Embracing the role of artificial intelligence

in accounting and finance: contemplating

the changing skillset expectations
Bhumika Gambhir and Anindita Bhattacharjee

Introduction
The accounting and finance (A&F) profession is going through many changes. These
changes endeavor to merge human intelligence with cognitive computing technologies, the
most common being Artificial Intelligence (AI). AI is the intelligence exhibited by machines
with consciousness and emotionality like humans. A system developed with the help of AI
can handle either one particular task (Narrow/Weak AI) or can handle a generalized task Bhumika Gambhir is a
like humans (General/Strong AI). Research Scholar at Amity
College of Commerce &
Due to the intervention of AI, the A&F profession is undergoing notable changes Finance, Amity University,
where due to the advances in data analytics and machine learning, routine jobs are Noida,India and Lecturer,
being slowly taken over by machines (Kokina and Davenport, 2017). The application Accounting and Finance at
of technologies is seen as a threat by some, and some consider it a gateway to Middlesex University –
new opportunities. As machines have taken over the routine jobs/processes, humans Dubai Campus, United
will have to welcome working with AI and embrace these changes and Arab Emirates.
Anindita Bhattacharjee is
opportunities (ICAEW, 2018). A&F professionals need to upgrade themselves in
based at Amity College of
technological skills rather than only focusing on basic accounting and soft skills.
Commerce & Finance,
With the advent of AI, the key skills required for the placement and career Amity University, Noida,
progression of A&F professionals are expected to change. This paper suggests India.
the key skills which employers will be expecting from A&F professionals in the future led
by AI.

AI in accounting and finance

The routine functions which have already been automated or are at risk of being
taken over by AI include bookkeeping, accounts receivable, accounts payable, payroll,
basic data-related tasks in taxation, and routine audit processes (CPACanada, 2019).
AI can work faster, smarter, and for longer than humans. It can automatically process
numerous transactions and saves the finance staff time for day-to-day tasks like processing
transactions, billing, general accounting, exporting reports, and reconciliation processes, to
name some (PWC, 2018).

Expectations from accounting and finance professionals

Opinions and views of employees working in A&F were gathered to understand the
disruption caused and changing skillset expectation due to advent of AI. A total of 84

j
DOI 10.1108/DLO-01-2021-0016 VOL. 36 NO. 1 2022, pp. 17-20, © Emerald Publishing Limited, ISSN 1477-7282 DEVELOPMENT AND LEARNING IN ORGANIZATIONS: AN INTERNATIONAL JOURNAL j PAGE 17
 employees working in A&F in various UAE organizations, such as audit firms,
banks, education, and the retail sector were approached and emailed a
questionnaire. The designed questionnaires with demographic, introductory and main
questions were distributed to employees in top-level, mid-level and lower-level
management positions.

The responses received from 75 respondents are summarized below:

A. SKILLSET EXPECTATIONS

i. AI has taken over repetitive tasks such as review, reporting, and standard analysis in
almost all organizations. Due to this, there has been a shift in the skillsets required
from employees.

ii. The key skillset required in the future job market includes knowledge of basic
accounting processes, data analytics and its tools, analytical and problem-
solving skills, soft skills, IT and basic programming skills related to A&F. Of
all the skills mentioned, data analytics and related tools will be the highest in
demand.

Figure 1 demonstrates the skillset requirements in the future due to the intervention of
AI. The most important skill set required in future according to the top-level and
middle-level management employees is knowledge of data analytics and its tools
(38%). The key skillset required in future according to the lower-level management
employees is knowledge of basic accounting processes (35%). It is also clearly
illustrated in the bar chart that the need for soft skills is felt by the least number of
employees at all levels.

iii. The top finance functions will spend most of their time understanding and analyzing
the data.

B. TECHNOLOGICAL UNEMPLOYMENT AND DISRUPTION CAUSED

AI and machine learning are believed to cause disruption and technological
unemployment (at the lower and middle management levels) for a short period. In the

Figure 1 Skillset requirements

PAGE 18 j DEVELOPMENT AND LEARNING IN ORGANIZATIONS: AN INTERNATIONAL JOURNAL j VOL. 36 NO. 1 2022
 long run, new opportunities will be created. For tasks involving strategic thinking and
decision making, there will be no significant disruptions.
C. TRAINING, LEARNING AND DEVELOPMENT

i. A&F professionals, irrespective of the level at which they are working, need to
upgrade themselves and acquire the new skills required to work in conjunction with
machines. They need to be trained in the use of analytics (Alteryx, ACL, BRIO), new
relevant available technological tools (Power BI, Tableau, Qlikview), and robotic
process automation, to mention a few.

ii. There is a need for skill gap analysis for A&F professionals already in jobs. Based on
the analysis, organization-wide training programs need to be rolled out to enable
employees to be ready with the necessary skills required in the future due to
technological change. The decision regarding upskilling, reskilling, and investment
in the learning and development function is important.

iii. Similarly, educational institutions and professional bodies should integrate A&F with
technology. It is important to develop courses that help in learning technological,
analytical and visualization skills, apart from basic A&F.

Conclusion
AI will change the A&F profession in the near future. As its use increases the output and
reduces time and costs, it is applied extensively to accounting, finance, and auditing
processes for routine tasks. Some experts believe that AI disrupts work, but it is expected to
supplement the workforce in the long run. AI will create new opportunities, and the Big 4
firms are already in the market for providing new services based on AI (IBM Watson by
KPMG and GL.ai by PWC).
Following are the key takeaways:

1. Skillset up-grading: A&F professionals need to upgrade their skill set by not only
acquiring knowledge of AI-led technologies, but also necessary skills required to work
with the output generated with AI-led technologies.
2. Continuous learning: AI has proved that learning is a continuous process, and learning
new technology is no longer optional for A&F professionals.

3. Learning and Development: The human resource department needs to restructure its
training strategy for the continuous learning needs of A&F professionals. They must
play a strategic role in motivating and engaging the employees to learn and develop
their capabilities. Also, they will play a vital role in retaining employees (Brassey,
Keywords:
Christensen and Dam, 2019)
Training,
Further studies should be done regarding the risks associated with AI implementation and Accounting,
Finance,
how small and medium-sized organizations will implement AI and train their workforce. A
Artificial intelligence (AI),
comparative analysis can be done to study the impact of AI on the A&F profession in Skillset
different countries.

References
Brassey, J. Christensen, L. and Dam, N. V. (2019), “Essential components of a learning and development
strategy”, McKinsey, McKinsey & Company, available at: www.mckinsey.com/business-functions/organization/
our-insights/the-essential-components-of-a-successful-l-and-d-strategy (accessed 14 January 2021).
CPACanada (2019), “How are big data and AI transforming accounting and finance?”, available at: www.
cpacanada.ca/en/business-and-accounting-resources/other-general-business-topics/information-management-
and-technology/publications/ai-impact-on-accounting-and-finance (accessed 23 December 2020).

VOL. 36 NO. 1 2022 j DEVELOPMENT AND LEARNING IN ORGANIZATIONS: AN INTERNATIONAL JOURNAL j PAGE 19
 ICAEW (2018), “Artificial intelligence and the future of accountancy”, available at: www.icaew.com/-/
media/corporate/files/technical/information-technology/thought-leadership/artificial-intelligence-report.
ashx?la=en (accessed 16 December 2020).
Kokina, J. and Davenport, T.H. (2017), “The emergence of artificial intelligence: how automation is
changing auditing”, ’Journal of Emerging Technologies in Accounting, Vol. 14 No. 1, pp. 115-122, doi:
10.2308/jeta-51730.
PWC (2018), “PwC AI predictions: how artificial intelligence is getting to work”, available at: https://blogs.
oracle.com/modernfinance/how-artificial-intelligence-is-getting-to-work (accessed 27 December 2020).

Further reading
PYMNTS (2020), “KPMG, PwC, EY to put $9B toward AI, data tech j PYMNTS.com”, available at: www.
pymnts.com/news/b2b-payments/2020/kpmg-pwc-ey-investment-artificial-intelligence-data-tech/ (accessed
27 December 2020).

Corresponding author
Bhumika Gambhir can be contacted at: bhumika.mdx@gmail.com

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