaimers etc
    mskaat
  • MoWrightMoWright Posts: 4Registered
    Bi and AI are inevitable in the accountancy field. Its a matter of when and not if.
    mskaatreader
  • readerreader Experienced Mentor Posts: 1,039MAAT, AAT Licensed Accountant
    I say definitely in the next 10 years!

    I feel sorry for bookkeepers in their 20's/30's. They will have to retrain completely in their 40's/50's.

    Then again, this probably also applies to accountants too (I give accountants 15 years).

    Expert auditors/tax advisers will probably last max 20 years.
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