- July 1, 2021
- Posted by: Stratford Team
- Category: Business
With AI promising the greatest transformation in many industries, including tax & accounting, we need to begin asking what the implications of this will be.
Artificial intelligence (AI) continues to promise the greatest level of transformation within many industries, including tax & accounting. “The global AI market was valued at $62.35 billion in 2020, and is expected to expand at a compound annual growth rate of 40.2% between 2021 to 2028,” according to Grand View Research.
Given this level of investment, especially among industries like financial services, we need to begin asking what the implications of this technology will be on the accounting profession. According to the 2020 World Economic Forum Outlook Report, the time spent on current work tasks by humans and machines will be roughly equal by 2025. Given that, what will workflow, operations, and our tax teams look like in four years?
Instead of being fearful of the impact and effect that this…