In March 2016, KPMG announced that it intends to apply IBM's Watson cognitive computing to its audit services and enable it to analyze more data and gain a deeper understanding of its customers' financial and business operations.
On May 26, 2017 PricewaterhouseCoopers (PwC) launched robotic automation solution.
On March 10, 2016 Deloitte joined forces with Kira Systems and formally introduced artificial intelligence into accounting, tax and auditing. Deloitte just released Deloitte Robotics H5 interface, shocking the entire financial circle.
What are the advantage of KPMG, PwC, Deloitte "financial robots"?
KPMG, PwC and Deloitte robots were coming one after another in order to replace the repetitive tasks and workflows that are originally performed by human beings and automate time-consuming, repetitive, standardized manual operations at lower cost and faster speed.
In many people's perceptions, auditors job are repetitive - put draft, sample, roll report, send letters and courier. Therefore, it makes sense that with the current mature automation technologies, KPMG, PwC and Deloitte “financial robots" are able to perform those tasks and the advantage is obvious.
Will financial robots replace accountants and auditors?
www.goodca.com.au, a well-known website in accountant communityfor accountant rating, booking and knowledge sharing, thinks that low-end accounting and auditing work will certainly be eliminated, but not the high-end services.Financial robots improves efficiency of accounting practitioners and spares them from trivial "recording" tasks so that they will have more time and energy to help high-end customers and businesses to plan and implement financial management solutions.
In Australia bookkeepers for example provide low-end recording and accounting services and are at greater risk of being replaced or impacted. The higher-end CPAs, however, are hard to replace because of the complexity of the work they perform and skill sets required. They provide the services covering tax reporting, company structure setup, superannuation and pension fund advice and so on and are required to understand legal and taxation system well and creatively set up the financial structure to help customers maximize benefits. They are absolutely impossible to be replaced.
How can Australian accountants improve and face challenge?
Some suggestions are to set your career goals early, network in Australian accounting circle early, try to have internships opportunity, enhance professional knowledge by acquiring CPA certificates.
www.goodca.com.au is website dedicated for Australian accountants where accounting firms publish job opportunities and well established accountants share knowledge.
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