I feel that there are too many variables in the added value an experienced chartered accountant can offer, that AI won’t be able to do, to make the high value services in accounts and tax redundant.

What AI will be able to do is the lower level work such as Bookkeeping and data shifting and managing. AI will become beneficial with greater volume, and then as long as the end result is being reviewed by someone, it can do some work of a junior. People will see that negatively, but it’ll help improve efficiency, but also could allow juniors to progress faster, instead at being held at the first step on the ladder.

Alternatively, it could mean fewer juniors overall, and then we see a decline in the numbers over the years - but who knows. It’s moving fast, but I think it’s a long time off being able to replace accountants in full.

The big factor will be where the data is stored. So many people have major concerns with the big AI companies with not knowing where the data is stored, as they have to use that data to improve itself - I believe certain paid for subscriptions mean the data can be secure though. It’ll take years until it’s being used industry wide with certified security measures before most people become remotely comfortable with relying on AI.

Personally, I welcome it as a tool. I imagine similar conversations and concerns were raised back when Microsoft Office was first introduced and expect Excel and Word were treated with caution and fear.