Topic 1 : Accounting Industry

Accounting Industry

The rapid development of AI applications in the accounting industry is challenging old business models. As it has proven to be a double-edged sword. While it brings significant benefits, from enhanced fraud detection to personalized customer services, this innovation also presents a major challenge which is how the companies can ensure data privacy and secure storage. Given that financial data is extremely sensitive and any breach could lead to severe consequences, robust data protection has become a critical priority for every institution.


Figure 1: Accounting industry


  In the future, I strongly believe that every single company will have their server room or data center. It might become the foundation of a company. This is because all information needs to be digitized. Due to the rapid development of AI, every clerk, accountant or even auditor needs to be familiar with those AI applications in the accounting industry. For example, AI applications nowadays such as Qbot, botkeeper and Vic.ai.

Figure 2: Use case in Accounting


  I think that the first solution to break the gap between the future and the present is that the company should cooperate with the technology company to create a course for the staff to master in using those AI applications. As the application could work for 24 hours every single day. The efficiency will be accelerating if every staff member masters it well. Indirectly, it could decrease the labour cost as the company required lesser staff to key in data for non-accounting companies. For the professional accounting firms, they will get the same benefits also. For auditing and tax consulting, the time taken to complete the task will decrease as the AI will automatically complete the rapidity part of the tasks. As a result, the companies could reduce the dependency on manual work.


Figure 3 : AI power


  Secondly, a more efficient AI computer will appear. What kind of benefit will it bring for the industry? It could lead to a smaller space required, lesser electricity and larger storage but more cores for executing the AI application. It could just become faster and faster. For example, the application to complete the task takes 10 to 20 minutes nowadays but with the more advanced AI computer it might just take 5 minutes to complete the task. During the digitization transformation, I think that a server room or a data center will become necessary to a S&M company. As the macro company will upgrade their server room.


Figure 4 : AI computer

  Thirdly, I hope that the universities that contain accounting courses will make a domain change which will add a practical class into their syllabus. For the practical class, the lecturer could teach the students to use the hot accounting AI applications. Therefore, the student will get familiar with the application like the engineering students in several universities which bought the latest machines and let the engineering student learn how to operate it. Especially for the students who are willing to further their education in the taxation domain, audit domain and accounting domain. It could let the student quickly catch up on what is going on at the companies.


Figure 5 : Accounting practical training

  In conclusion, I think that the opportunity in the accounting industry will become lesser as this industry has reduced the dependency on manual work. The students who learned or are familiar with the AI application will have a higher chance to survive in this industry. Unfortunately, the university still has not yet taught the accounting students in using the normal accounting application in this age.

Figure 6 : AI automation vs manual work


Reference List
Figure 1 : Accounting industry Santa Clara University, 25 Aug 2025, [Photograph of a accounting industry][Photograph], https://onlinedegrees.scu.edu/media/blog/ethics-in-accounting

Figure 2 : Use case in Accounting CellStat, 28 Jul 2022, [Photograph of a use case in accounting] [Infographic], https://cellstrat.medium.com/use-cases-of-ai-in-accounting-4bf00dff9971

Figure 3 : AI power
Vic.ai, (n.d.), [Photograph of a man using a computer with AI tools] [Photograph],
https://www.vic.ai/solutions/ap-manager

Figure 4 : AI computer

Kevin Hutson, 3 Dec 202, [Photograph of innovation of the AI computer][Photograph], https://www.futurepedia.io/resources/ai-evolution

Figure 5 : Accounting practical training
Star Sterling Academy, 5 April 2024, [Photograph of a man doing accounting] [Photograph], https://starsterlingacademy.com/practical-accounting-training-bridging-the-gap-between-theory-practice/

Figure 6 : AI automation vs manual work
Automation People,(n.d.), [Photograph of two men which one of it is using automation and another is using manual work][Photograph],https://automationpeople.co.uk/transitioning-from-manual-process-to-automated-workflow/

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