“Danger, Will Robinson” was the cry of the robot in the 60’s TV show “Lost in Space” (which was re-made but lasted a short three seasons on Netflix*.) Rather than being warned of impending danger by robots, we accountants have been told that we will be replaced by robots any day now. We have been told that much of the work we do can be replaced by automation and that our jobs will therefore become obsolete.
Well, we are still around and haven’t yet been replaced by robots. But thankfully, the work we do has changed for the better. Many of the mundane, repetitive tasks that used to take up our time have been eliminated thanks to technology like Artificial Intelligence (AI) and Robotic Process Automation (RPA). Both offer benefits for managing transactional work. AI is an attempt to simulate human intelligence by programming learning, reasoning, and self-correction into applications while RPA creates a fixed series of steps that are applied routinely.
AI is used for example by applications that get smarter with use – these tools look for user patterns and apply them in making recommendations, assigning account numbers, or even identifying exceptions in data. Consider the QuickBooks Online application. In the banking section, AI is used to identify possible transaction matches and sample categorization of expenses as they clear.
RPA is used to set up a string of standard responses based on some trigger event. QuickBooks Online users can take advantage of this type of automation for generating month end reports, importing data from other systems and more. This type of automation can be used to link activities in QuickBooks with actions that need to be taken in other systems like generating a follow up email or activating a digital solution. There are tools like Zapier that support this type of automation using built in connectors between applications. You might capture a new form signup on your website, which populates a Google Sheet, that then links to a questionnaire and finally originates an Invoice in QuickBooks Online.
For accountants, there is more opportunity than danger in the promise of AI and RPA. We look forward to the day when we can apply even more of our unique insights, strategy, and people skills to the business of helping our clients create the lives of their dreams. It’s why our firm has invested in the Level 5 advisory training from www.TheImpactfulAdvisor.com. We want to make a difference. And as far as we know, you can’t automate creativity, caring, or human connection.
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