Artificial intelligence is also changing the role of accounting

According to the head 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 this area.

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

Another advantage that Hare sees in artificial intelligence is that it will help fill the shortage of workers that companies are having a hard time finding to manage basic financial tasks. It is precisely in this context that small and medium-sized companies have great problems in finding suitable personnel.

Hare told the PA news agency that artificial intelligence will "change the nature of jobs" and that it will no longer be accountants who will carry boxes full of bills and enter tax returns.

"All this will be digitized - paper is saying goodbye and will be no more it takes a lot of people to run the company's accounts," he said.

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

In his opinion, the role of an accountant is evolving into that of a consultant, which will focus on strategy and forecasts. "Some companies 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 taxes and our financial future. As a result, 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 and drive business improvements.

It should help in forecasting, managing cash flows 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 to 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 announced.

Hare said: “Sage Copilot transforms the productivity of small and medium-sized businesses and accountants by putting trusted artificial intelligence at the heart of their business, automating tasks and providing insight into growth and performance. This is not only an artificial intelligence function, butč a commitment to building a future in which companies can focus on their goals with the support of artificial intelligence."

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