Innovation Awards 2017

Artificial Intelligence transforming accounting
t seems that the more
Iaccountants
learn about
David Caddie,
NZ General Manager Members
Chartered Accountants
Australia and New Zealand
Artificial Intelligence (AI), the
less they worry.
As opposed to concerns about
being replaced by technology,
accountants are excited by the
opportunities AI is opening up
for them. This technology is
transforming the accounting
industry, releasing highly qualified
accounting professionals from
routine processing tasks, freeing
them up to advise and strategise
– adding real value to clients and
their businesses.
Getting rid of coding, says Rod
Drury, Xero CEO “could be one
of the biggest changes that has
happened to accounting, ever”.
Although accountants love the
prospect of eliminating routine
tasks such as invoice coding,
there’s still a way to go in learning
to love AI, and its possibilities. A
Xero survey found that 22% of
accountant respondents regarded
AI “intriguing” and 18% declared
their interest in the possibilities
offered by machine learning.
Chartered Accountants play
a vital role in businesses and
communities throughout New
Zealand. Our members work
across a diverse range of
industries and perform a variety
of different roles. New technology
is helping them provide even
greater value for businesses and
communities.
In the past, the profession
was largely associated with
compliance and management.
Today, it’s increasingly about
strategic advice - helping
businesses, organisations and
people stay ahead in a complex,
fast moving world. Being trusted
advisors.
Given the nature of that work,
it’s not something that artificial
intelligence will ever be able to
replace. What AI will do is provide
accountants with greater insights
to enhance the services they
provide to their clients. And time
to add value.
This will create opportunities
and benefits for businesses
and communities, and has the
potential to be applied across a
range of areas, including data
analysis and auditing.
Central to ushering in this new
wave of innovation is highlighting
the work already being done,
which is why the New Zealand
Innovation Awards are so
important.
Chartered Accountants ANZ is
proud of our association with the
Awards. They are an excellent
platform to recognise important
achievements in innovation across
our country, and are helping
to inspire further growth and
development into the future.
Where some see a flat white, Chartered Accountants see the opportunity to grow a
prosperous business. Chartered Accountants are trusted business leaders who know the
importance of the bigger picture and the value of every detail. To unleash the potential of
your business, choose a Chartered Accountant. charteredaccountantsanz.com/AoP
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