Accountants must embrace artificial intelligence (AI) or get replaced, experts now say, amid continued disruption in the industry.
This, as the World Economic Forum lists AI and big data top
on the list of the fastest-growing skills that will be needed in the next five
years.
Within financial services and capital markets, employers
predict that the share of tasks done predominantly by people today will shrink
from 44 per cent today to 28 per cent in 2030.
The call to integrate
AI in accounting comes as accountants drawn from around the world meet in
Nairobi to discuss, among other topics, the disruption that artificial
intelligence is causing in the accounting sector.
Coincidentally, the meeting is taking place a few weeks
after DeepSeek, a Chinese AI startup, made headlines worldwide after launching
an AI model that outperformed existing American models, for a fraction of cost.
“We cannot wish away AI. It is here with us, and we expect
newer more advanced versions to be released into the corporate world in the
coming years. Accountants must prepare to utilise these tools within the law
and in an ethical way,” said Juan Carlos Lara, chief digital officer at Crowe
Global.
The recently published 2025 Future of Jobs Report by the
World Economic Forum (WEF) – which took place in Davos in January–predicts that
utilisation of machines and algorithms will grow in the next five years.
The report notes that 47 per cent of work tasks today are
performed mainly by humans alone with 22 per cent performed mainly by
technology and 30 per cent completed by a combination of both.
Yet, by 2030,
employers expect these proportions to be almost evenly split.
Trends in AI and
information processing technology are expected to create 11 million jobs, while
simultaneously displacing nine million others.
“Professionals who
fear that AI will take jobs are afraid because they do not see its value. Those
who will refuse to learn how to use AI are the ones whose jobs will be
replaced,” managing partner at Crowe Kenya, Erastus Omollo, said during the
Nairobi meeting.
The 2025 Africa meeting has brought together accountants
from the continent, Europe, The Americas, the Middle East and Asia.
Crowe Global which is
the eighth largest global accounting network in the world by revenue consisting
more than 220 firms, is driving the AI discussion in Africa.
The Institute of
Certified Public Accountants of Kenya (ICPAK) has also noted that AI is quickly
transforming the accounting world, and businesses must stay on top of their
game.
“With automated accounting software on the rise, the fear of
redundancy is real. However, embracing technology as an opportu nity rather
than a threat is essential,” ICPAK said in a recent report.
Meanwhile, firms have also been challenged to use the right
tools in development and implementation of tailored Environmental, social and
governance (ESG) programs, which are currently being embraced by companies in Kenya.
“Businesses face
growing pressure to develope and implement effective ESG strategies that enable
them to track progress, report outcomes, and uphold accountability across their
value chains.
This can be enhanced
by the use of the right instruments,” said Filipa Correia, regional director
for Crowe Europe, Africa and Middle East.
