Robots will soon do your taxes and your bookkeeper

Robots will soon do your taxes and your bookkeeper is cool with that.

Up until about ten years ago, choosing a career in accountancy was considered a safe bet. It came with a decent salary, plenty of job opportunities and all sorts of benefits. Robots were still a distant reality. Something to worry about for blue-collar workers, maybe, but in no way threatening to those in the financial industry.

Oh, how times have changed. In 2013, two researchers from Oxford University published a study examining to what extent jobs are susceptible to computerization. The results, at least for accountants and bookkeepers, were pretty grim: Bookkeeping had a 97.6 percent chance of being automated in the near future. Accounting and auditing did only a little better, at 95.3 percent.

Why them? Although there are different factors at play here – for instance, jobs that require less creative thinking, manual dexterity, and social intelligence have a higher chance of being automated – it has to do with risk management as well. When costs per error are relatively low, people will feel more comfortable with robots doing certain tasks. When costs per error are high – leading to injury, or even death – human action is preferred. Think about it: If a robot that fills out expense reports makes a mistake, that’s mainly inconvenient. If a plane-flying robot does the same, people could die. more  

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An after-thought: Recently I read somewhere that it may not take long for some of known and familiar activities to vanish viz. the newspaper, the cheque, the book, the VCD, the post office, the hand-writing etc. The most scary, however, is when they talk to "privacy"...... more  
An interesting topic, indeed! Books on Economics have been teaching us on how machines would replace humans in areas with low human density and relatively higher cost of living, and that in industrially lesser developed areas and high population density, human labour should be used. Robots have in fact made a quantum leap over the past thirty years or so. Primarily as substitute for humans in taking over mechanical/thoughtless/routine manufacturing steps. One example is the car manufacturing industry. However, when it comes to financial areas viz banking, taxation, book-keeping etc. are we not talking more about electronic/digital computerisation rather than robotisation? more  
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I am posting an on line video-connection- others i will give as we advance in our discussion more  
Auditing requires checking the vouchers with supporting as to verify their correctness. How can Artificial intelligence do that part? Because a robot cannot 'check' a bill attached to a payment voucher- only way possible is through paperless auditing , where scanned copies of supportings are attached in folders, sent by the auditee to the auditor to audit. This happens only when the auditee is abroad and checking is done by auditor in India. This has started , though minimally, in India. more  
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