Artificial intelligence is also changing the role of accounting

According to the boss of accounting software developer Sage, artificial intelligence will change the nature of the accounting profession as we know it today. He expects fewer but more productive jobs in the field.

Steve Hare, CEO of Sage, says that smaller companies in particular will soon begin to take advantage of generative artificial intelligence and use it to manage basic accounting processes themselves. For example, dealing with taxes, income tax and the like, which was once the main market niche of accountants and accounting firms, may soon be completely taken over by artificial intelligence.

Another benefit that Hare sees in artificial intelligence is that it will help fill the shortage of workers that companies are struggling to find for the basic management of basic financial tasks. It is precisely in this context that small and medium-sized companies have great difficulty in finding suitable personnel.

Hare told the PA news agency that artificial intelligence will "change the nature of jobs" and that there will be no more accountants carrying boxes full of invoices and entering tax returns.

"All of this will be digitized - paper will be said goodbye and many people will no longer be needed to manage company accounts," he said.

"There will be fewer of these and similar jobs, but I believe that in the end we will have many more jobs that will contribute added value and create growth in the economy. Smaller companies can't hire people to do these jobs - young people don't want to do these repetitive tasks. This is how young people think today, because they have grown up in the digital age. They think 'a computer can do it, I won't do it',” Hare added.

According to him, the accountant's role is evolving towards that of a consultant, which will be focused on strategy and forecasting. "Some businesses will always go to accountants for tax advice. I don't see that we can get to the point where we simply trust a machine to advise us about our taxes and our financial future. That being said, I think the role is moving in an advisory direction", says Hare.

According to him, this would be good for the industry and the economy in general.

"I am optimistic because this level of productivity will allow us to grow economically," he said.

His comments came as Sage unveiled its new AI-powered generative software, called Sage Copilot, which it hopes will "revolutionize accounting, finance and people management processes".

The new software promises to handle administrative and repetitive tasks while recommending ways to save money and drive business improvements.

It should help with forecasting, cash flow management, and creating and sending invoices, as well as automating work processes and detecting errors.

Sage Copilot will first be available in the UK in April for Sage Accounting with a limited number of existing customers, before becoming more widely available in May and later in the year for Sage for Accountants and other products.

Other products and countries will follow later, the company said.

Hare said: “Sage Copilot transforms the productivity of SMBs and accountants by putting trusted artificial intelligence at the heart of their business, automating tasks and providing insight into growth and efficiency. This is not just a function of artificial intelligence, but a commitment to building a future where companies can focus on their goals with the support of artificial intelligence."

He emphasized that it will "help and not replace" accounting in companies.