03

Jun 2024

AI Impact on Australian Accounting: Navigating the Disruption and Embracing Innovation

By: Odyssey Automation, General
Tags: accounting, AI, Automation

AI continues to make news in Australia, with dire predictions of nearly 30% of Australian accounting jobs disappearing over the next few years.

Below we cover some of the more recent news on AI in Australia.

The jobs mostly likely to be replaced by artificial intelligence technology in Australia

It also estimated that almost 46 per cent of banking roles, 28 per cent of accounting positions and 36 per cent of finance bookkeeping jobs could be automated by 2027.

Jobs that rely on humans following pre-existing instructions and don’t need many or any analytical thinking skills will be impacted relatively quickly, such as clerical or secretary roles, and jobs in administration.

Positions overseeing data entry, basic accounting, bookkeeping and payroll, ticketing and cashiering, and executive secretarial services will be decimated, the WEF report warned.

Learn more: The jobs mostly likely to be replaced by artificial intelligence technology in Australia

The Future of Jobs Report 2023

Surveyed organizations predict 26 million fewer jobs by 2027 in Record-Keeping and Administrative roles, including Cashiers and Ticket Clerks; Data Entry, Accounting, Bookkeeping and Payroll Clerks; and  Administrative and Executive Secretaries, driven mainly by digitalization and automation.

More specifically, respondents expect to see 25-35% less demand for Cashiers and Ticket Clerks; Data-entry Clerks; Accounting, Bookkeeping and Payroll Clerks; and Secretaries.

Learn more: The Future of Jobs Report 2023

Mckinsey on AI and the future of work

Technology-driven shifts intersect with other macro factors, such as an aging population, the net-zero transition, and increased infrastructure spending. When these factors are combined, up to 1.3 million workers—9 percent of Australia’s total workforce—may need to transition out of their current roles into new occupations by 2030. Declining demand for jobs in office support, production work, food services, and customer service and sales could see almost 850,000 workers leaving their current occupations and finding jobs in different occupations.

Learn more: Generative AI and the future of work in Australia

AI to transform Australian workforce: 1.3 million roles set to be automated by 2027. The research reveals that roles with high levels of repetitive and technical tasks will be most impacted by AI, with Bank Workers (45.8% of roles set to be automated), Bookkeepers (38.2%), Accounts Clerks (37.5%), Checkout Operators (36.9%), and Finance Brokers (36.8%) the most likely to be affected by 2027.

Learn more: AI to transform Australian workforce: 1.3 million roles set to be automated by 2027

Conclusion

It certainly seems a dire prediction that accounting jobs may be disappearing at an alarming rate. However, AI takes significant resources to deploy and it is likely Australian accountants will see AI being deployed by larger organisations: ATO and Software houses.

This means many smaller Australian accounting firms will benefit from advances in AI.

However, the most important thing in this period of unparalleled change is to continue to explore, experiment and adopt new AI technologies.

Share this article