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Death, Taxes, and AI

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Death, Taxes, and AI

How Generative AI Will Change Accounting

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Artificial intelligence holds promise and pitfalls for the accounting profession.

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The field of accountancy in the United States is evolving. Facing declining numbers of practitioners as its current generation of professionals begins to retire, the industry is ripe for change. Enter artificial intelligence, which can execute many accounting tasks, particularly the more mundane. But fintech experts Marc Andrusko and Seema Amble advise that AI cannot — nor should it — replace human judgment. Professional development will remain critical, even as accountancy stands on the cusp of a generational shift. Accounting professionals will find this a useful take on the future of the sector.

Summary

The next decade will witness a sea change in accounting.

Potentially, some three-quarters of Certified Public Accountants in the United States could retire in the coming decade. The declining number of American students obtaining accounting degrees provides clear evidence that the profession’s appeal is dwindling. Client demand for accounting services is beginning to exceed professionals’ ability to provide them.

Generative AI can assist with accounting workflows and corporate finance. Large Language Model (LLM) artificial intelligence performs best when using natural language to synthesize research...

About the Authors

Marc Andrusko and Seema Amble are partners at Andreesen Horowitz focusing on financial technology solutions.

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