Accounting Best Practices with Steve Bragg ABP #375 - The Future of Accounting
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Apr 3, 2025 Dive into the fascinating future of accounting, where technology and artificial intelligence reshape the landscape. Discover how accountants will need to adapt their skills as the demand for their expertise remains strong. Additionally, learn about the key differences between financial and management accounting in this rapidly evolving field.
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Tech's Impact on Accounting
- Technology changes drive accounting's evolution, not standards or the labor market.
- Small, bolt-on applications get integrated, creating incremental efficiencies.
Accounting Job Market Outlook
- Accounting departments' cost relative to sales may decrease due to increased efficiency.
- The overall accounting job market is likely to expand, not contract.
AI's Limited Role
- AI has niche uses in accounting, like fraud detection and footnote writing.
- Overall, AI's impact on the accounting profession will likely be small.