I think it is a must for us to learn how to use these various types of of AI tools in order for us to improve as Accountants

@bahriaproperties1143

9 ай бұрын

Lets say today 4 accounts are required in one firm/company In the future, four accounts will be required to manage and run ten businesses.

@numbynumb

5 ай бұрын

@@bahriaproperties1143 Yes and then the year after that, zero accountants will be required.

Love the interview, I wish it was longer. As a web developer. A.I. is the reason I got into learning Accounting. Most people are asleep and underestimate the power of API's being connected to OPENAI or Hugging face for data manipulation. If anything Ai will add more accounting jobs, it may just transform into more of a accounting data analyst. Looking forward to more interviews like this

@TheFinancialController

11 ай бұрын

Thanks cam!

@numbynumb

5 ай бұрын

This is not the case. You wont need to be connected to APIs to have an AI accountant. The monetary incentive to develop these tools is unfathomably enormous and so obstacles of hat sort will be overcome.

@Camxlare

5 ай бұрын

@@numbynumb Are you an engineer? Without API's none of the technologies you use today would be available. Back end development is the core to all applications.

@numbynumb

5 ай бұрын

@@Camxlare Yes, I understand. You're right. I should have said web APIs - as in the thing you brought up in your comment. I figured context would make that obvious. Do you really believe there will be insurmountable security obstacles that will preclude the possibility of developing dependable AI accounting bots despite the monetary incentive to develop them? To me it seems like a profession almost tailor made to be taken over by AI.

@Camxlare

5 ай бұрын

@@numbynumb Its too much to explain here and I wish Finance professionals and engineers spent more time together to know the truth but in general I think you're referring to Bookkeeping which has already been automated a long time ago. A.I. is built on probability, never 100% facts. It hallucinates (dirty data) which gives wrong answers all the time. Ponder on this today....Imagine how catastrophic it would be to leave billions of dollars of transactions left to a Large Language Model that makes mistakes that it learned from humans that led to multiple bank collapse in our debt-wealth society. The only way I see A.i. completely taking over is when we solve quantum computing. By then we know how to cure cancer, solve world hunger, inequality and how was the universe created. Other than that, I do wish A.I. can take over most accounting tasks so the CPA can focus on helping their clients and solving complicated business problems we see today such as the "Tech Bubble". We'll be able to find so many crooks and criminals due to A.I. and create a more fair marketplace for all to compete. There's so many money issues unsolved today that if A.I. takes over we're supposed to have less poor people in the world and a more equitable life for all.

Overall very helpful and informative. My only criticism is that, since he's a professor of accounting, wouldn't he refrain from saying accountants will be totally replaced if that's what he truly believed?

@themaskedgamer4031

6 ай бұрын

yes that's what a lot of people would think

@numbynumb

5 ай бұрын

Absolutely. Accounting is not going to last more than 10 more years, at the very latest. People tend to base their forecast on what AI is currently capable of, ignoring the factor of the acceleration of its development that we're clearly seeing. People should ask themselves if it's realistic to think there will be accountants 50 years from now. Probably not, right? Well, at what point between now and then do you think they'll disappear?

@jalilmonroe1289

3 ай бұрын

@@numbynumbyou really think accounting will be gone in 10 years that’s literally insane lol accounting is not just data entry and excel creation You will 100% always need a human once you surpass entry level data entry accounting jobs. Clearly you never worked a real accounting job

@numbynumb

3 ай бұрын

@@jalilmonroe1289 It's true that I've never worked an accounting job. What specifically do you think that only a human accountant can do? I'm genuinely interested to hear your perspective. Also, have you spent much time using any of the latest AI models, such as chatgpt4?

@CapitalWorksPro

3 ай бұрын

​@jalilmonroe1289 right. The question really is, "When is true AGI achieved (if ever)? And how long after that, does AGI take to learn accounting?" Until machines are capable of making actual judgment calls, I doubt they'll replace accountants. Only non-accountants are naive enough to believe LLMs are going to replace the jobs beyond standard bookkeeping. Even a staff accountant handling collections in AR requires the ability to handle and work with people outside the org. I find it highly unlikely that an automated email has the same collection rate on past due accounts that my mom had. I mean... Amazon is still lying about their "AI"...

Accountants can leverage AI as a tool to enhance their work, allowing them to focus on higher-level tasks that require creativity, problem-solving, and interpersonal skills In essence, while AI will continue to transform the accounting profession, accountants roles are likely to evolve rather than be entirely replaced

@kingpineapplez

11 ай бұрын

I feel that only the ones that adapt to the new methods of work will succeed. Many incumbent complacent anti-technologists may find themselves struggling to compete with an accountant with a full suite of other practical business skills - modeling, forecasting, risk management etc.

@theoofer478

11 ай бұрын

@@kingpineapplezPrecisely. Depending on the demand and line-of-work in regard to the proficiency of the AI, accounting will become a profession of checks and proof on top of more innovative and creative aspects.

@numbynumb

5 ай бұрын

There aren't enough accounting problems that require creativity or human intuition to keep the profession growing along with the economy. Also, AI is more creative than you probably imagine. And they have better interpersonal skills than most people. I know that sounds kind of ridiculous but it's just the case.

I'm in school for accounting now. Not exactly what I wanted to hear nearing graduation, but it's better that I be aware.

@TheFinancialController

11 ай бұрын

Our message is that AI will enhance the profession, and jobs will shift (not lost)

@GnarshredProductions

11 ай бұрын

Im at a small accounting firm with old school partners who are like over 60 years old and we still have paper files for tax returns and clients who refuse to submit documents electronically and want to bring all their W2's and stuff to us in person. AI is overhyped and isn't taking our jobs anytime soon.

@bilalmehireche2928

5 ай бұрын

​@@GnarshredProductions I want to ask you a question if you don't mind? What is the salary of an accountant in the uk ?

@GnarshredProductions

5 ай бұрын

@@bilalmehireche2928 I dont live in the UK I live in America. Not sure what they are paid on the other side of the world.

@numbynumb

5 ай бұрын

Think about how you can leverage your education toward an alternative career. Just have a backup plan because the future isnt at all easy to predict in this case.

Can't thank you enough Bill for this gold video!!!!!!!!

@TheFinancialController

11 ай бұрын

Glad you enjoyed it

Hi bill. Would love a video showcasing how you apply AI into your everyday and just a broad overview of available AI tools. Love the channel

@TheFinancialController

11 ай бұрын

Will do!

@omphemetsechake2839

6 ай бұрын

That would be a great video... Good request 😊 From South Africa

Thanks for doing this interview. Very important and timely subject matter.

@TheFinancialController

11 ай бұрын

Thanks Nick

Great video! Thank you. You really give a lot of valuable information. I have a question. I am looking for an entree level accounting job. And mostly in my area it is a billing clerk position. Will that experience count towards CPA license in Minnesota? Thank you!

@robbiem4624

8 ай бұрын

I live in a small town in California, and there are no jobs in accounting or finance unless you have experience, or you know someone. Entry level jobs are rare to find, and it seems only available in cities.

definitely. numbers and statistics are well suited to AI and machine learning. fraud detection can be trained based on enforced learning method.

Well done, Bill 👏🏿 👏🏿👏🏿

Greetings Sir! I'm planning on majoring in accounting but am confused on choosing my minor in MIS or Finance. So for MIS the pro can be the technical skills that I can gain which will help me win against the automation in accounting since accounting is getting automated. The con might be that MIS is coding and maths heavy. Is the math more difficult in MIS or Finance? As for finance I feel like if I someday would want to work as an investment banker or any other finance roles, I wouldn't be able to do so if I choose MIS as my minor instead of Finance. And can I develop the technical skills that would help me win against the automation by doing some certificates in IT instead of minoring in MIS? I feel like I can later on develop tech skills but can't go back to do a minor in finance. What would be your advice? I would highly appreciate your answer

Thank you for bringing this up and straightforward to the topic

From counting crops in Mesopotamia to forensic accounting the role as always evolved as per client's demands since 7000 years it's will just evolve in future

I work with hundreds of small businesses. Most of the businesses under $10 million in revenue will need an accountant. They are too small to have an accounting department, and it’s highly unlikely they will have the salary to hire someone who can deal with AI and integrate it into their accounting department. I currently use AI to generate new contracts, research tax court decisions, and to find answers to questions faster. But for your average business owner, they need to known what they don’t know in order to ask AI questions and handle the situations. Very unlikely they will be able to do this without former training or being tech savvy:

@TheFinancialController

11 ай бұрын

Fair enough! Thanks for your input!

@mohammeddaniyal7958

11 ай бұрын

Hi, please I just completed my first degree in Accounting. Unfortunately, there are no opportunities to work where I come from. I would like your help, advice or suggestion on how I can find an Accounting job and work remotely from home.

@kevinp8027

11 ай бұрын

@@mohammeddaniyal7958 An accountant who works remotely only from home? Impossible.

@stevo728822

8 ай бұрын

They won't need to integrate it. They will simply upload their books to the IRS and HMRC AI systems.

Absolutely. AI is already replacing accountants.

human can make some adjustments in the transaction.

Nice one. Would like to hear more from the professor though

Well, information and discussion. You do a great 👍 job thanks From Somalia 🇸🇴 Mohamed adem.

Yes

I don't see AI replacing us. While AI can serve as an aid or tool, it will not totally replace us.

@TheFinancialController

11 ай бұрын

agreed, but it will create 'shifts', where more and more accountants begin to work at software firms that create the automation

@Recuper8

11 ай бұрын

😂 AI will most certainly replace accountants. In fact, ALL white collar jobs are going to go away. DENIAL, ANGER, BARGAINING, DEPRESSION, ACCEPTANCE....you all are in the Denial phase. 😂

@TooJaded

11 ай бұрын

@@Recuper8Most lower level accounting jobs for sure but not audit, managerial roles, etc

@noviceswingtrader8099

6 ай бұрын

@@Recuper8 let's imagine hypothetically AI replace all the human in white collar jobs. most of the people will become jobless that means they will not make money. then how the company will serve their product to their clients when those clients don't have their jobs and why they will purchase their products. company can't make money without selling their services or products if they deploy AI in everywhere AI don't have their own family to food so technically it will not possible to AI will buy their products or services to make profitable of a company.

@Xenozillex

Күн бұрын

@@noviceswingtrader8099 It's a rat race. The first companies to sell out their employees for cheap AI labor will make the most bank. The companies that come in late will get the flak for 'taking away jobs.' Right now it is divide and conquer. Voice actors are on strike right now because big companies are just gonna AI their jobs away. It's just going to be a domino effect. But there is hope. Because if Accountants can be fully replaced, then there is a glimmer that the shareholders will also replace CEO's. So we can all suffer.

Data analytics are being used in building KPI dashboards using PowerBI and Tableau. In Finance, it is being used to detect fraud, predict loan default, build portfolio and for doing trading. But I don't understand how machine learning is being used in accounting? I'm wondering if the modern day CFO needs to learn about data science and machine learning?

@cheukfunglau6921

11 ай бұрын

I am trying to understand how does machine learning apply into the accounting field as well.

Can I still become an accountant while I’m paying off my degree? I’ve completed everything just have to pay for it to get awarded my bachelors

great stuff!

@TheFinancialController

11 ай бұрын

Means a lot coming from one of favorite Accounting Gurus!!

If AI is taking over then why do I see countless job postings for bookeeping and AP/AR still everyday?

I am a huge fan of the information you share. Can I ask what kind of microphones you are both using in this?

Very informational. Thank you

@TheFinancialController

11 ай бұрын

Thanks for watching!

Well here is a great question. How will AI Cloud technology affect GAAP as well as digital currency? How come Congress in the US is not addressing what is happening with AI Cloud technology? What will happen when cell technology will be able to communicate with the Cloud on demand? I can only imagine the day when your smart phone tells your refrigerator to order you a pizza for dinner based solely on things you did that day. LOL.

@Xenozillex

Күн бұрын

Congress is full of dinosaurs and Amber Toads who still do not even understand facebook.

Valuable discussion..

What AI will bring is the possibility for bookkeepers and Accountants be more efficient and more productive, that will allow more focus on growth strategies and big corporations employees expense.

@TheFinancialController

Ай бұрын

Agree

I am Indian student. Can you put the subtitles in English so that I understand the conversation in better way

@TheFinancialController

11 ай бұрын

I think KZread has a feature for you to turn on subtitles. Thanks for watching!

Amazing content.

I would love to pursue this MBA, but it costs more than 50,000 pounds. I imagine that even for British people, this is beyond reach for many

Great video

Wonder how much this master’s program costs

@TheFinancialController

11 ай бұрын

It’s 49,000 British Pounds

9 months later: You sure about that?

We have a major labor shortage right now.....

sounds like a sales pitch to people who don't know any better... I was expecting to see some specifics about how AI will replace accounting functions (basic production of accounts to management mathematics). Most accountants are not on boards of listed companies.... no wonder the world is losing it's way...

It’s small firms that AI can take out. The consulting lad he firm end isn’t at risk.

Will AI replace bookkeepers?

@limitless1692

Ай бұрын

Yes. It is not a question of IF It is only a question of WHEN

Hi, please I completed my first degree in Accounting. Unfortunately, there are no opportunities to work where I come from. I would like your help, advice or suggestion on how I can find an Accounting job and work remotely from home.

We are screwed

Keep your videos within 10 min No one has time to lose half an hour.

If AI messes up on a business' books, they could cost a business thousands.

19:55 Students learn Tableau......................and Power BI? 🤔

@Wookierabbit

11 ай бұрын

I am a senior accountant and I am now finding myself to self-teach myself PowerBi. For a student, learning PowerBi will help you pull financial data to produce meaningful and efficient reports you can submit to your Accounting Director, CFO, etc. Saving them a butt load of time, building connections, and cementing a stronger career path. But, if you company is too small, having great Excel knowledge will do just the same.

@ronniemondal6557

8 ай бұрын

​​@@Wookierabbit bro i want help i am confused should i pursue CPA or not???? Hello hell me

@Wookierabbit

8 ай бұрын

@@ronniemondal6557 Chill dude. If you have a passion for tax or audit, then definitely purse a CPA. If foresee yourself working at a firm, then get a CPA. But if you are going to get yourself involved accounting without getting heavily involved in tax or audit, then getting a CPA is not mandatory, but rather a nice addition.

@Wookierabbit

8 ай бұрын

@@ronniemondal6557 Hence the name CPA…..certified PUBLIC accountant

I disagree. AI will create more problems so accountants will still be needed. Someone will have to check the data. Software,hackers,Internet issues will continue to make technology unrealiable

No

It's screamingly obvious that accounting will be among the very first professions to walk the AI plank. Sorry to those aspiring to this but let's not delude ourselves here.

Sure the Professor is not going to persuade your Kid from going to school that AI is going to replace. Follow the money!!!

In 10 years time, half of small businesses won't require an accountant to provide their tax returns.

@robbiem4624

8 ай бұрын

the old boomers who hire don't use ai will be drying off. Yet people will complain more about no one wants to work but yet use AI to replace their jobs.

@jalilmonroe1289

3 ай бұрын

There’s way more to accounting than just filing taxes and accounting department in a corporation has too many human elements that a machine will never be able to do because their is a ethics portion involved

@Xenozillex

Күн бұрын

@@jalilmonroe1289 Ethics can be programmed.

He's trying hard to stay relevant

Lmao obviously this guy is not going to come out and admit it outright. Being a professor of the subject. Truth is Accounting like many other professions will become obsolete.

@nickacarroll

11 ай бұрын

The change will evolve over time. Albeit faster than some would like.

@kevinp8027

11 ай бұрын

Are you an acountant?

@qasmb1546

11 ай бұрын

@@kevinp8027 Yes.

@mjohnson9563

10 ай бұрын

Maybe in terms of deductive reasoning but no AI technology could ever replace complex decision making processes which relies not only on one's experience but also their style of approach. Back in the late 1970s the IRS had 100 accountants complete the tax filings of a business. All 100 accountants were provided with the exact same financial data and all 100 tax returns filed were different. Not two were the same. The IRS said that all 100 tax filings were accepted. Just to provide even a better example all one has to do is look at what goes on in forensic accounting.

@Shrey777

6 ай бұрын

From counting crops in Mesopotamia to forensic accounting the role as always evolved as per client's demands since 7000 years it's will just evolve in future