“In the next decade, technology will disrupt the accounting profession more than it has in the last century.”

It may sound dramatic, but it’s true. The world of accounting has already undergone significant changes, and with the rise of artificial intelligence (AI), even greater changes are coming.

Let’s picture this: The year is 2024, and Karim, an experienced accountant from Dhaka, Bangladesh, is at his desk. But instead of being buried in paperwork or spending hours poring over spreadsheets, it uses artificial intelligence to create financial reports, make forecasts, and advise clients on strategic business decisions.

AI is not just an add-on; is at the heart of his daily work. This marks the beginning of a new era in accounting, where AI is revolutionizing not only efficiency but the entire role of the accountant.

The Old Days: Numbers, Notebooks and Sheets of Paper

For hundreds of years, the profession was all about the basics: double-entry bookkeeping, where every transaction was carefully recorded in two places; one as debit and the other as credit. It wasn’t glamorous, but it worked. Every accountant’s job was to make sure everything was in balance and that businesses kept accurate financial records.

The late 20th century brought the birth of computers and with them accounting software. Tools like Excel and QuickBooks have begun to change the game by making it easier for accountants to track transactions and automate basic calculations.

Then came the 2000s. Cloud accounting has arrived, allowing accountants to access real-time data and collaborate with colleagues on financial matters from anywhere. This was a game-changing development.

Artificial Intelligence Comes into Action: A Brand New Basketball Game

Artificial intelligence is transforming accounting in ways traditional software never could. For Karim, artificial intelligence is not just a tool; part of the team. Gone are the days of manually entering data and tracking receipts. With AI-powered systems like QuickBooks and Xero, tasks like reconciling accounts, matching invoices, and forecasting cash flow are automated.

This allows Karim to focus on big picture strategy. Instead of spending hours on transactional tasks, it uses artificial intelligence to spot trends, predict outcomes, and provide data-driven recommendations to customers. Need to evaluate a new market or detect fraud? Artificial intelligence handles this in a few minutes. Transactions that used to take days now take hours or even minutes. AI isn’t just faster; is more accurate, reduces human error and provides better results.

The Role of Accountants: From Number Crunchers to Advisors

So what happens to accountants now? Did they quit their jobs? Like hell. In fact, the accountant’s role is actually getting more exciting.

Karim’s job today is very different from before. He doesn’t just balance the books; It works with artificial intelligence to provide deep financial information to its customers.

Rather than simply reporting what has happened in the past, Karim looks ahead to use data to predict what will happen in the future.

It helps businesses plan for growth, avoid potential pitfalls, and make smarter financial decisions.

Let’s take Bangladesh as an example. Small and medium-sized businesses (SMEs) make up a significant part of the economy here, but many still rely on traditional bookkeeping methods that use paper ledgers.

For example, in the textile industry, access to AI-powered accounting tools can help predict demand trends, assess supply chain risks, and identify cost-saving opportunities that were previously difficult to spot.

Karim can use AI to help local manufacturers in Dhaka stay competitive in the global market by automating their accounting processes and helping them make data-driven decisions.

Think of it this way: While the AI ​​handles the grunt work, Karim does the thinking. He uses his expertise to interpret the insights provided by AI and ensure that they are not just numbers on a screen, but real-world strategies that drive business success.

Challenges: Technology Doesn’t Solve Everything

Of course, not everything goes well. The rise of artificial intelligence brings with it some challenges. First, there are some serious ethical concerns. Data privacy is a big issue. With AI having access to so much financial information, there is a need for strict regulations and transparency.

If not handled carefully, AI can perpetuate biases and even make decisions that are not in the best interest of the people it is supposed to help.

For countries like Bangladesh, where many businesses still operate in a less regulated financial environment, the introduction of AI can feel like a double-edged sword.

AI can improve efficiency and accuracy, but the challenge is to ensure that all businesses, large or small, have the infrastructure to protect sensitive data and that appropriate governance is in place to prevent misuse.

Then there is the fear of losing your job. Yes, automation can take over repetitive tasks, but that doesn’t mean accountants will disappear.

In fact, the rise of artificial intelligence creates new opportunities. Accountants now need to be skilled in new areas such as data analytics, machine learning, financial modelling.

It’s a change in what accountants do, but it’s also a chance to level up and become more valuable than ever.

The Road Ahead: What’s Next for Accountants?

So where does all this lead? Looking ahead, the role of artificial intelligence in accounting will gradually grow. By 2030, routine tasks such as tax returns, audits, and even financial reporting will likely be fully automated.

But don’t worry; Accountants will not become obsolete. They will be needed more than ever to help businesses make sense of the insights provided by AI and ensure everything remains ethical and compliant.

Small businesses, especially in the agricultural and export sectors, will rely on accountants to interpret AI insights on market trends, government policies and export regulations.

In fact, accountants will be more like strategic partners in the future. They won’t just crunch the numbers; they will interpret them, analyze trends, and use artificial intelligence to predict the next step.

They will help businesses navigate a rapidly changing world by providing advice on everything from investment strategies to risk management.

In a sense, accountants will focus on the “why” and “what next” questions, while AI will deal with the “what” and “how.”

And the best part? The future of accounting is not about replacing accountants; It’s about empowering them. Karim’s role isn’t going anywhere; It’s getting more and more exciting.

The author is a member of FCA, ACA (England and Wales). He is also a senior partner at Hasan Mohin – Chartered Accountants and an adjunct faculty in the AIS Program at Jahangirnagar University.