A decade ago, voice and facial recognition on cell phones was in its struggling infancy now every time you pick up your phone, AI recognizes you instantly. AI has come a long way in the recent past. Some tech tools are ahead of their time many don’t work well at first. In the same vein, by now we were all supposed to be walking around exploring the metaverse wearing VR/AR headsets, but mass adoption has been niche at best. But with an undeveloped consumer market (and no charging stations), it disappeared before the new millennium. Remember General Motors’ EV-1? Produced in the late ‘90s, it made history as the first mass-produced electric vehicle. AI is similarly improving efficiency and accuracy in accounting processes. That said, it still takes humans to load and unload them, choose the best water temperature and put clean clothes away.

Labor-saving devices like the washing machine have improved our standard of living. Humans are very good at using tools, from bows and arrows to bitcoin and algorithms. History, so far at least, has largely proven otherwise. As Hollywood writers and actors have made clear with their concurrent strikes, there is an understandable fear AI will replace rather than assist us. AI is rolling into the financial world fast, and accountants and bookkeepers best heed some timely advice:ĭon’t fear the impending AI revolution. One thing is for sure: you can’t stop a tidal wave.

Bookkeeping and accounting means