Do We Still Need to Learn Accounting in the Age of AI?

This was exactly the question I was asked during one of my lectures at a secondary school. I have to admit, it brought a smile to my face and a spark of excitement to my eyes. Not because I wanted to make fun of the person asking, but because I finally had the opportunity to show them the full potential of modern accounting.

It is great that we have artificial intelligence

“No, my friend, it is not pointless.”

Modern elements started becoming part of accounting many years ago, so this is not something that has only emerged in the last two or three years.

Of course, technology is changing the accounting profession. But it is changing it for the better. Accountants no longer need to spend hours manually entering data from printed documents into accounting software.

A significant part of the work can now be handled by artificial intelligence – from automatically reading documents and recording transactions with near-perfect accuracy, to issuing tax documents, matching payments, and much more.

Almost any part of accounting can be made more efficient through automation

Around 80–90% of accounting operations in companies are repetitive. This includes purchasing materials and goods, processing invoices for telecommunications services and energy, and many other routine tasks. In practice, it makes little difference whether these supplies come from domestic or international providers.

Modern tools can be trained to process almost anything, and invoices do not even have to pass through your hands. They can be automatically imported into accounting software directly from email.

You may now be wondering: what will accountants actually do?

Accountants will focus on the most important part of their role – managing and continuously reviewing these processes. And when a specific accounting situation arises, they will ensure the most appropriate accounting treatment.

Will accountants still have jobs in the future?

Although the number of hours spent on repetitive data entry will decrease, we should not expect any mass redundancies. Quite the opposite.

According to a detailed survey by the Chamber of Accountants of the Czech Republic, the number of accountants has been gradually declining since 2018. At the same time, companies continue to have strong demand for qualified independent accountants. Even with new accounting legislation and the ongoing digitalisation of the profession, it is unlikely that accountants who started their careers in the 1990s will remain in the workforce indefinitely.

And this generational transition represents a great opportunity for you to build a successful career.

The role of accountants in companies will continue to grow – including financially

The shortage of accountants in the labour market will lead to:

• greater professional recognition, as accountants play a crucial role in the functioning of companies and organisations;
• improved financial rewards.

If you choose accounting as your future career, you can look forward to a truly promising professional path.

So do not wait and apply to Sting.

We look forward to welcoming you!

Pavel Semerád
Ambassador of Sting